(March 21, 2007) Central Ohio home sales last month were down almost two percent from the year before. The 1,549 homes sold was 1.9 percent lower than the 1,579 homes sold in February of 2006, but 2.6 percent higher than In January according to the Columbus Board of REALTORS®. “The drop in sales can be directly attributed to the December holidays,” says Brad Bennett, President of the Columbus Board of REALTORS®. “Most homes are in contract from four to six weeks before closing. So contracts written just before Christmas through New Years, would be closing in the first half of February. But less than one-third of the February closings took place in the first half of the month." "Over 70 percent (1102 closings) took place in the second half of the month which reflects contract activity in the first couple weeks of January, after the holidays and while we experienced unseasonably nice weather conditions.” Year to date, home sales are almost four percent ahead of last year. And 2006 sales in the first two months were nine percent higher than the year before. "So, when we say sales are up - they truly are," adds Bennett. Fewer homes were added to the market in February. The number of new listings added (3,417) was 17 percent fewer than in January and 15.5 percent less than in February last year. Sellers who have their homes listed should be pleased by this news. "Currently, we have significantly more homes on the market than buyers," explains Bennett. "As a direct result, homes are taking up to 25 percent more time to sell and selling for about two percent less than they would have one year ago. Adding a great number of additional homes each month doesn't help the situation." "We continue to seek more buyers. With the high number of homes, motivated sellers and such competitive interest rates, anyone even considering buying a home would be negligent not to look at the market right now. They could miss out on the deal of the decade." | | 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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