Central Ohio home sales in September were up 6.9 percent from a year ago, while prices posted more modest gains, according to the Columbus Board of Realtors.
Realtors reported the sale of 2,420 homes in September, up from 2,264 in September 2004. Year-to-date sales totaled 21,223, which is 2.9 percent ahead of the same period last year.
The average price of a home in Central Ohio was $175,162 in September, up 2.1 percent from $171,537 reported a year ago.
However, there are more homes on the market now than in the past, the association reported.
“(In September), there were 15,299 residential homes listed for sale compared to 12,324 at the same time last year. This is the highest level of housing inventory we’ve ever had,” said Doug McCloud, president of the Columbus Board of Realtors. “This is a great time for buyers to take a look at what’s on the market. It’s not likely you’ll find this many homes to choose from again for quite some time.”
Although respectably higher than last year, home sales are not up enough to cover the increase in inventory. For this reason, homes are staying on the market longer, averaging 82 days on the market in September, up 7.9 percent from 76 days a year ago.
“It’s simple math,” McCloud said. “If the number of homes added to the market is higher than the number of sales, some of those homes are not going to sell immediately. They will sell – but it may take a little longer in this type of market.”
The Columbus Board of Realtors Multiple Listing Service serves all of Franklin, Delaware, Union, Madison and Morrow counties, and some of Licking, Fairfield, Knox, Logan, Marion and Pickaway counties.
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