First-time homebuyers are leading the market slowly back to recovery as homes sales increased in March. Sales were the highest they've been since last October. There were 1,360 homes sold in March, a 21.1% increase over February sales, but still down compared to March of 2008. While average sale prices have increased in March to $143, 287, affordability is still at record levels. Those buyers who have been waiting for the "right time" need to take notice and not wait much longer without the risk of "missing the boat." If you are a first-time buyer who doesn't need to sell a home, you have an upper hand in today's market. Affordability is still great and there are 30% more homes available during the first quarter of '09 as there have been in the past few years. Now is the time to take advantage of this window of opportunity. With the rise in mortgage applications, we expect to see sales pick up in the last part of spring. Reduced mortgage interest rates should also provide a significant boost to lending, paving the way for wouldbe buyers to achieve the dream of homeownership. As always, home buyers need to have a good grasp on their debt to income ratio, have a stable income, and good credit rating.
Central Ohio Home Sales
| Statistic | March 2009 | March 2008 | % Change |
|---|---|---|---|
| # of Total Residential Listings | 14,279 | 16,704 | -14.5% |
| # of New Listings | 3,727 | 3,697 | 0.8% |
| Average List Price | $151,084 | $162,661 | -7.1 |
| Average Sales Price | $143,287 | $155,141 | -7.6% |
| # of Sold Listings | 1,360 | 1,680 | -19.0% |
| Days on Market | 108 | 116 | -6.9% |
