(July 20, 2011) The housing market in central Ohio took a turn for the better last month when 2,552 homes were successfully put in contract. This marks a 54.6 percent increase over homes put in contract during the same month one year ago according to the Columbus Board of REALTORS®.
Home closings, however, continue to lag the previous year. The 1,989 homes closed during the month of June were 16.6 percent lower than closings during June of 2011.
“Both the sales and in contracts are still strongly tied to the expiration of the home buyer tax credits last year,” says Rick Benjamin, 2011 President of the Columbus Board of REALTORS®. “June 30, 2010 was the deadline for homes to close in order to take advantage of the tax credit so closings were exceedingly high last year during the months of May and June.”
“The deadline for homes to be in contract, however, was April 30, 2010 and the rush to get into contract caused a bit of a lag in the following couple months. That said, a 55 percent increase in homes going to into contract is exceptionally high - and a good indication that sales should be healthy in July and August.”
The average price of a home sold last month was $172,512, which is 9.1 percent higher than the average home sale price during the previous month, and only 0.8 percent lower than the average sale price one year ago.
At the end of June, there were approximately 16,065 residential homes available for sale in the central Ohio area. School districts seeing the highest number of listings added to the market include Columbus, Olentangy, South-Western, Westerville, Hilliard and Dublin.
“These school districts also saw the highest number of in contracts and closing last month,” adds Benjamin. “Although this is due in great part to the fact that these areas are highest in population, it’s an ideal time for buyers interested in those areas to take a look at what’s on the market today.”
Click here to view the June sortable housing market report by area.
Click here to view the entire central Ohio Local Market Update.
For more information about the central Ohio housing market, visit www.ColumbusRealtors.com/stats
To view commercial properties for sale or lease in central Ohio, visit www.COCIE.org.
To view residential properties for sale, visit www.Realtor.com.
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