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Regional Spotlight: Home Values Continue to Rise in Ohio

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RISMEDIA, October 28, 2010—Home values continue to rise which is good news for central Ohio. The average sale price for the first nine months of the year is $161,204, up 7.4% from the beginning of 2010 according to the Columbus Board of Realtors®.

There were fewer homes listed for sale last month than is customary for September. Over the last five years, there was an average of 3,710 homes added to the market during the month of September. However, last month only 2,997 residential homes were added to the already elevated inventory in central Ohio.

Although slightly lower than August, the total residential listings in September (16,728) was still higher than it’s been since August 2008 when the inventory level rose to 16,975.

“Inventory levels had come down over the last year and a half, which is what we were working towards,” said Sue Lusk-Gleich, president of the Columbus Board of Realtors. “When inventory levels are too high, the increased competition forces some homeowners to sell at prices that are too low, which in turn often affects the values of other neighboring homes.”

“In order to re-balance the market, we either need the inventory to decrease or the number of buyers to increase. And since the tax credit incentives brought many buyers into the market earlier than we would have seen otherwise, we have a smaller pool of potential home buyers to absorb the inventory now.”

Home sales were down 28.4% in September and the number of homes that went into contract was also down almost 25%, which doesn’t bode well for October home sales.

“When comparing sales figures to the previous year, we need to remember that home sales have been elevated since April 2008 due to the tax credits,” adds Lusk-Gleich. “Even so, sales are still up four percent year-to-date.”

For more information, visit www.ColumbusRealtors.com.

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