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Can’t See the Housing Market Through the Trees 2007 Columbus Real Estate in a Nutshell
January 25th, 2008 categories: Mortgage/Finance, Real Estate News
Lots of bad news in the headlines and on the airwaves about “The Real Estate Market” over the last couple days. Remember that most media stories are greatly effected by larger east and west coast markets and that all Real Estate is Local. Here are some facts and figures on our market, here in Central Ohio.
- Last year was the third highest number of sales ever in Central Ohio. Yes, it was down 4.5% from 2005 and the average sale price is down a `whopping’ 1%, but it was still a good year. Today, compared to 2004, only 3 years ago, we have sold close to the same number of houses and the average sales price is up nearly 3%.
- Inventory levels are at record highs providing prospective homebuyers with the best selection of homes in the history of central Ohio!
- Central Ohio home values have increased almost 33 percent in the last decade and the average home sale prices have increased on average 3.65 percent each year from 1996 through 2006. For consumers looking for long-term and stable growth rates, real estate is still, hands down, their number one choice.
- Our home prices are very competitive. Right now, there are more homes for sale than buyers to buy them. The result is that sellers are pricing their homes to compete. As the market corrects itself, home prices will start to increase again. So, buyers should act now while homes are priced to sell!!!
- There are still many great loan programs for deserving buyers.
- The recent Fed cut is good news! Even though a Fed rate cut doesn’t necessarily spell lower mortgage rates, it does mean good news for housing. The recent half point cut was intended to induce lenders to say yes more often – especially to jumbo borrowers, who have applied for mortgages greater than the conforming limit of $417,000. Making borrowing more affordable will make money more available and this will have a positive affect on the housing market.
What is going on in the micro-market of the Columbus community you want to buy or sell in Ask Me.
- Why was the average sales price in Central Ohio down 1%
- First, because for much of the year we had roughly ten homes on the market for every buyer, many homeowners were forced to drop the selling price of their home in order to compete.
- Second, we had 22 percent fewer homes sell in the $1 million dollar range. Homeowners resistance to drop the price as well as lenders’ temporary aversion toward jumbo loans likely had impact here
- And third, we saw 124 percent more homes sell for less than $30,000. Many of these lower priced homes were purchased by investors who recognized just how favorable the 2007 housing market was and took full advantage of these conditions
- The average price of a home in central Ohio last year - $172,531 - is well below the national median price which was $210,200 in November 2007. The average sale price is also 1.2 percent lower than the average sale price of $174,688 in 2006.
Don’t just take my word for it, this post is derived from yesterday’s Columbus Board of Realtors Press Release.
The Columbus housing market | First Ohio Home Finance
January 28th, 2008
[...] online, and his is certainly one of the best. Here’s a brief excerpt from Friday’s “nutshell” post. “Remember that most media stories are greatly effected by larger east and west coast [...]
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May 14th, 2008
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