Industry News

Home buyer’s still king in Central Ohio

Record inventory slows sales, slashes prices

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The buyer's market continued in Central Ohio during November, as record-high inventory cut further into sales and prices, the Columbus Board of Realtors reported. Realtors recorded 1,763 home sales last month, down 7.2 percent from 1,899 sales a year earlier. Year-to-date, the region's 24,498 sales are 4.2 percent behind last year's pace. Although the average sales price crept up to $167,371 last month from $166,266 in October, it has fallen 3 percent below the year-ago price of $172,586. Record numbers of homes have been listed for sale this year in Central Ohio, the board reported, although new listings sank in November from both month- and year-ago levels. There were 2,899 new listings added to the market last month, compared with 3,844 in October and 3,368 a year ago, bringing the total number of active listings at month end to 16,501, up 15.4 percent from inventory levels in November 2005. Chris Reese, president of the Columbus Board of Realtors, said the decline in new listings ...