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Sep

August Market Report

Posted by columbusrealestatenews under Columbus, For Buyers, For Sellers, General Information, Market Reports

Home sales, pricing and inventory remaining consistent

Average sales price increases slightly from July, down just 3.8 percent from ™08

Home sales dipped slightly in August while inventory, average sales prices and days on market all showed important signs of a healthy housing market.

August home sales were off by 7.9 percent compared to August 2008, with a total of 1,994 sold, while inventory and the average days on market both declined.

The average sales price crept up in August to $168,873, from an average of $167,039 in July and was down only 3.8 percent compared to August 2008.

Affordable pricing, historically low interest rates and incentives including the $8,000 first-time homebuyer tax
credit are all positively impacting the central Ohio housing market.

Pricing has remained consistent this summer while inventory and the length of time homes are for sale is trending downward, illustrating how competitively-priced homes are keeping central Ohio™s housing market balanced.

With 14,554 homes on the market in August, it marked a 14.2 percent decrease from August 2008 and a 26.4
percent decrease from August 2007, illustrating the market™s continued correction. New listings were down 20.9 percent compared to last August.

The number of days homes are staying on the market has decreased significantly. At an average 92 days, it is at its lowest point since July 2006, which was also at an average of 92 days.

The average sales price is down less than 4 percent compared to last year, while homes are, on average, selling quicker. These factors, combined with a dramatic drop in inventory have helped stabilize prices,
and restore consumer confidence.

The month™s supply number for August continued to remain favorable at 7.3, meaning that if no new homes
were added to the market, it would take slightly more than seven months to sell all remaining inventory.
A market is typically considered balanced with around a 6.5 to 7 month supply.

If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!

The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley Columbus Delaware Downtown Dublin Gahanna Grandview Heights Granville Grove City Groveport Hilliard Lewis Center New Albany Pickerington Polaris Powell Upper Arlington Westerville Worthington

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Aug

July Market Report

Posted by columbusrealestatenews under Columbus, For Buyers, For Sellers, General Information, Market Reports

Home sales and inventory levels remained steady in July, as more than 2,000 homes were sold, and sales were off by only 2.9 percent compared to 2008 levels, the Columbus Board of REALTORS ® said today.

Nationally sales soared to 7.2% in July posting the largest monthly increase in at least 10 years! Sales hit a seasonally adjusted annual rate of 5.24 million in July, from a pace of 4.89 million in June. It was the fourth straight monthly increase and the strongest month since August of 2007.

The home sales report is another sign that the US economy is on the road to recovery after enduring a brutal recession and the worst financial crisis since the Great Depression.

Economic activity in both the US and around the world appears to be leveling out and according to Fed Chairman Ben Bernanke, “the prospects for a return to growth in the near term appear good”.

As the economy continue to improve so will the housing market and property values and as we’ve previously reported the Columbus Housing Market has seen it’s bottom.

œPricing, inventory, and supply levels all show that we are coming out of the bloated housing market we saw a year ago, said Gary Parsons, president of the Columbus Board of REALTORS ®.

œThese key factors in real estate are all remaining consistent and balanced “ signs that the central Ohio housing market continues to head in the right direction.

At $167,039, July™s average sales price was only off 4 percent compared to the same month in 2008 (Nationally the median resale home price dropped 15.1% a number that was weighed down heavily by markets such as California, Nevada and Michigan where distressed home sales make up the bulk of area sales however, these markets are now seeing increased interest from investors, more cash offers and short market times which further supports the notion of a market that’s hit bottom). Regionally, the median price dropped 28% in the West, 15% in the Northeast, 7.1% in the South and 5.9% in the Midwest in July 2009 over the same month last year. Meanwhile the sales rate rose 8% in the Midwest, 5.4% in the South, 3.3% in the Northeast and 1.8% in the West year over year in July.

Total inventory and new listings both fell by double digits, indicating a housing market that is more balanced than last summer.

With 14,880 listings on the market, inventory is down 16 percent from the more than 17,000 homes which were for sale this time last year; new listings were also down 16.2 percent in July compared to 2008.

The month™s supply number for July continued to remain favorable at 7.23, meaning that if no new homes were added to the market, it would take slightly more than seven months to sell all remaining inventory.

A market is typically considered balanced with around a 6.5 to 7 month supply.

It appears the end of summer and early fall are going to remain strong in central Ohio as sellers take advantage of favorable pricing and incentives like the $8,000 first-time homebuyer tax credit.

With just 101 days left until the tax credit expires, we encourage those fence sitters to act now!

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Jul

Uptrend Continues in Pending Home Sales

Posted by columbusrealestatenews under Columbus, For Buyers, General Information, Market Reports

Pending home sales are up for the fifth consecutive month, the first time in six years for such a streak, according to the National Association of Realtors ®.

The Pending Home Sales Index,¹ a forward-looking indicator based on contracts signed in June, rose 3.6 percent to 94.6 from an upwardly revised reading of 91.3 in May, and is 6.7 percent above June 2008 when it was 88.7. The last time there were five consecutive monthly gains was in July 2003.

Lawrence Yun, NAR chief economist, said a combination of positive market factors is fueling the gains. œHistorically low mortgage interest rates, affordable home prices and large selection are encouraging buyers who™ve been on the sidelines. Activity has been consistently much stronger for lower priced homes, he said. œBecause it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30.

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May

June Market Report

Posted by columbusrealestatenews under Columbus, For Buyers, For Sellers, General Information, Market Reports

Sales Continue to Increase as Market Balances
Month’s Supply, Key Indicator of Supply & Demand Hit 3-Year Low!

More than 2,000 homes changed hands in June, the highest number in 10 months, as the market reached its most balanced levels in nearly three years, the Columbus Board of REALTORS ® said today.

Month™s supply “ the figure that best illustrates the relationship between supply and demand in the housing market “ is at its lowest point since August 2006.

The month™s supply number for June was 7.12, meaning that if no new homes were added to the market, it would take slightly more than seven months to sell all remaining inventory.

This new low is important as it further illustrates that our local central Ohio market is returning to equilbrium and further supports our opinion that we have hit the bottom in our local market. A market is typically considered balanced with around a 6.5 to 7 month™s supply.

New listings were also down by 13.2 percent compared to last June.

June marked the highest number of homes sold in a single month since August 2008. There were 2,092 homes sold in June, a 15.6 percent increase over May but down 6.7 percent from June 2008.

More than 1,600 homes went into contract in June, more than any other month since last August, which is a promising sign for the second half of summer sales and the central Ohio market.

We are continuing to see more homes sell; more go into contract, and fewer entering the market which is good news for sellers “ but encouragement for buyers to take advantage of the deals that are out there as prices will begin to climb as the market continues to balance itself.

The average sales price was $169,270 in June, the highest in nearly a year, but still off by 6.2 percent compared to June 2008.

Opportunity is knocking loudly for many considering homeownership. Home prices have declined in many markets around the country (the Home Affordability Index stands near an all-time high thanks to price declines and historically low mortgage rates), and tax incentives and other inducements create an opportunity the likes of which we have never seen and are never likely to see again!.

While some consumers have been holding off on purchases as they attempt to catch the home-price bottom (which it appears we’ve hit here in Central Ohio), they could miss the mortgage-financing opportunity of a lifetime. Rates remain at historic lows but expectations are that they won™t stay here much longer! Buyer should take advantage of this once in a life time market and I expect that with only 130 days left to take advantage of the $8,000 first-time homebuyer tax credit, many will do just that!

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May

April Market Report

Posted by columbusrealestatenews under Columbus, For Buyers, For Sellers, General Information, Market Reports

April showed further signs of stability in the central Ohio housing market, as home sales and prices increased, while homes on the market fell by a double-digit percentage.

While home sales in April were still behind those of April 2008, it’s encouraging to see both sales and prices increase.

Furthermore, inventory levels are down significantly compared to April 2008 and with 16.1 percent fewer homes for sale, the market will be balanced to benefit buyers and sellers more equally.

As more homes are sold, and fewer are added to the market, prices will continue to rise. To see the number of homes on the market decline by nearly three thousand compared to this time last year, that’s a negative number we can smile about and one that’s sure to have a major impact going forward!

In April 1,505 homes were sold, marking another month over month sales increase.

April marked the highest number of homes sold in a single month since October.

Home prices continue to inch up, with April’s average sale price increasing more than 4 percent over March. However, April’s average sale price of $149,285 was down 6 percent from the same period in 2008.

Housing affordability is still at record levels, especially in central Ohio but for those people with homes on the market, an increase in the selling price is welcome news.

Lower-priced homes and foreclosed properties continue to drive sales, and put downward pressure on prices.

Although the average sale price increased in April, it still is, on average, almost $10,000 less than what it was this time last year. That means buyers have tremendous purchasing power, but also that sellers have to be realistic.

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Mar

March Market Report

Posted by columbusrealestatenews under Columbus, For Buyers, General Information, Market Reports

Home sales continued to increase in March, marking the highest number sold in a single month since October, and a sign that buyers are starting to come off the fence.

First-time homebuyers are fueling the market right now, however, this will begin to funnel up to the second and third generation buyer in the short-term future.

It appears record low interest rates (averaging 4.6% for a 30-year fixed mortgage), tax incentives (such as the $8,000 tax credit for first-time homebuyers), and home affordability (including realistic sellers) are positively impacting our market! There were 1,360 homes sold in March, a 21.1% increase over February sales and while affordability is still at record levels, the average sales price increased in March to $143,287 (this represents the highest average sales price this year).

Prices are still favorable, especially with the $8,000 tax credit for first-time buyers, but as more inventory is absorbed prices will continue to rebound. If you or someone you know is serious about buying, but are waiting for the market to bottom out, it appears we may have reached that point and if you wait much longer you may end up missing a great opportunity!

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Mar

2008 Columbus Market Report

Posted by columbusrealestatenews under Columbus, For Buyers, General Information, Market Reports

A key indicator of the housing market is the absorption of inventory. Typically, central Ohio is considered to be a balanced market market when the absorption rate is at or near six months. A month’s supply greater than six months is considered a buyer’s market; less than six months a seller’s market. Last year saw a drop in inventory (down to 15,533 at year’s end from a high of 18,002 in June) currently we are at about a seven month supply of inventory.

Central Ohio Suburbs

These elevated inventory levels, combined with the tighter lending standards have had a negative impact on prices, and in fact the average sales price decreased in almost all of Columbus’ suburban markets last year.

Units Sold Avg Sales Price

MLS Area 2008 2007 % Diff 2008 2007 % Diff

Downtown Columbus 66 117 -43.59% $310,464 $262,494 18.27%

Bexley 175 202 -13.37 $315,333 $326,616 -3.45%

Dublin 566 691 -18.09% $327,586 $320,223 2.30%

Gahanna 392 448 -12.50% $198,748 $208,209 -4.54%

Grove City 438 454 -3.52% $161,056 $163,482 -1.48%

Grandview Heights 115 123 -6.50% $232,741 $265,899 -12.47%

Hilliard 379 455 -16.70% $204,411 $205,294 -0.43%

New Albany 156 155 -.065% $574,173 $642,334 -10.61%

Powell 215 207 3.86% $322,435 $338,280 -4.68%

Reynoldsburg 354 432 -18.06% $138,438 $148,239 -6.61%

Upper Arlington 446 527 -15.37% $317,861 $340,199 -6.57%

Westerville 412 469 -12.15% $200,759 $207,558 -3.28%

Worthington 193 241 -19.92% $230,834 $257,822 -10.47%

- The downtown area and Dublin both saw increases in the aver sale price.

- Downtown had the highest average price increase up 18.27% but also saw the greatest sales decline with a 43.59% drop in 2008.

- Powell, New Albany and Grove City were relatively stable in terms of total homes sold, with Powell being the only area to see an increase in homes sold, up 3.86% over 2007.

Residential Sales by Price

In both 2007 and 2008, the most sales activity occurred in single family homes priced between $120,000-$139,000.

The condo/co-op group with the highest sales levels were those priced at $100,000-$119,999.

Slightly more than 58% of all home sales in 2008 were priced between $100,000-$249,900; and 75% of all homes sold in central Ohio were priced at $200,000 or less.

Residential sales prices in 2008 were similar to those seen in 2002 and 2003, prior to the housing boom years of 2004-2007.

With interest rates at the their lowest levels in over 40 years (averaging 4.6% for 30 year fixed mortgages) and tax incentives including the $8,000 credit, sales are on the rise and our local market appears to be stablizing a trend that is only expected to gain momentum as increased seasonal demand takes hold. This is a welcome sign for Columbus homeowners, and an excellent opportunity for anyone looking to purchase a home at what appears to be the market bottom!

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Oct

October Market Report

Posted by columbusrealestatenews under Columbus, For Buyers, For Sellers, General Information, Market Reports

Although traditionally a seller™s market, abnormally high levels of inventory over the past two years have been the key contributing factor for the change to a buyer™s market in central Ohio. However, the inventory of homes for sale has been decreasing throughout 2008. There were 16,975 homes for sale in the central Ohio area in August 2008 which is 14.2 percent lower than last year at the same time according to the Columbus Board of REALTORS ®. It appears buyers are getting off the fence, as they watch prices level off this the result of declining housing inventory and a supply that is falling more in line with the current demand. This is being further encouraged by interest rates that are now on the rise, but still below 7%. Quite simply, buyers are now realizing NOW is the time to make their move!

Exceptionally high numbers of homes for sale over the past two years have made it appear that home sales were flailing, however, this is not the case and the fact that inventory levels are decreasing while sales are maintaining supports the market correction and suggests that we are now in the recovery phase.

Although home sales today are not as high as during the housing boom, which started in 2003, sales are in keeping with pre-boom sales levels.

While the market has had to take a breather in order to correct itself and absorb the additional inventory created during the boom, a time in which local builders over estimated demand which in turn created a surplus of homes. The fact is, Home sales levels should actually be much lower to compensate for the inflated sales levels during the boom and the fact that our sales levels are in keeping with pre-boom levels is actually strong evidence that the central Ohio housing market is in the recovery phase.

And while the average sale price of a home in central Ohio is down 4.8 percent from one year ago, this is due in great part to our elevated level of inventory. It’s the most fundamental of economic principles, that is supply and demand and in this example when you have a much higher number of homes on the market, the sale price of a home must drop in order to compete for the smaller pool of buyers. As the number of available homes begin to drop and fall more in line with demand and the number of buyers, prices will begin to stabilize. Which is what is happening now as the average sale price in August has increased almost 15 percent to $175,632 from the average sale price of $152,790 back in January 2008!

The National Association of Realtors has released a chart for first time home buyers explaining the new tax credit of $7500.00 when they purchase a home. If you™re a first time home buyer I encourage you to visit the links included in this post. You can also get a nice breakdown of how the program works, who™s eligible, income limits and much more right here.

If you™re a potential ready, willing and able buyer, thinking of owning a home and realize that at the end of the year as a renter you only have receipts, you may want to try out this Buying vs. Renting work sheet. It™s a nice tool to compare owning a home vs. renting.

If you currently own a home and are interested in moving up to a larger, and/or more well appointed home but you’re concerned about the loss you might sustain selling your current home in this recovery market phase we’d suggest you consider this, the lose you will incur on the sale of your current home will be outweighed by the savings you incur on your purchase. A 5% loss on a $200,000 home, is $10,000 or half the gain you would incur through the purchase of a $400,000 which has experienced a 5% loss of $20,000!

The greater Columbus area still has an outstanding selection of inventory, including short sales, builder spec homes, and properties offered by highly motivated sellers (who may even be willing to take you out of that lease you’re tied into). We™re seeing some creative things going on right now that may disappear as inventory stabilizes back to normal levels in the future.

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August Market Report

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July Market Report

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Uptrend Continues in Pending Home Sales

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June Market Report

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April Market Report

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March Market Report

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2008 Columbus Market Report

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October Market Report

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