2002 Home Sales Shatter Records

(January 22, 2003) 2002 home sales shattered all time records with 22,267 residential home sales, up 6.5 percent over 2001 and 16.4 percent higher than two years ago in 2000 according to the Columbus Board of Realtors^® Multiple Listing Service. These statistics represent over 3.5 billion dollars in residential home sales in 2002.

“For Columbus area buyers who bought a home last year, the benefit of low mortgage rates outweighed other negative factors, including less than ideal economic conditions and a volatile stock market,” said Bob Miller, President of the Columbus Board of Realtors^®. “Because of this, thousands of first-time and trade-up buyers were able to realize their housing dreams.”

The average residential sales price at year end was $158,927 which is 3.8 percent higher than the average sale price of $153,172 in 2001. Averaging the increase in sales price over the last five years, 2002 is right in keeping as the five-year average increase is also 3.8 percent.

“Housing here in central Ohio, from an investment perspective, continues to provide valuable appreciation,” comments Miller. “However, home prices are not increasing at a rate which prevents buyers from being able to afford the price of a home. It’s the best of both worlds.”

The Columbus Board of Realtors® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Union, Madison and Morrow Counties and some of Licking, Fairfield, Knox, Logan, Marion and Pickaway Counties. For residential and most of the commercial MLS listings, visit www.Realtor.com providing over 1.7 million homes every day.