(October 25, 2005) All year long, homes have been selling for higher prices and at increased rates. And last month was no exception. Over 2,420 home sold in September, up almost seven percent over last year. Sales January through September were 21,223 which is almost three percent ahead of 2004 during the same period according to the Columbus Board of REALTORS®. The average price of a home in Central Ohio is $178,997 demonstrating an appreciation of 5.1 percent in the last year. However, there are more homes on the market now than in the past. "Last month, there were 15,229 residential homes listed for sale compared to 12,324 at the same time last year. This is the highest level of housing inventory we've ever had," says Doug McCloud, President of the Columbus Board of REALTORS®. "This is a great time for buyers to take a look at what's on the market. It's not likely you'll find this many homes to choose from again for quite some time." Although respectably higher than last year, home sales are not up enough to cover the increase in inventory. For this reason, homes are staying on the market longer. "It's simple math," explains McCloud. "If the number of home added to the market is higher than the number of sales, some of those homes are not going to sell immediately. They will sell - but it may take a little longer in this type of market." The Columbus Board of REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Madison, Morrow and Union Counties and parts of Champagne, Clark, 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. | | Additional Statistics
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