Look at the Central Ohio sales data in the link below. Ever wonder if time of year affects the value of your home? No one denies were in a slump but look at the trend for 2008! When sales prices normally go down, they are actually going up! I've written previously that the number of homes on the market has been decreasing and should help our prices. Here's the proof. Thanks to The Appraisal Group for permission to send their chart which was derived from data from Columbus Board of Realtors MLS.
What can we conclude from this data? 1. The current market is obviously less than previous 3 years, but note that it is headed up and that the dip in September was still not as low as the 1st quarter of 2008.
2. You can't make long term predictions with month to month data but look at the long term trends. Average price in 2005 was $100.86 per square ft, 2006 was $99.21, 2007 was $96.66 and YTD is $90.99.
The data shows what I have been sensing in the market. The general trend is headed up. It probably won't be a quick rise, but it looks like we may have seen the worst. It may be the best time in my 36 years to invest in real estate. OPPs! I'm sorry. I can't help myself. I am a real estate salesman, you know?
http://www.johnjacobus.com/agent_files/SF%20Price%20Trends%20Central%20Ohio.pdf
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