Area housing steadily returning to normal, '08 figures show

Area housing steadily returning to normal, '08 figures show
(Jan. 22, 2009) While many markets struggled in 2008, central Ohio fared far better than Ohio and the nation, with inventory, sales and sale prices in keeping with pre-boom levels the Columbus Board of REALTORS® said today.
"Homes sold in 2008 were lower than the previous year, and the average sales price dipped a bit, but overall the local story was better than the national headlines would lead you to believe," said Gary Parsons, president of the Columbus Board of REALTORS®.
There were 13.5 percent fewer homes sold in central Ohio during 2008 - down from 24,445 sold in 2007 to 21,153 sold last year.
With 13,533 homes for sale last month, December marked the lowest inventory level since April 2005.
Record-high inventory significantly influenced home prices in 2008. Homes were priced more competitively and more homes sold in the lower price ranges, further skewing the average sales price.
The average sale price of a home in central Ohio last year was $163,732, down 5 percent from the 2007 average.
Lowering inventory levels is a key to returning the market to a balance between supply and demand, and ultimately bringing prices back up.
"Yes, 2008 was a challenging year, but when you compare a 5 percent average price drop to other parts of the country, not to mention Ohio, it's clear why Columbus is consistently considered a stable market," Parsons said.
"The declining inventory of homes, coupled with historically-low mortgage interest rates should prompt home price increases in 2009," Parsons added. "There's a reason we're telling our clients that now is a great time to buy is because the ability of buyers to stretch their housing dollar probably couldn't get much better."

Additional Statistics
To view residential properties for sale, visit www.Realtor.com.
To view commercial properties for sale or lease in central Ohio, visit www.COCIE.org.