REGIONAL SPOTLIGHT—Home sales in central Ohio were up almost 17 percent in September making three consecutive months of home sale increases. According to the Columbus Board of REALTORS®, 1,719 homes sold in September which is 16.6 percent more than the previous year’s 1,474 sales.
In addition to the increase in sales, homes that were put in contract also increased by over 58 percent last month. Year-to-date home sales (January through September 2011) are still trailing 2010 by 3.7 percent.
“As home sales for the last three months have surpassed 2010, the year-to-date sales statistics continue to narrow the gap between this year and last year when the home buyer tax credits were in effect,” says Rick Benjamin, 2011 President of the Columbus Board of REALTORS®. “Although many agents are reporting increased activity, time will tell whether that activity translates into actual home sales.”
The median sale price for home sold during the month of September was $128,000, up from $127,500 in September 2010, but the median sale price is still 3.8 percent behind last year’s average for the months of January through September.
The month’s supply, a measure of inventory that estimates how many months it would take to sell the entire home inventory, fell 17.2 percent to 8.7 percent from 10.5 percent last year.
“A balanced market for central Ohio is around 6½ or 7 months supply,” said Benjamin. “So the decrease is one more positive sign for central Ohio housing.”
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