Great News for '08

Hi Everyone!
I hope you all enjoyed a safe and happy holiday season. Now that we are a couple weeks into the new year and the market is increasing in activity, I thought I'd post this article from the local Board of Realtors. This is great news for future sellers!


Home prices on the rebound

(December 20, 2007) The average price of a home sold in central Ohio last month was $170,808 - up 2.1 percent from a year ago. Year to date, the average price of a home sold is just over one percent lower than the previous year according to the Columbus Board of REALTORS®.
"As record levels of inventory have forced prices down over the last year, any sign of a home price increase is welcome," says Brad Bennett, President of the Columbus Board of REALTORS®. "Bear in mind that, although the average sale price of a home has dropped slightly this year, the value of the home has not been diminished. Central Ohio home value are holding strong."
The number of homes added to the market in November dropped almost 18 percent from the month prior. However, homes that went into contract or sold were only 13 percent lower than in October."
"Right now we have around ten homes on the market for every one buyer -- a buyer's market," comments Bennett. "A balanced market is about 6.5 or 7 homes for every buyer. So, a slowing in the number of listings added to the market is good news."
The Columbus Board of REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Madison, Morrow and Union Counties and parts of Champagne, Clark, Licking, Fairfield, Hocking, Knox, Logan, Marion, Pickaway and Ross Counties.