Columbus Ohio Real Estate Listings Trends
Columbus Ohio Real Estate Listings Trends
Columbus Ohio Real Estate Listings have seen some new trends in 2010. Stats from the Columbus Board of Realtors show that the average price of homes in Central Ohio increased 12 percent for homes sold in February 2010 compared to homes sold in February 2009. The average price for February 2010 was also 2.4 percent higher than homes sold in January 2010. Further data reveals a slight drop in home inventory as well with a 2.8% decrease in available homes. This offset in supply will help prices climb as long as demand remains consistent. Even more data suggest that we are in the midst of a turn around as Ohio real estate total dollar volume climbs over 10% and the number of days on market drops by 14%. Listings in Columbus Ohio are definitely seeing better days.
While March and April numbers have yet to be compiled and released I can speak from experience and can tell you to expect some huge gains in sales and some substantial price increases. As an active agent I work down in the trenches every day in the Columbus Ohio real estate market and what is currently happening hasn’t’t been seen since before 2006. Columbus properties are going into contract faster than buyers can get out to see them. The best listings are scooped up by eager buyers within days from being listed. While showing clients around the Worthington Ohio area this week I bumped into several other agents out showing with their own clients. This has been a rare occurrence since the real estate bubble popped.
So why are the numbers up and why so many buyers in the Columbus housing market? Probably the biggest reason is the 2010 home buyer’s tax credit. Columbus Ohio real estate listings have been flooded with busy home shoppers trying to get in on the last minute opportunity to receive either an $8,000 tax credit or a $6,500 tax credit for going into contract before the end of April 2010. Many buyers took their time shopping for a house in January and February but when the weather warmed in March and April the floodgates were opened.
So be prepared to see some amazing stats in the coming months. Agents in my office are saying things like “I haven’t been this busy since 2005” or “This is the busiest I have ever been”. As for myself I selling a house every 2.7 days.
The big question will be answered after April. That question is “Will the housing market be able to stand on its own legs.” Many experts expect interest rates to rise after April. They believe there will be a testing period to see how the real estate market does without help from the government. I personally expect home sales to drop off. The question is how much? Fortunately, for Columbus Ohio, home values have not seen the big hills and valleys that other markets have seen. For Central Ohio you can expect a steady stream of sales even if the market does slow again. For you buyers out there who miss the tax credit you can feel better knowing that there are still plenty of amazing buys out there that will save you much more than an $8,000 tax credit.
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Someday I’ll buy a home or piece of property. That will be after home prices get sane. The credit markets are tightening up; that will only drive up requirements for down payments. Thus real estate prices will dive further due to reduced competition from specuvestors and the lack of a qualified buyers pool. Notice how home sales rates are plummeting; that will only drive prices further! The bottom? Maybe 2011. Likely 2014. When you do buy, buy smart.