War had little affect on Central Ohio home sales
(May 21, 2003) Our recent war seemed to have little affect on Central Ohio home sales which are just slightly behind last year. At 6,244, year-to-date home sales are 2.5 percent behind last year’s 6,407. In April, 1,988 existing single family homes were sold compared to 2,039 last year which is also 2.5 percent behind according to the Columbus Board of REALTORS®.
“We’ve seen and heard great concerns that the war would have an adverse affect on various economic sectors” began Bob Miller, President of the Columbus Board of REALTORS®. “Let’s consider this. First, we know that year-to-date home sales are 2.5 percent behind last year. This is not a significant decrease, simply not as robust.”
“Then let’s recognize that closings in April actually represent showing and contractual activity which took place in March. For instance, buyers view the property once or twice and then write a purchase contract which, typically in our market, calls for a closing in 30 days or less.”
“We went to war in mid March. The slight decrease in April home sales versus last year is proof that buyers did not pull out of the market mid to later March. Looks like Central Ohioans were confident enough in our country’s actions to continue to contract for and close on homes.”
Further good news is that home prices continue to climb reliably. At $162,653, the average sales price for an existing single-family home in April was 5.1 percent higher than the same month the previous year. Total dollar volume of $323,354,164 for residential property last month showed an increase of 2.5 percent compared to April 2002.
Calendar