This article is reporduced with the permission of The Columbus Board of Realtors
More than 2,000 homes changed hands in June, the highest number in
10 months, as the market reached its most balanced levels in nearly three
years, the Columbus Board of REALTORS® said today.
Month's supply - the figure that best illustrates the relationship between supply
and demand in the housing market - is at its lowest point since August 2006.
The month's supply number for June was 7.12, meaning that if no new homes
were added to the market, it would take slightly more than seven months to
sell all remaining inventory.
"This new low is something to be proud of, because it means central Ohio is
not seeing the volatility in supply and pricing that much of the rest of the country
is experiencing," said Gary Parsons, president of the Columbus Board of REALTORS®.
"A market is typically considered balanced with around a 6.5 to 7 month's supply,
so this is a case where we like to see numbers decreasing," said Parsons.
New listings were also down by 13.2 percent compared to last June.
June marked the highest number of homes sold in a single month since August.
There were 2,092 homes sold in June, a 15.6 percent increase over May but down
6.7 percent from June 2008.
"More than 1,600 homes went into contract in June, more than any other month
since last August, which is a promising sign for the second half of summer sales
and the central Ohio market," said Parsons.
"We are continuing to see more homes sell; more go into contract, and fewer
entering the market which is good news for buyers and sellers - things work best
with a balanced market."
The average sales price was $169,270 in June, the highest in nearly a year, but
still off by 6.2 percent compared to June 2008.
"I expect that with only 130 days left to take advantage of the $8,000 first-time
homebuyer tax credit, we're going to be busy heading into late summer and
early fall," said Parsons.
