Central Ohio ends summer with rising sales and
prices
(Sept.
19, 2012) Home sales during the most active time of the year showed impressive
gains over last year and were the
highest since 2007 when the housing market began its descent after the boom.
The 8,921 residential home closings during the months of May through August were 11 percent higher than last summer and 12.2 percent higher than in 2009 when home sales hit its lowest point since the summer of 2000, according to the Columbus Board of REALTORS®.
“Higher prices, low rates and lower inventory proved to be an exceptional environment for home sellers this summer,” said Jim Coridan, 2012 President of the Columbus Board of REALTORS®. “But the strongest factor was and continues to be the abundance of motivated buyers in the market today.”
Demand outstripped
supply, as new listings on the market (3,096) fell 0.9 percent from the month
before and the total inventory of homes
for sale (11,571) was down 32.3 percent from the same time last summer
(17,096).
“We’ve seen higher
sales gains and falling inventory for over a year now which has pushed home
prices up,” Coridan said. “We’re hoping
more homeowners with an interest in selling recognize their advantage this fall
as it’s getting tough to find
property to sell.”
Not only that, the average turn-around time from the date “For Sale” signs went up until a bargain was struck decreased 15.5 percent last month from 96 days to 81 days.
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