Columbus Real Estate Market News October 2012

Ohio homes sales in October were up for the tenth consecutive month. There were 1,990 residential sales during the month of October, a 24.8 percent increase from the 1,556 home sales in October 2011, according to the Columbus Board of REALTORS®.

Homes closed during the month of October sold for an average of $163,764, 10.0 percent higher than just one year ago.

“Even though the inventory isn’t as high as mid-summer, you have more serious buyers and sellers,” said Jim Coridan, President of the Columbus Board of REALTORS®. “Many buyers who had planned to buy before the fall are still out there looking for their dream home.”

The number of new listings on the market is up 12.1 percent (2,765) from last year and actually increased by 1 percent from the previous month. Total inventory of homes was 10,926 at the end of October.

“2012 has been the best year in real estate in central Ohio since 2007,” said Coridan. “Just because their home didn’t sell in the summer doesn’t mean buyers aren’t still out there; homeowners have recognized the advantages of selling in the fall.”

According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®), 84 percent of central Ohio REALTORS® describe the current housing market as moderate to strong and 69 percent expect home prices to remain the same or rise in the next year. They also report that the typical client today is looking for a mid-range home purchase.

“52 percent of the local REALTORS® surveyed said that concerns about the economy were keeping homeowners, who want to sell their homes, from putting them on the market,” added Coridan. “47 percent reported the home was underwater, 27 percent said they were waiting until after the presidential election, and 57 percent were waiting to sell their home for a higher price.”

“Now that the election is over and home prices have been rising, it will be interesting to see how many sellers recognize that now is a good time to sell.”

View the current Central Ohio Local Market Update.
View the current Housing market report by area.Shanna Lafontaine is a Realtor with RE/MAX Affiliates who works Metro Columbus, Dublin, Hilliard, Powell, Worthington, Westerville, Delaware and surrounding Central Ohio areas helping both Buyers and Sellers.

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RE/MAX Affiliates Inc. 7239 Sawmill Rd. Ste 210, Dublin, OH 43016

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