It's a great time to buy a home in Central Ohio, why? Interest rates are below 5% and ...........
Central Ohio home closings in May significantly outpaced the previous month as well as the previous year. The number of home sales last month (2,401) were up 15 percent over April of this year and were 32.7 percent higher than homes closed in May of 2009.
Home sales this year (January through May) now exceed 2009 by 24 percent.
"Although many believed that home sales activity would slow after the April 30 deadline for the home buyer tax credits," said Sue Lusk-Gleich, President of the Columbus Board of REALTORS®. "However, home sales didn't just keep pace but far exceeded the previous few months. That speaks volumes for the level of interest and confidence home buyers have in our central Ohio housing market."
The average sale price of $166,156 in May dipped slightly from the previous year but was up almost five percent over the previous month. The average sale price for the first five months of the year stands at $156,452, fully five percent over the $148,956 average sale price for the first five months of 2009.
There were 3,366 homes added to the market in May bringing the inventory to 15,282 homes for sale - almost three percent more homes than were listed for sale at the same time last year.
According to Lusk-Gleich, "With the wide selection of homes on the market, competitive prices and low interest rates, we're looking forward to a busy housing market this summer."
The Columbus Board of REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Madison, Morrow, Pickaway and Union Counties and parts of Champagne, Clark, Hocking, Licking, Fairfield, Knox, Logan, Marion, and Ross Counties.
Posted: 6/22/2010
Columbus Board of REALTORS®
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