Industry News

Buyer’s market escalates in Central Ohio

Average sales price drops $20,000 since June

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Central Ohio home sales dropped 11.8 percent in September from a year ago, as a plethora of for-sale listings continued to eat away at prices, the Columbus Board of Realtors reported. According to statistics, 2,134 homes were sold last month, down from 2,420 a year earlier. Year to date, Central Ohio has recorded 20,587 sales, which is 3 percent below the same period last year. The average price of a home sold in September sank to $172,476, down 1.5 percent from $175,162 a year ago. By comparison, the average sales price was $179,782 in August, $184,521 in July and $192,424 in June. Some 3,884 new listings came on the market in September, bringing the total number of active listings at month-end to 18,485, the board reported. September's supply of homes for sale dipped slightly from August but was 17.8 percent higher than a year ago. "Sellers need to understand what they are dealing with in the current market," said Chris Reese, president of the Columbus Board of Realtors. "We still h...