Market Updates

By Chris Harpster on November 21, 2011

The latest market update from the Columbus Board of Realtors:

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 Comumbus Board of REALTORS. “However, contract failures – cancellations caused largely by declined morgtage 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.”

http://www.10kresearch.com/sortable/Columbus-OH/2011-10/Main.htm