(Nov. 20, 2008) Economic pressures continued to influence the central Ohio housing market in October, the Columbus Board of REALTORS® said Thursday. There were 1,609 single-family homes and condominiums sold during October, 9.8 percent behind the same month in 2007, but still in keeping with pre-boom sales levels. “People kept asking us how negative national economic news would impact housing here in central Ohio, and I think it’s pretty obvious that it has led to lower consumer confidence, which is keeping a lot of buyers on the sidelines right now,” says Greg Hrabcak, president of the board. “October sales are a result of contracts written in September, when the stock market took a dive and many people experienced a significant loss of savings and investments, so it’s no surprise that last month’s sales are almost 10 percent lower than last year." “However, I think demand for housing will increase into 2009, particularly as investors and first-time buyers come back into the market,” adds Hrabcak. October saw the area’s lowest inventory since December 2006. With 15,798 listings, the market had fewer homes for sale than at any other time in nearly two years, supporting the market correction the housing industry seeks. New listings also fell in October to their lowest point this year, another key indication that the central Ohio market is returning to pre-boom inventory levels. “With supplies in central Ohio declining, home prices will head back up,” says Hrabcak. “Most central Ohio homes are not decreasing in value¬, it’s just that current supply and demand influences how much you can sell that home for.” Sales prices in October were less than one percent behind those in October 2007. The average sale price of a home was $163,774 last month, compared with $164,844 in October 2007. | | Additional Statistics 
To view residential properties for sale, visit www.Realtor.com. To view commercial properties for sale or lease in central Ohio, visit www.COCIE.org. |
Calendar