No tax credit? No problem! - Columbus Board of Realtors

Stats
March home sales up 54 percent!
There were 1,704 central Ohio homes sold
during March of 2010 – 54.1 percent more
than the previous month (Feb – 1,106)
and 25.3 percent more than March 2009
(1,360). First quarter saw 3,873 homes sell
in central Ohio which is 12.5 percent more
than home sales during January through
March of 2009.
There were 4,949 residential homes put
on the market last month – a 44.3 percent
increase over new listings the previous
month and 32.8 percent higher than homes
listed in March of 2009.
There’s no question the home buyer tax
credits have a lot to do with our market
activity. But the significant increase in
listings as well as rising sale prices are clear
evidence that our local market is regaining
its strength.
The average central Ohio home is selling
for $149,277 this year which is 7.8 percent
higher than the sale price of a home sold
between January and March of 2009. Homes
sold during the month of March for an
average of $151,719 – a 5.9 increase over
last year.
Home prices have shown steady increases
for the last few months – another key factor
in any market recovery. However, when you
consider that the national median price of a
home is over $170,000, central Ohio housing
remains a very affordable market.
Statewide sales in March reached 8,660
– 15.5 percent more than the 7,501 sales
posted during the month a year ago. Sales
for the first quarter are up 4.1 percent over
last year. The average sale price in Ohio for
the first three months of 2010 is $124,011
which is 13.2 percent higher than the same
period last year.
Nationwide home sales in March were 5.35
million – up 6.8 percent over the previous
month and up 16.1 percent from March
of 2009. The median price of a home
nationwide was $170,700 in March – up 0.4
percent from March 2009.
A parallel NAR practitioner survey shows
first-time buyers purchased 44 percent of
homes in March, up from 42 percent in
February. Investors accounted for 19 percent
of transactions in March, unchanged from
February; the remaining sales were to repeat
buyers. All-cash sales remain elevated at 27
percent in March, the same as in February.
18 • May/June 2010 • In Contract Magazine • www.ColumbusRealtors.com