Market Trends

Percentage of Homes Listed, Sold & Market Trends in Central Ohio Housing From 2003 to 2007!

 

 

Year	# Homes Listed	# Homes Sold	% Homes Listed That Sold	Avg. Sale Price	% Price Increase
2003	38,976	24,812	63.70%	$161,930	3.90%
2004	44,328	27,328	61.60%	169,958	4.90%
2005	50,197	28,008	55.80%	173,150	1.80%
2006	51,437	26,255	51.10%	171,398	-1.10%
2007	49,985	34,773	49.6%	170,555	-.5%

 

 

 

 

 

 

 

 

 

 

The actual number of homes sold increased each year through 2005. However, at the same time, increasingly more homes (competition) came on the market, and an increasingly smaller percentage of the homes that came on the market sold. In 2006, Central Ohio experienced an actual decrease in the number of home sales (-9%) and the first decrease in the average sale price in over 16 years.  We shifted from a balanced market to a Buyers market.

 

The trend has continued at a moderate pace in 2007. In Columbus, the market may have bottomed out, but all national indicators and projections are that the home sale market has not. Large numbers of homes and especially home foreclosures are still coming on the market. While we may be hopeful that a pent up demand for housing will occur and home sales increase over last year's numbers, this remains to be seen.

 

It is important to keep in mind that today’s buyer’s are more knowledgeable and have more tools available to search for homes. They are looking for the “best deal.” Pricing, condition and maximum exposure to the internet and the Realtor network is vital. You must make sure that your home is being skillfully marketed with sophisticated tools to get buyers into your home.