(February 27, 2007) After six consecutive months of sales coming in lower than the year before, central Ohio home sales shot up in January. There were 1,510 home sales last month which is up 12.2 percent over the previous year?s 1,346 sales. During eight of the 12 months last year, sales were less than in 2005 which is still the highest sales year on record according to the Columbus Board of REALTORS®. "After the gloom we've experienced lately, a 12 percent increase is in sales sure brightens up our expectations for 2007," says Brad Bennett, President of the Columbus Board of REALTORS®." As sales are the equivalent of closings which generally occur 30 days after a contract is signed, this means that many Ohioans decided to buy a new home for the holidays." Homes that went into contract in January are just 2.7 percent less than contracted sales last year, which would suggest that February sales will also be neck and neck with 2006. "But the unseasonably frigid weather we experienced earlier this month prevented many people from looking at homes. We're hoping the recent break in the weather will entice potential buyers back in to the market," adds Bennett. New listings almost doubled in January. Although the 4,154 new listings are about the same as were added new January of 2006, the additional inventory brings the total to 16,025 listings on the market, fully 10.3 percent more homes than were on the market one year ago. "From the seller's perspective, the increase in inventory fairly negates the increase in sales," comments Bennett. "The significant addition of homes for sale brings our month's supply to 10.6, meaning that, even if no more homes are listed, it would still take 10.6 months to sell what we have at our current sales rate." "As long as the inventory remains so elevated, homes will continue to stay on the market longer and sell for less. There's not a seller out there that wants to hear that news." | | Additional Statistics 
To view commercial properties for sale or lease in central Ohio, visit www.COCIE.org. To view residential properties for sale, visit www.Realtor.com. |
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