Home Prices on the Rise in Central Ohio

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clipped from columbusrealtors.com News Posted: 3/23/2010 Columbus Board of REALTORS® Central Ohio saw a healthy 12 percent increase in the average price of a home sold in February 2010. The 1,106 homes transferred last month sold for an average of $149,498 which was 11.9 percent higher than the average sale price in February of 2009 and 2.4 percent higher than homes sold in January. The average sale price for the first two months of 2010 is $147,682, a 9.1 percent increase over the same period one year ago according to the Columbus Board of REALTORS®. The number of homes for sale increased as well last month. There were 3,429 homes added to the market in February, which was slightly higher than the previous month and 17.8 percent higher than the number of homes listed for sale in February of 2009.

“The rise in inventory doesn’t come as a surprise,” said Sue Lusk-Gleich, President of the Columbus Board of REALTORS®. “The home buyer tax credits set to expire in April of this year are a substantial incentive for home owners who have been considered selling their home. Further, the credit for existing home owners to sell has attracted more homeowners interested in moving up into the market. And those owners are buying more mid range properties.”

First-time home buyers can recoup ten percent of the purchase price of the residence up to $8,000. Current homeowners who have been in the same principal residence for five consecutive years during the previous eight years can get up to $6,500 back.

These credits helped February home sales climb 7.9 percent over January sales. Year to date home sales exceed 2009 by 2.4 percent. The time homes spend on the market is also down 14 percent as buyers scramble to take advantage of the tax credits before the deadline of April 30, 2010.

“The housing market is extremely busy right now,” comments Lusk-Gleich. “We’ve seen over 6,800 homes listed in the last two months alone. There is an incredible selection of exceptional homes in all price ranges right now. Buyers are pretty excited about the choices they have.”