Wednesday, April 18, 2007

Columbus - March 2007 Home Sale Statistics from the Columbus Board of Realtors

March 2007 Home Sales

Finally, home prices inching up

(April 18, 2007) After nine consecutive months of negative home price appreciation, central Ohio home prices are again headed in the right direction. The average price of a home sold in March was $168,586, up 2.3 percent from one year ago according to the Columbus Board of REALTORS®.

"The average price of a home was up 2.0 percent in February and now 2.3% in March," said Brad Bennett, President of the Columbus Board of REALTORS®. "As 2006 was the only year on record where the average home price appreciation fell, the turnaround is a welcome relief to all home owners."

Although January home sales were up 12.2 percent, February sales fell almost two percent and March sales followed up with a drop of 16.1 percent from last year. Year to date, there have been 5,101 home sales in the first quarter, down 4.6 percent from 2006.

"We anticipated the drop in closings for March," says Bennett. "It's a direct reflection of the record low temperatures and snow emergencies we experienced back in January and early February which kept most of us indoors as much as possible. As a result, home showing activity and consequently offers to purchase homes dropped significantly."

There were 5,200 homes listed in March, up almost one percent from last year. This puts the number of residential homes for sale at 17,699 which is 10.7 percent higher than were on the market at the end of first quarter 2006.

According to Bennett, "we added over 52 percent more homes to the market in March as compared to February. This is partly due to the traditional 'coming out' season, but also due again to the weather in February which put the chill on listing activity as well."

"Now is definitely a great time to buy a home. There is an excellent selection of homes to choose from and interest rates are still very competitive. And real estate is unquestionably the best long term investment," adds Bennett.

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