May 2009 Home Sales Statistics

(June 23, 2009)  Home sales increased for the fourth straight month as central Ohio's average sales price climbed to its highest amount this year, and increased slightly over May 2008, a sign that competitively-priced homes are keeping our market healthy, the Columbus Board of REALTORS® said today.

The average sales price inched up over May 2008 to $168,576, but jumped 12.9 percent compared to April.

Homes on average sold for $231 more than during May 2008, indicating that competition among consumers, particularly first-time buyers using the $8,000 tax credit, is continuing to drive the markets' recovery.

"Sellers who are pricing their homes competitively are reaping the benefits of buyers who are equipped with the tools and incentives to leave the fence like never before," said Gary Parsons, president of the Columbus Board of REALTORS®.

"The spring has been busy in central Ohio, and with only 160 days left to take advantage of the tax credit, we expect the summer to be even busier," Parsons said. "Lower-priced homes and foreclosed properties continue to be active in our market, attracting many first-time buyers with unbeatable deals."

Inventory levels continue their dramatic drop compared to last year as the local market remains stable.

There were 14,849 homes for sale in central Ohio last month, down 17.1 percent from a year ago.

New listings were also down 24.6 percent in May compared to last year.

"The basic economic principles of supply and demand influence home prices, so the fact that prices are increasing, not only month to month, but year over year, is a very positive indication in the strength of our market and the level of demand," Parsons said.

"As those properties are sold and fewer homes are added to the market, central Ohio will continue to remain a fairly balanced housing market."

A total of 1,809 homes sold in May, marking the highest number of homes sold in a single month since September, but still down 12.4 percent compared to May 2008.

There were more than 1,400 homes in contract in May, an indication of future sales and an increase of nearly 5 percent over April.

 

 

 

Additional Statistics

To view residential properties for sale, visit www.Realtor.com.

To view commercial properties for sale or lease in central Ohio, visit www.COCIE.org.

The Columbus Board of REALTORS® represents more than 6,500 members who helped bring more than $3.4 billion to the central Ohio economy in 2008.