Home Sales Blooming Early

(March 23, 2006) Central Ohio home sales are blooming early this year. In February, the area saw a record 1,579 homes sold which is 10 percent higher than last year during the same month according to the Columbus Board of REALTORS®. This brings the total homes sold in the first two months to 2,957, nine percent higher than the first two months of 2005.

"We've experienced a very active market early this year," says Chris Reese, President of the Columbus Board of REALTORS®. "The fact that we have a high inventory of homes and interest rates are inching up has drawn savvy buyers into the market. But we know from experience, some of the credit also goes to mother nature for the mild temperatures we've enjoyed this winter.

The average price of a home dropped five percent in February. "But that's because we had more homes sell in the affordable price ranges and 25 percent fewer homes in the $500,000 and above price range in February," notes Reese. Statistics indicate that homes in the $100,000-$180,000 and $200,000-$250,000 price ranges are selling well so far this year.

The number of homes on the market remains at a record high. There are currently over 15,400 residential properties for sale in the Central Ohio area ? 23 percent more than were listed last year at this time.

"There's a lot of competition out there right now," says Reese. "Sales are up _ but not enough to cover the significant increase in inventory. Therefore homes are taking longer to sell and selling for less money. Sellers need to price their home realistically if they want to compete."

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