Renewable market optimistic as prices continue to stabilize
The month of November saw home sales soar 59.5 percent from this time last year with 1,839 listings purchased. Not since 2005 have November numbers been so high.
“Historically low interest rates and the tax credits for homebuyers put first time buyers in an ideal position to take advantage of the market,” said Gary Parsons, President of the Columbus Board of REALTORS®. “And with the expansion of the tax credit, we expect to see more renewable buyers enter the market in 2010.”
When the $8000 tax credit was renewed in October, it was expanded to include a $6500 tax credit for homeowners who wish to purchase a new residence. Those renewable buyers, or current homeowners who wish to purchase a new house, have been slow to return to the market but Parsons notes that as prices continue to stabilize, more renewable buyers will find new homes.
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The stabilization of home prices was reflected in the average home price of $145,589, an increase of 1.5 percent compared to November 2008.
To date, 2009 home sales are at 18,771, up 10.9 percent year-over-year. Homes spent an average of 92 days on the market, down 3.2 percent from this time last year and 1.1 percent lower than October’s average.
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