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October Market Report

December 13, 2009

Demand rises and inventory declines as market nears stabilization

Home sales in the month of Oct. were up 25.6 percent from this time last year! The 2,021 sales last month represents the highest number of listings sold in the month of October since the housing boom in 2006! 

At a time when sales traditionally start to taper off, central Ohio home sales are actually increasing. The first time home buyer tax credit has obviously played a role and had an impact in this but, the fact that we have a solid inventory of homes available at very affordable prices and interest rates are still at record lows has also strengthened our housing market.

The number of homes in contract (but not yet closed) is also up. The 1,539 homes in contract is 17.2 percent higher than last year at the same time suggesting that November home sales will also be strong.

The month’s supply has dropped 30 percent from last year! Last year at this time, the months supply was 9.82 meaning that if no new homes were added to the market, it would take almost ten months to sell all remaining inventory. Today, that number is down to 6.86. A market is typically considered balanced with around a 6.5 to 7 months supply.

These numbers are a strong sign of stabilization. Demand has picked up, inventory continues to decrease, and the month’s supply is now very close to balanced. Furthermore, the $8,000 tax credit for new homebuyers was extended earlier this month and added to it was a $6,500 tax credit to benefit those homeowners who wish to purchase a new residence. This incentive will only further bolster the central Ohio housing market.

If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!

The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in;  Bexley  Columbus  Delaware  Downtown  Dublin  Gahanna  Grandview Heights  Granville  Grove City  Groveport  Hilliard  Lewis Center  New Albany  Pickerington  Polaris  Powell   Upper Arlington  Westerville  Worthington

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