(October 18, 2007)  Although home sales are down nationally, central Ohio home sales are not showing such dramatic decreases and are still above figures before the housing boom.  Home sales in August were down 12.8 percent nationwide, but only off by 7.4 percent locally. Pending sales at the end of August were down 21.5 percent nationally, but only down 5.7 percent in central Ohio according to the Columbus Board of REALTORS®.

"We keep saying that sales are pretty good and they are," says Brad Bennett, President of the Columbus Board of REALTORS®. "Thus far, this year's home sales are trailing last year by about 5.5 percent but still well above where we were before the housing boom. We expected the market to take a breather while correcting itself, and we're seeing that happen this year."

The average price of a home sold, January through September, in central Ohio is $173,940. This is down 1.2 percent from the average home sale price last year. And, although homes sold in September only took about 4 extra days to sell, year to date days on market is averaging about 107 days versus the 95 it took to sell a home last year.
 
"We're seeing record numbers of homes put on the market for sale in the area which lends itself to a reduced sale price and longer selling period," continues Bennett. "The flip side is, of course, that buyers should be really excited about the selection they have to choose from. And with interest rates and prices so competitive, this really is a great time to buy a home!"

This article was reprinted with the permission of the Columbus Board of Realtors