I just researched the most recent home sales data for Columbus. Unlike what you hear in the media, 2011 is off to a great start.
Here’s why …
The January report published by the Columbus Board of Realtors shows that sales dropped by 2.3% in January as compared to a year ago (download the report here). That may not be great, however, you must keep in mind that last year the Federal Government offered the $8,000 first time home buyer tax credit, which significantly boosted home sales in the first half of 2010. We still sold more than 1,000 homes in Columbus in the month of January!
The second line of the report shows that 1,602 homes are in contract. That’s 30.5% more than a year ago!
This number is important. It will translate into closings in February and March. It shows us what’s coming down the pipeline.
Another number to watch is the inventory. How many Columbus OH Homes are listed every month and how many months of supply do we have.
Both of these numbers dropped. New listings went down by 22% and the inventory dropped by a month to 8.4 months. With less supply and increasing buyer demand we are looking at a market that could significantly improve in early 2011.
Personally, I believe we will see a strong increase in home sales in early spring. We have been very busy over the past 2 months. Many HUD listings are in contract and buyers are submitting offers every day.
We won’t know exactly, if I am right, until new data are released for February sales on March 21. However, there’s plenty of evidence that sales are picking up!
The good news for buyers is that the average home price has not increased much, and HUD is still approving substantial discounts – at least for the time being.
Thanks for reading the susannenovak.com Blog!
Posted by: Susanne Novak, ABR, FIS, GRI
Columbus Real Estate Agent helping First Time Buyers.