Home sales in central Ohio home
have exceeded 2010 for the last four months according to the Columbus Board of REALTORS®. The
1,543 homes sold in October marks an 8.6 percent increase over the 1,421 homes sold in October
of 2010. Home sales in September were up 16.6 percent compared to the year before.
Year-to-date, home sales
(January through October 2011) are only 2.1 percent behind 2010 and closing the gap.
Homes put in contract last month
(1,379) were up 46 percent from a year ago making October the sixth straight month of increased
contracts.
“The number of homes put into
contract have been up for the last several months,” said Rick Benjamin, 2011 President of the Columbus
Board of REALTORS®. “However, contract failures – cancellations caused largely by declined
mortgage applications or failures in loan underwriting from appraised values coming in below the negotiated
price continue to be a problem for central Ohio buyers.”
Total housing inventory at the
end of October fell 23.3 percent to 13,827 existing homes available for sale, which represents an
8.1-month supply at the current sales pace, up from an 8.7-month supply in September.
The average sale price for
single family homes and condominiums year to date is $157,327, down 2.4 percent from homes sold January
through October 2010.
“Affordability conditions this
year have been the most favorable on record since 1970,” said Benjamin. “As mortgage interest rates
continue to remain low, more first time home buyers, investors and move up buyers are being drawn into the
housing market.”
Click
here to view the October sortable housing market report by area.
Click here to view the entire central Ohio Local Market Update.
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, Licking, Madison,
Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield,
Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross Counties.
For information about the
central Ohio housing market, visit ColumbusRealtors.com/stats
To view commercial properties for sale or lease in central Ohio, visit COCIE.org.
To view residential properties for sale, visit www.terrypenrod.com.
To view commercial properties for sale or lease in central Ohio, visit COCIE.org.
To view residential properties for sale, visit www.terrypenrod.com.
The Columbus Dispatch story is here
Nice article...good going update some more information on this topic.
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