2010 Central Ohio home sales show market improvement
Home sales statistics for central Ohio in 2010 showed marked improvements compared to previous years according to the Columbus Board of REALTORS® (CBR).
The average sale price of a home in 2010 was $158,893, just 0.6 percent lower than the average price of homes sold in 2009. However, the average price of homes sold in 2009 was 2.4 percent lower than 2008 which was 5.1 percent lower than 2007.
“Our market saw average sale price increases for eight of the 12 months of 2010,” says CBR’s 2011 President Rick Benjamin. “As we’ve experienced annual decreases in our average sale price since 2005, we see ending the year just half a point lower than 2009 as a positive for central Ohio homeowners.”
The 1,460 homes sold in December 2010 is just 0.3 percent lower than the number of homes sold in December of 2009. Annual 2010 home sales (19,676) finished 2.8 percent behind 2009 (20,235).
“There’s no question the home buyer tax credits had a significant affect on last year’s home sales,” adds Benjamin. “Providing home buyers with a substantial monetary incentive really helped to energize the market in the first half of 2010.”
“Homes in contract (which are expected to close in January or February) are up slightly from the previous year suggesting that home sales in the first of the year could be strong.”
Homes spent an average of 90 days on the market, a reduction of seven days from the average time to sell a home in 2009.
In December 2010, the month's supply of homes was down to 9.93, the lowest since last June. Month's supply is the ratio of inventory to sales which takes into account both supply and demand. A healthy market has a 6.5 to 7-month supply of homes, meaning if no new homes were added to the market, it would take about 6.5 or 7 months to sell all the available homes.
The Columbus Board of REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Madison, Morrow, Pickaway and Union Counties and parts of Champaign, Clark, Fairfield, Hocking, Knox, Licking, Logan, Marion, Muskingham, Perry
and Ross Counties.
Click here for additional central Ohio housing statistics.
Click here for Ohio home sales statistics
Click here for the national home sales release
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