Fox Business News featured a segment on four major housing markets. Columbus Association of Realtors president Greg Hrabcak was a featured guest on the August 21st episode of "Bulls & Bears." Greg offers some interesting facts as to where we rank in regards to other parts of the US. The segment takes a few seconds to load. Enjoy!
http://www.foxbusiness.com/video/index.html?playerID=videolandingpage&streaningFormat=FLASH&referralObject=3037438&referralPlaylistID=1292d14d0e3afdcf0b31500afefb92724c08f046&maven_referrer=staf
Tuesday, August 26, 2008
Thursday, June 26, 2008
Home sales continue to increase this spring
(June 26, 2008) Home sales continue to increase each month presenting a healthy picture of the central Ohio housing market. The 2,064 homes sold in May marked a 15.7 percent increase over the number of sales the previous month according to the Columbus Board of REALTORS®.
“Low interest rates, high inventory and competitive pricing continue to fuel the housing market here in central Ohio,” says Greg Hrabcak, President of the Columbus Board of REALTORS®. “As long as we have these three critical factors in place, home buyers and investors are actively pursuing a home purchase.”
There remains a large selection of homes for sale in central Ohio. However, that number continues to decline supporting the anticipated correction in our housing market. Last month, there were over 17,900 homes for sale which is a little over five percent fewer than last year in the month of May. There were 4,703 homes added to the market in May which is eight percent lower than the 5,118 homes listed in May of last year.
“Although buyers continue to be thrilled with the large selection of homes for sale, any decrease in the number of homes added to the market is welcome news for sellers,” says Hrabcak. “As long as inventory remains high, homes are taking longer to sell and selling for less.”
The average list price of a home for sale last month was $173,826 which is 3.8 percent lower than the average list price of a home in May of 2007. Accordingly, the average sale price ($168,345) was almost four percent lower than the same month last year.
Year to date sales of new and existing homes (January through May) total 8,367, 14.1 percent behind the 9,737 sales recorded during the first five months of 2007 but only about three percent behind the market’s pre-boom period (prior to 2003).
Courtesy of the Columbus Board of Realtors
“Low interest rates, high inventory and competitive pricing continue to fuel the housing market here in central Ohio,” says Greg Hrabcak, President of the Columbus Board of REALTORS®. “As long as we have these three critical factors in place, home buyers and investors are actively pursuing a home purchase.”
There remains a large selection of homes for sale in central Ohio. However, that number continues to decline supporting the anticipated correction in our housing market. Last month, there were over 17,900 homes for sale which is a little over five percent fewer than last year in the month of May. There were 4,703 homes added to the market in May which is eight percent lower than the 5,118 homes listed in May of last year.
“Although buyers continue to be thrilled with the large selection of homes for sale, any decrease in the number of homes added to the market is welcome news for sellers,” says Hrabcak. “As long as inventory remains high, homes are taking longer to sell and selling for less.”
The average list price of a home for sale last month was $173,826 which is 3.8 percent lower than the average list price of a home in May of 2007. Accordingly, the average sale price ($168,345) was almost four percent lower than the same month last year.
Year to date sales of new and existing homes (January through May) total 8,367, 14.1 percent behind the 9,737 sales recorded during the first five months of 2007 but only about three percent behind the market’s pre-boom period (prior to 2003).
Courtesy of the Columbus Board of Realtors
Wednesday, April 23, 2008
Spring Is Finally Here
Hi Everyone!
I hope you have been able to enjoy the great weather we have been experiencing here in central Ohio. Our local board has created a great website giving you the facts on the local market. It is a wealth of information and a great way to familiarize yourself with our market. If you are thinking about selling or buying a home, give me a call. I'd be happy to help.
Visit: http://www.columbushousingfacts.com
I hope you have been able to enjoy the great weather we have been experiencing here in central Ohio. Our local board has created a great website giving you the facts on the local market. It is a wealth of information and a great way to familiarize yourself with our market. If you are thinking about selling or buying a home, give me a call. I'd be happy to help.
Visit: http://www.columbushousingfacts.com
Thursday, April 3, 2008
Well Here's Some Good News
Hi Everyone!
Sorry I haven't made a post in awhile. It has been a busy month. Here's the latest info from the local board.
Drop in interest rate resulted in more home contracts last month
(March 20, 2008) The number of homes contracted for sale in February 2008 took a very positive turn, topping contracts written during the previous three months as well as the same month last year according to the Columbus Board of REALTORS®.
“The drop in mortgage interest rates in late January generated immediate housing activity,” says Greg Hrabcak, President of the Columbus Board of REALTORS®. “Many buyers were waiting for the drop. Some used it to be able to afford their first home as the lower interest rates helped them to finally qualify for a home. Others jumped at the chance to move up to a larger home.”
Although home contracts increased, actual sales lagged last year by 5.8 percent – a carry over from the lack of housing activity during the holidays and first of the year.
The average sale price of a home last month was 156,497, a decrease of 4.8 percent from the average sale price of $164,397 in February 2007.
Fewer homes were listed for sale in February 2008 (3,538) compared to January (3,812) and February 2007 (3,417). The total number of homes listed for sale is now lower than the inventory level one year ago.
“As inventory levels have been roughly thirty percent higher than normal for the last year or so, any leveling off in new listings is a welcome sign for the market as a whole,” comments Hrabcak. “The fact that the supply has been significantly greater than the demand has resulted in lower sale prices, lengthier sales listing periods and a general concern about housing.”
“But housing, like most economic sectors, is cyclical. This buyer’s market won’t last forever.”
“The drop in mortgage interest rates in late January generated immediate housing activity,” says Greg Hrabcak, President of the Columbus Board of REALTORS®. “Many buyers were waiting for the drop. Some used it to be able to afford their first home as the lower interest rates helped them to finally qualify for a home. Others jumped at the chance to move up to a larger home.”
Although home contracts increased, actual sales lagged last year by 5.8 percent – a carry over from the lack of housing activity during the holidays and first of the year.
The average sale price of a home last month was 156,497, a decrease of 4.8 percent from the average sale price of $164,397 in February 2007.
Fewer homes were listed for sale in February 2008 (3,538) compared to January (3,812) and February 2007 (3,417). The total number of homes listed for sale is now lower than the inventory level one year ago.
“As inventory levels have been roughly thirty percent higher than normal for the last year or so, any leveling off in new listings is a welcome sign for the market as a whole,” comments Hrabcak. “The fact that the supply has been significantly greater than the demand has resulted in lower sale prices, lengthier sales listing periods and a general concern about housing.”
“But housing, like most economic sectors, is cyclical. This buyer’s market won’t last forever.”
Courtesy of Columbus Board of REALTORS®
Tuesday, March 4, 2008
Home Sales & The Holidays
Hi All!
This is a great article our local board published recently. It has a lot of tips and need to know items for those who had their homes on the market over the holiday season.
Home Sales slower during the holidays
(February 28, 2008) Fewer homes were put into contract at the end of 2007 which resulted in fewer closings in the first month of year. The 1,225 homes sold in January 2008 slipped 18.9 percent from the 1,510 sales in January 2007 - which was 12.2 percent higher than the previous year according to the Columbus Board of REALTORS®.
"As closings in January are a direct result of activity and contracts written 30-60 days prior, it comes as no surprise that there was a drop in closings last month," says Greg Hrabcak, President of the Columbus Board of REALTORS®. "The housing market traditionally experiences less activity beginning around Thanksgiving and into the new year. And REALTORS® had been reporting a higher than normal drop in activity."
"Homes in the $80,000 - $100,000 range, $400,000 - $500,000 and $1 million and over were hardest hit. Each of these price ranges saw decreases in sales in excess of 37 percent," added Hrabcak.
The average sale prices of a home closed during the month of January 2008 was $152,790 compared to $166,096 the previous year. The average sale price in 2007, January through December, was $165,057.
"This lower average price goes hand in hand with the sales declines in the higher price ranges," adds Hrabcak. "When fewer homes are sold in the upper price ranges, the average sale price for the month will decline accordingly. Real estate professionals understand that activity in any single month can fluctuate quite a bit. It's the direction over a period of time which we focus on."
According to Hrabcak showing activity picked up noticeably in January when interest rates dropped. "Just eight years ago, the average rate for a 30-year fixed rate mortgage was 8.21 percent. Now it's hovering around six percent. But it won't last and we encourage anyone interested in buying a home to take advantage of what a lower interest rate means in terms of buying power and building equity." Courtesy of The Columbus Board of Realtors
(February 28, 2008) Fewer homes were put into contract at the end of 2007 which resulted in fewer closings in the first month of year. The 1,225 homes sold in January 2008 slipped 18.9 percent from the 1,510 sales in January 2007 - which was 12.2 percent higher than the previous year according to the Columbus Board of REALTORS®.
"As closings in January are a direct result of activity and contracts written 30-60 days prior, it comes as no surprise that there was a drop in closings last month," says Greg Hrabcak, President of the Columbus Board of REALTORS®. "The housing market traditionally experiences less activity beginning around Thanksgiving and into the new year. And REALTORS® had been reporting a higher than normal drop in activity."
"Homes in the $80,000 - $100,000 range, $400,000 - $500,000 and $1 million and over were hardest hit. Each of these price ranges saw decreases in sales in excess of 37 percent," added Hrabcak.
The average sale prices of a home closed during the month of January 2008 was $152,790 compared to $166,096 the previous year. The average sale price in 2007, January through December, was $165,057.
"This lower average price goes hand in hand with the sales declines in the higher price ranges," adds Hrabcak. "When fewer homes are sold in the upper price ranges, the average sale price for the month will decline accordingly. Real estate professionals understand that activity in any single month can fluctuate quite a bit. It's the direction over a period of time which we focus on."
According to Hrabcak showing activity picked up noticeably in January when interest rates dropped. "Just eight years ago, the average rate for a 30-year fixed rate mortgage was 8.21 percent. Now it's hovering around six percent. But it won't last and we encourage anyone interested in buying a home to take advantage of what a lower interest rate means in terms of buying power and building equity." Courtesy of The Columbus Board of Realtors
Friday, January 25, 2008
Who Says The Market Is Bad?
Courtesy of the Columbus Board of REALTORS®.2007 best year on record for central Ohio home buyers
(January 24, 2008) Interest rates, prices and inventory combined to make 2007 a memorable year for central Ohio home buyers according to the Columbus Board of REALTORS®.
"Despite what you might have heard, the housing market in central Ohio was going strong in 2007," says Greg Hrabcak, President of the Columbus Board of REALTORS®. "In fact, it was probably the best year on record for buyers as interest rates were really low, home prices were very competitive, and the selection was the best we?ve ever seen in this market."
Although home sales last year trailed the housing upsurge of recent years, central Ohio still ended as the fourth best year on record with 24,445 residential existing and condominium sales.
Throughout the year, there were almost 50,000 residential homes and condos listed fro sale in the 16 counties included in the Columbus and Central Ohio Multiple Listing Service (MLS). Of those, roughly half sold in an average of 108 days.
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.
"The lower average sale price can be attributed to a couple facts," explains Hrabcak. "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."
"We're expecting that, with the additional drop in mortgage interest rates, more buyers will also realize that now really is a great time to buy a home."
Thursday, January 17, 2008
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.
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.
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