(January 19, 2005) Central Ohio home sales topped the charts at almost 10 percent higher over homes sold in 2003. The 26,660 homes sold represents a 9.7 percent increase over the 24,306 homes sold during 2003. This is the highest increase since 1998 when homes sales jumped 17.4% over the previous year according to the Columbus Board of Realtors® Multiple Listing Service. Excellent housing affordability conditions contributed to this record year in home sales. "The lion's share of homes were sold in what we consider to be the affordable housing range - $125,000 and below," said Doug McCloud, 2005 President of the Columbus Board of Realtors®. "Roughly 60 percent of the homes sold in 2004 fell into this price range. Many of these sales were first time home buyers who were finally able to realize the dream of homeownership." Over $4.5 billion worth of homes changed hands last year, a 12 percent increase over 2003. The average sale price of a home in 2004 was $170,522 compared to $166,928 the previous year. Using the average annual increases, the value of a typical home in Central Ohio has increased about 20 percent over the last five years. "Owning a home is one of the best investments a family can make," says McCloud. "Where else can you get a significant tax deduction on something that increasese in value annually while your family reaps even greater rewards through usage and enjoyment year after year?!" The Columbus Board of REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Union, Madison and Morrow Counties and some of Licking, Fairfield, Knox, Logan, Marion and Pickaway Counties. To view residential and most of the commercial MLS listings, visit www.Realtor.com providing over 1.7 million homes every day. | | Year end home sales
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