March 2006 Home Sales

(April 21, 2006) Central Ohio housing inventory has been elevated for several months now. But the new listings added to the market in March brought the inventory level to a record high. Over 5,100 residential homes were added to the market in March - 14 percent more than were listed in March of 2005 according to the Columbus Board of REALTORS®.  This brings the total homes listed to 15, 990 - 25 percent more homes than were on the market one year ago.

The high level of inventory did not escape the attention of local home buyers as sales were also higher in March. The 2,344 homes sold were 9.5 percent higher than the number of homes old last year.  Year to date, there has been 8.9 percent more homes sold than in the first quarter of 2005.

"An increase in sales of almost ten percent is a headline in and of itself," says Chris Reese, President of the Columbus Board of REALTORS®. "However, the increase in sales is still not proportional to the increase in inventory which, consequently, means there are still many sellers whose homes are taking longer to sell."

Areas seeing the highest number of listings include southeast Delaware County, Hilliard, Dublin, southeast Columbus, Old Town East/German Village, and the north east and west quadrants of Columbus inside the beltway. Home sales in these areas were also vigorous as well as in Pickerington and the Newark/Heath area.

"We're seeing substantial numbers of listings and sales in neighborhoods with affordable homes right now," comments Reese. "These areas are regularly overshadowed by sales in many of our suburbs. But the strong activity in these interior areas is getting attention - and for good reason. We have so many communities offering established neighborhoods, mature landscaping, proximity to work and the excitement of downtown, etc. Although there are new homes being built in these areas, there is such a rich variety of existing homes with architecture and building products exclusive to an older home - and appealing to many buyers."

The average price of a home fell 2.4 percent in March due in part to the high number of homes sold in the affordable price ranges. Last month, there were 38 percent more homes sold for $80,000 and below compared to the year before. However, the highest number of sales fell in the $100,000 - $180,000 range.

"In a buyers market - especially one like ours where inventory levels are so high - sellers need to understand that top dollar for their home is a gift, not a given," adds Reese. "Unless, you have the luxury of time on your side, you need to be ready to price your home realistically in such a competitive 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.

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