Central Ohio May Housing Report Shows Increasing Activity

Housing Activity Increasing

(June 21, 2011) The central Ohio housing market was active last month as more homes were put on the market and in contract compared to last year. There were 2,610 homes for sale that went into contract (but haven’t closed) which was up 44.8 percent over the 1,803 homes put in contract during May 2010 according to the Columbus Board of REALTORS®.

As for inventory, there were 3,723 homes added to the market in May 2011, up 10.6 percent from the 3,366 new listings during the same month one year ago.

“In contracts and new listings are both important housing market indicators,” says Rick Benjamin, 2011 President of the Columbus Board of REALTORS®. “Having such strong increases in both areas is a healthy sign for the central Ohio housing market.”

Currently, there are approximately 15,146 residential homes available for sale in the central Ohio area – 12,322 single family homes and 2,824 condominiums.

Home prices continue to inch up, with May’s average sale price up 2.6 percent over April. However, May’s average sale price of $158,191 was down 4.7 percent from the same period in 2010.

Homes closed last month reached 1,875, up 15.7 percent over April home closings, but were down 25 percent from May of 2010. “May of 2010 was a busy month for home sales as so many buyers were on their way to the closing table after meeting the home buyer tax credit deadline,” offers Benjamin. “But sales are up over 2009 when we were in the midst of the first round of home buyer tax incentives which is yet another positive sign.”

Click here to view the May sortable housing market report by area.

Click here to view the entire central Ohio Local Market Update.

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