This past June, Columbus saw it's best real estate numbers for the past 10 months. As the market is leveling out again we are seeing supply and demand equal out again for the first time since August of 2006. The month's supply number is at 7.12. That number means that if no new homes entered the market it would take just over 7 months to sell those homes. A balanced market is usually defined as having a month's supply number of 6.5 - 7.0. So we are well on the way to a stable market once again. While this is good news we also saw more than 1600 homes go into contract in June, more than we've seen since last August. Sales prices are going up as well helping out sellers, and interest rates remain low helping buyers. However, in a recent survey by Baylor University, 8 of 10 economist predict that home prices will be rising over the next five years. Now is certainly the time to buy, especially for first time home buyers that take advantage of the $8000 tax credit before time runs out. And don't expect these great interest rates to hang around forever. As inflation begins to rise, so will the rates. So if you're on the fence about selling/buying now give our team a call today so we can help you with your questions about today's market and provide you with the best market analysis for your home and the home of your dreams. Real Estate is still a great investment in the future!
Central Ohio Home Sales
| Statistic | Jun. 2009 | Jun. 2008 | % Change |
|---|---|---|---|
| # of Total Residential Listings | 14,892 | 18,002 | -17.3% |
| # of New Listings | 3,813 | 4,391 | -13.2% |
| Average List Price | $175,996 | $186,971 | -5.9% |
| Average Sales Price | $169,270 | $180,399 | -6.2% |
| # of Sold Listings | 2,092 | 2,242 | -6.7% |
| Days on Market | 99 | 112 | -11.6% |
