Home sales are still low compared to 2008, but that's no reason not to keep a healthy attitude towards real estate. Despite recent layoffs and the down turn in the economy, the drop in mortgage rates and increased consumer activity demonstrate how we are ready to begin the steady climb back up the real estate market ladder. Buyers and Sellers are coming out of their economic hibernation and beginning to take advantage of the new $8,000 first-time buyer tax credit and other incentives along with the near 40-year low interest rates. This extra buying power means that the average buyer (nationally) can get into a home costing $20,000 more than they would have been able to a year ago. This is especially true for those buyers who are moving up. For example, if you are selling your home in today's market, you may find that your home sells for $135,000 when a year ago it might have sold for $150,000. While at the same time, you can also expect that the $200,000 home of 2008 is now available at $180,000. Guess who comes out ahead? YOU DO! Average home sales in February were $133,604. That's a very affordable number. Central Ohio is still one of the most affordable markets nationwide. Lower interest rates are also a driving force in today's market. A lower interest rate means you can afford more home. If you can afford a $1,144 monthly payment for a $172,000 home when the interest rate is 7%, that same $1,144 per month will allow you to afford a $201,500 home when the interest rate is 5.5%.
Central Ohio Home Sales
| Statistic | February 2009 | February 2008 | % Change |
|---|---|---|---|
| # of Total Residential Listings | 13,919 | 16,555 | -15.9% |
| # of New Listings | 2,912 | 3,538 | -17.7% |
| Average List Price | $141,113 | $163,751 | -13.8% |
| Average Sales Price | $133,604 | $156,497 | -14.6% |
| # of Sold Listings | 1,123 | 1,459 | -23.0% |
| Days on Market | 100 | 121 | -17.4% |
