Regional Spotlight: Slower Listing Pace in Ohio Supports Market Correction

RISMEDIA, Nov. 28, 2007-The number of listings added to the market in October was down for the third month in a row, a strong indicator that the market is beginning to correct itself. The 3,578 homes listed last month is down 6.9% from one year ago. In addition, new listings in August and September were down 8.3% and 5.7% respectively according to the Columbus Board of Realtors®.

“The record number of listings added to the market each month has tilted the scales strongly in favor of the buyer this year,” said Brad Bennett, president of the Columbus Board of Realtors “As the inventory of homes has been roughly sixty percent higher than our norm, sellers have had to lower prices to compete for the buyer. This has caused home values to appear lower than they actually are. As the listing pace slows, inventory levels will drop and home prices will rise again as the market begins to correct itself.”

The average price of a home sold in central Ohio in October was $164,844 which is 0.9% lower than the average sale price one year ago. The average sale price of a home sold in the first ten months of the year is $173,122, which is 1.5% lower than the year to date average last year.

“A Forbes.com study released in early October reported that Columbus Ohio is the third most stable housing market in America and further projects that we’ll see strong price appreciation in 2008,” comments Bennett. “As Realtors, we know that 2007 has been a corrective year after several years of extraordinary housing activity. We also know, based on our experience, that central Ohio is and always has been reliable and sold when it comes to home values.”

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