May home sale prices keep with the pattern of increase from the start of 2009, even increasing over May of last year. May's sales prices increased significantly by 12.9 % over April's numbers. First-time homebuyers are keeping up with the market and taking advantage of the $8000 tax credit, while sellers are pricing their homes competitively to stay alive on the market front. Balancing the scales out evenly are the decreasing numbers of new listings now compared to last year. May of 2009 saw a 24.6% decline in the number of new listings. It's a perfect example of the basic economic rule of supply and demand. As fewer homes are added to the market, and more homes sell, prices will begin to inch back up. Now is certainly a great time to buy, especially as the deadline for the Tax Credit approaches. Buyers are also trying to take advantage of the deals they can get on foreclosed properties and lower priced homes. All in all, Columbus is still a stable market to invest in. Interest rates continue to stay low and qualified buyers are ready and waiting to find the perfect home. Columbus was ranked as the 7th most stable market in the U.S., according to a first-quarter 2009 report from PMI Mortgage Insurance. That's good news and just goes to show that we're headed back in the right direction!
Central Ohio Home Sales
| Statistic | May 2009 | May 2008 | % Change |
|---|---|---|---|
| # of Total Residential Listings | 14,849 | 17,922 | -17.1% |
| # of New Listings | 3,548 | 4,703 | -24.6% |
| Average List Price | $167,332 | $173,826 | -3.7% |
| Average Sales Price | $168,576 | $168,345 | 0.1% |
| # of Sold Listings | 1,809 | 2,064 | -12.4% |
| Days on Market | 97 | 127 | -23.6% |
