March home sales up 54 percent in central Ohio

clipped from columbusrealtors.com Posted: 4/22/2010 Columbus Board of REALTORS® There were 1,704 central Ohio homes sold during March of 2010. This is 54.1 percent higher than the previous month and 25.3 percent higher than March of 2009. First quarter saw 3,873 homes sell in central Ohio which is 12.5 percent more than home sales during January through March of 2009. There were 4,949 residential homes put on the market last month – a 44.3 percent increase over new listings the previous month and 32.8 percent higher than homes listed in March of 2009. “The central Ohio housing market is on fire right now,” exclaims Sue Lusk-Gleich, President of the Columbus Board of REALTORS®. “There’s no question the home buyer tax credits have a lot to do with our market activity. But the significant increase in listings as well as rising sale prices are clear evidence that our local market is regaining its strength.”

The average central Ohio home is selling for $149,277 this year which is 7.8 percent higher than the sale price of a home sold between January and March of 2009. Homes sold during the month of March for an average of $151,719 – a 5.9 increase over last year.

According to Lusk-Gleich, “Home prices have shown steady increases for the last few months – another key factor in any market recovery. However, when you consider that the national median price of a home is over $170,000, central Ohio housing remains a very affordable market.”

First-time home buyers can recoup ten percent of the purchase price of the residence up to $8,000. Current homeowners who have been in the same principal residence for five consecutive years during the previous eight years can get up to $6,500 back. In order to take advantage of the credits, a contract must be in place by April 30, 2010 and closed by June 30, 2010.

The Columbus Board of REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Madison, Morrow and Union Counties and parts of Champagne, Clark, Hocking, Licking, Fairfield, Knox, Logan, Marion, Pickaway and Ross Counties.