The Market Correction

Hey everyone!!
I hope you all had a safe and happy holiday. This was a new report that was released by the Columbus Board of Realtors. So for anyone who is thinking about whether or not is the time to list, the answer is YES!!! The market needs inventory. Especially in Clintonville! Call or email me today to get the process started.

-JP


Slower listing pace supports market correction - Courtesy of the Columbus Board of Realtors

(November 27, 2007) The number of listings added to the market in October was down for the third month in a row, a strong indicator that the market is beginning to correct itself. The 3,578 homes listed last month is down 6.9 percent from one year ago. In addition, new listings in August and September were down 8.3 percent and 5.7 percent respectively according to the Columbus Board of REALTORS®.
"The record number of listings added to the market each month has tilted the scales strongly in favor of the buyer this year," said Brad Bennett, President of the Columbus Board of REALTORS®. "As the inventory of homes has been roughly sixty percent higher than our norm, sellers have had to lower prices to compete for the buyer. This has caused home values to appear lower than they actually are. As the listing pace slows, inventory levels will drop and home prices will rise again as the market begins to correct itself."
The average price of a home sold in central Ohio in October was $164,844 which is 0.9 percent lower than the average sale price one year ago. The average sale price of a home sold in the first ten months of the year is $173,122, which is 1.5 percent lower than the year to date average last year.
"A Forbes.com study released in early October reported that Columbus Ohio is the third most stable housing market in America and further projects that we?ll see strong price appreciation in 2008," comments Bennett. "As REALTORS®, we know that 2007 has been a corrective year after several years of extraordinary housing activity. We also know, based on our experience, that central Ohio is and always has been reliable and sold when it comes to home values."

How Great Is This?

This is an article that recently came to my attention. I am reposting this courtesy of the Columbus Board of Realtors website. If you care to discuss how this will impact you, drop me an email.

Columbus Ohio ranked 3rd most stable marketIn October, Forbes.com and Moody's Economy.com studied America's 40 biggest cities focusing on the state of local economies, new construction contracts, foreclosure rates, local credit markets, sales rates, affordability and inventory. Of those 40 cities, Columbus, Ohio: Ranks as 3rd most stable housing market; should boast the eight-fastest sales rate next year; and home prices are projected to increase 3.49% in 2008.

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