National financial debacles take their toll on the local housing....
Read the latest housing news from the Columbus Board of Realtors below:
http://www.columbusrealtors.com/16496.cfm
Read the latest housing news from the Columbus Board of Realtors below:
http://www.columbusrealtors.com/16496.cfm
Columbus, OH housing market statistics
Posted 10-28-2008 at 11:06 AM by bsimonelli
Compared to other markets in the country central Ohio appears to be stabilizing somewhat. Homes sale statistics are not sliding as far and inventories are shrinking. It certainly is still a strong buyers market and sellers are holding off on selling. Some sellers are taking advantage of the market when moving up to a nicer home. They are taking a small hit on their less expensive home and in return a larger discount on their new expensive home. Rates are still hovering around 6% for a 30 year fixed, which is attractive for buyers.
Larry Schottenstein, President, Revealty
Statistics provided by the Columbus Board of Realtors
In the central Ohio market, there were 1,824 homes sold in September, just 1.5 percent behind the 1,851 homes sold during September 2007. This is indicative of a more stablizing market.
September was a more positive month for home sellers as well. The inventory of new homes has continued to slow and fewer homes were added to the market in September than in August, plus the total number of homes on the market continues to decrease. With 16,598 homes on the market in September, the area's inventory was at its lowest point since February.
It's a simple supply and demand market. As the supply of homes for sale decreases from record high levels of a few years ago the market will eventually acheive a more balanced approach for both buyers and for sellers. Prices will begin to stablize and not be as negotiable.
The average sale price of a home in September was $160,755, down 4.5 percent year to date, but only 1.7 percent behind what the average home sold for last September.
Larry Schottenstein, President, Revealty
Statistics provided by the Columbus Board of Realtors
In the central Ohio market, there were 1,824 homes sold in September, just 1.5 percent behind the 1,851 homes sold during September 2007. This is indicative of a more stablizing market.
September was a more positive month for home sellers as well. The inventory of new homes has continued to slow and fewer homes were added to the market in September than in August, plus the total number of homes on the market continues to decrease. With 16,598 homes on the market in September, the area's inventory was at its lowest point since February.
It's a simple supply and demand market. As the supply of homes for sale decreases from record high levels of a few years ago the market will eventually acheive a more balanced approach for both buyers and for sellers. Prices will begin to stablize and not be as negotiable.
The average sale price of a home in September was $160,755, down 4.5 percent year to date, but only 1.7 percent behind what the average home sold for last September.
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