Central Ohio ends summer with rising sales andprices
(Sept.19, 2012) Home sales during the most active time of the year showed impressivegains over last year and were thehighest since 2007 when the housing market began its descent after the boom.
The 8,921 residential home closings during the months of May through Augustwere 11 percent higher than last summerand 12.2 percent higher than in 2009 when home sales hit its lowest point sincethe summer of 2000, accordingto the Columbus Board of REALTORS®.
“Higher prices, low rates and lower inventory proved to be an exceptionalenvironment for home sellers this summer,” said JimCoridan, 2012 President of the Columbus Board of REALTORS®. “But the strongestfactor was and continuesto be the abundance of motivated buyers in the market today.”
Demand outstrippedsupply, as new listings on the market (3,096) fell 0.9 percent from the monthbefore and the total inventory of homesfor sale (11,571) was down 32.3 percent from the same time last summer(17,096).
“We’ve seen highersales gains and falling inventory for over a year now which has pushed homeprices up,” Coridan said. “We’re hopingmore homeowners with an interest in selling recognize their advantage this fallas it’s getting tough to findproperty to sell.”
Not only that, the average turn-around time from the date “For Sale” signs wentup until a bargain was struck decreased 15.5percent last month from 96 days to 81 days.
Full report.
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