Regional Spotlight—Not only were central Ohio housing sales up in January, but they showed the highest activity for that month since 2008. The 1,125 sales showed a 6.0 percent increase over January of 2011 according to the Columbus Board of REALTORS®.
In addition, 1,845 residential homes and condos were placed in contract—over 40 percent more than the same time one year ago.
“Sales last month were at the same level as we experienced just prior to the housing boom,” says Jim Coridan, 2012 President of the Columbus Board of REALTORS®. “It’s a direct result of the increased activity during the last few weeks of 2011—and a great way to begin 2012.”
The inventory of homes for sale in central Ohio continued to decline during 2011 and the beginning of 2012, helping to further stabilize the local housing market. The total number of homes for sale at the end of January was 11,322 – 26.5 percent lower than the previous year (15,395).
“Traditionally a sellers market, central Ohio has been a buyers market since the end of the housing boom back in the mid 2000s,” says Coridan.
A seller’s market is one in which there are more buyers than homes for sale. Since supply is less than demand, homes will be higher priced and more attractive to the sellers in the market.
In contrast, a buyer’s market is one in which there are lots of sellers and relatively few buyers, which leads to lower prices.
“We were fortunate to have experienced positive absorption last year,” adds Coridan. “The result is that now we’re down to pre-housing boom inventory levels.”
“This is good news for homeowners who want to sell their home and move up and those who’ve been wanting patiently for the inventory levels to come down.”
The monthly housing reports can be found at ColumbusRealtors.com/stats. The reports include breakouts for 18 central Ohio counties and 52 local municipalities and school districts. New areas included in the 2012 reports include: Grove City and local school districts for Big Walnut, Miami Trace, Johnstown-Monroe and Northridge.
For more information, visit www.ColumbusRealtors.com.