January 2003 Stats

Home Sales strong but face serious risk with proposed state budget taxes

(February 19, 2003) -- Local homes sales in January were a strong 1,148. This number is about 5% lower than the previous year but is not surprising as January of 2002 saw a 22% spike in home sales!  According to the Columbus Board of REALTORS®, January 2003 home sales are still 20-45% ahead of home sales during the same month over the last six years.

“With $183.5 million in home sales last month, we’re very pleased at how well the home buying market has kicked off the year, said Bob Miller, President of the Columbus Board of REALTORS®.  “Interest rates staying at 30-year lows continue to be the VIP in this market.”

The average sale price last month was $159,856 up 2.6% over the same month the year before and up .6% over the year end average home price for all of 2002.  Last month, it took an average of 106 days for a home to sell. 

“Last month, 38% of the home sales were in the Affordable Housing market - $110,000 and below,” said Miller.  “In 2002, 34% of all home sales fell into the affordable housing market.  Gov. Bob Taft’s proposed budget plan includes taxing real estate commissions, property management and title services, and a reduction in the commercial property rollback.  REALTORS® are vehemently opposed to these taxes as all of them would increase the cost of housing and decrease homeownership opportunities – especially in the affordable housing market.”

“Although we believe that the Legislature will reject these proposals in favor of more equitable solutions, we continue daily dialogue with our legislators so they do not forget the importance of keeping housing affordable,”  finished Miller.

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.

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