Indicators foreshadow a stronger market in 2010

Home sales in the last four months of 2009 were up 24.3 percent over the same time in 2008, according to the Columbus Board of REALTORS®. In the month of December alone, 1,464 homes were sold, 150 more than the year before.
 
“This is great news for central Ohio housing,” said Sue Lusk-Gleich, President of the Columbus Board of REALTORS®. “Sales and home prices are up while inventory, months supply and days on market are down. After more than two years of market challenges, we're excited to be able to be able to make this type of positive announcement."

The average sale price was $157,130 in December, an increase of nearly 5 percent from the same time in 2008. Residential inventory shrunk 2.7 percent and homes spent an average seven fewer days on the market than a year ago.

“The number of homes listed for sale continues to decline which is what the market needs to occur in order to correct itself. Our inventory skyrocketed in 2007 and 2008, causing home sale prices to decrease. It was simply a matter of too much supply and not enough demand. But 2009 saw a real stabilization of those inventory levels. Accordingly, home sale prices are rising.”

The months supply, an estimation of the number of months it would take to sell the entire current housing inventory, dropped 12.7 percent to 8.99 between December 2008 and 2009. The total dollar volume rose 16.9 percent, to more than $230,000,000 over the same time period.



The Columbus Board of REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Madison, Morrow and Union Counties and parts of Champagne, Clark, Hocking, Licking, Fairfield, Knox, Logan, Marion, Pickaway and Ross Counties.

To view commercial properties for sale or lease in central Ohio, visit www.COCIE.org.
To view residential properties for sale, visit www.Realtor.com.