January Housing Sales Best in Years
February 24, 2012
Here are January home sales statistics from the Columbus Board of Realtors.
(Feb 22, 2012) 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 – up over 40 percent from the same time one year ago.
“Sales last month were at the same level as we experienced just prior to the housing boom,” said 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 (15,391).
“Traditionally a sellers market, central Ohio has been a buyers market since the end of the housing boom back in the mid 2000s,” said 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 Columbus Board of REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross Counties.
The Spring Market is Here NOW!
February 3, 2012
It seems like we’ve totally bypassed the winter months and have headed straight into the Spring market in Real Estate here in Columbus. The mild winter weather we’ve had has brought out home buyers earlier than usual this year.
Talking with other real estate professionals, they are echoing the same sentiments. If you’re thinking about buying a home, now is a great time! Interest rates are low. Not only are rates low, but you’ll benefit by being able to deduct interest paid on your mortgage off your taxes.
The Columbus real estate market is heating up! Give us a call if you’re looking to buy or sell.
The McVey Team
614.324.2044
