CENTRAL OHIO HOME SALES

Autumn season ends with home sales, prices up!

November home sales in central Ohio showed healthy gains over last year. There were 1,923 residential sales

during the month of November, a 30 percent increase from the 1,479 home sales in November 2011, according to

the Columbus Board of REALTORS®.

November sale prices for homes sold in central Ohio were up for the tenth consecutive month. The average sale

price of $165,444 was 8.6 percent higher than in November 2011.

The average sale price of homes sold January through November 2012 was $168,198, up 7.2 percent from last year

($158, 929). 

“The month of November (through February) are traditionally slower months for home sales,” says Jim Coridan,

President of the Columbus Board of REALTORS. “However, with a vitalized housing market, buyer confidence on the

rise and mortgage rates still at an all time low, we just may break away from tradition this winter season.”

The inventory of homes for sale continues to decline. There are now only 10,110 homes available for sale in central

Ohio, 20.2 percent less than November 2011.

“With the combination of increased sales and low inventory, our months supply is down to 5.5. Any time the supply

gets below 6 months, we have a sellers market,” said Coridan. “With a seller’s market, we are going to see home

prices continue to rise.”

Full report

 
Source:  Columbus Board of REALTORS,
December 20, 2012

HOUSING MARKET HEATING UP.....

Fall home sales show no signs of slowing down

Central Ohio homes sales in October were up for the tenth consecutive month. There were 1,964

residential sales during the month of October, a 23.2 percent increase from the 1,594 home sales in October 2011,

according to the Columbus Board of REALTORS®.

Homes closed during the month of October sold for an average of $163,925, 10.1 percent higher than just one year

ago. 

“Even though the inventory isn’t as high as mid-summer, you have more serious buyers and sellers,” said Jim

Coridan, President of the Columbus Board of REALTORS®. “Many buyers who had planned to buy before the fall

are still out there looking for their dream home.”

The number of new listings on the market is up 12 percent (2,764) from last year and actually increased by 1

percent from the previous month. Total inventory of homes (10,717) stands at 31.5 percent less than 2011.

“2012 has been the best year in real estate in central Ohio since 2007,” said Coridan. “Just because their home

didn’t sell in the summer doesn’t mean buyers aren’t still out there; homeowners have recognized the advantages

of selling in the fall.”

According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®), 84 percent of

central Ohio REALTORS® describe the current housing market as moderate to strong and 68 percent expect

home prices to remain the same or rise in the next year. They also report that the typical client today is looking for

a mid-range home purchase.

Full report.

~Source:  Columbus Board of REALTORS,
Central Ohio Housing Report - October 2012
11/19/2012

CENTRAL OHIO HOUSING REPORT

Central Ohio Housing Report - Sept. 2012

Posted: 10/19/2012

Columbus Board of REALTORS®

Home prices headed up in central Ohio

After following the rest of the country’s downward trend in housing values, home prices in central Ohio are back to post boom levels. The average sale price during the first nine months of 2012 was $169,413 which is 7.1 percent higher than one year ago and 25.1 percent higher than its lowest point in February 2009 according to the Columbus Board of REALTORS®.
The average sale price during the month of September was $169,486 marking an 8.1 percent increase over September of 2011. The average sales price is the sum of all the prices for all closed sales in a given month, divided by the number of homes sold.
Median prices are also up. The median sales price is a mathematical result that indicates that one half of the group is higher and one half lower. The median price of 101 sold homes would be that price which is lower than 50 of the prices and also higher than 50 of them.
The median price of a home sold in September was $143,000 which is 12.6 percent higher than one year ago. Year to date, the median sales price of a home in central Ohio is $140,000 – 7.8 percent higher than last year.
“Rising home values benefit all homeowners in central Ohio, but especially those who have been in a negative equity position,” said Jim Coridan, 2012 President of the Columbus Board of REALTORS®.
Negative equity, often referred to as “underwater” or “upside down,” means that borrowers owe more on their mortgages than their homes are worth. Negative equity can occur due  to a decline in value, an increase in mortgage debt or a combination of both.
“A seven percent rise in home prices means that many homeowners may have already regained a state of positive equity,” adds Coridan. “It also means that homeowners who may not have been in a position to sell or refinance before, may be able to do so today.”
Homes sales in September (1,859) were up 2.5 percent compared to last year and are up 11.4 percent for the year.
At the end of September 2012, the greater Columbus Ohio area had 11,263 homes for sale which is 31.5 percent lower than last year.
The combination of increased sales and lower inventory levels brought the months supply down to 5.9 percent, the lowest since August of 2005.
Months of supply is defined as the number of properties for sale divided by the number of sales in the most recent month.
“When months of supply gets below 6 months, we have a seller’s market, and in that market, we expect prices to climb more steadily, with stronger appreciation the shorter the supply gets,” said Coridan. “This means we’re back to a very healthy seller’s market in central Ohio.”
View the current Central Ohio Local Market Update.
View the current Housing market report by area.
The Columbus Board of REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross Counties.
The monthly housing reports can be found at ColumbusRealtors.com/stats. The reports include breakouts for 18 central Ohio counties and 52 local municipalities and school districts. New areas included in the 2012 reports include: Grove City and local school districts for Big Walnut, Miami Trace, Johnstown-Monroe and Northridge.
For more information about the central Ohio housing market, visit ColumbusRealtors.com/stats

To view commercial properties for sale or lease in central Ohio, visit COCIE.org.
To view residential properties for sale, visit Realtor.com.

 Source:  Columbus Board of Realtors,
10/19/2012

CENTRAL OHIO ENDS SUMMER WITH RISING SALES AND PRICES

Central Ohio Housing Report - Aug. 2012

Posted: 9/19/2012

Columbus Board of REALTORS®

Central Ohio ends summer with rising sales and prices

Home sales during the most active time of the year showed impressive gains over last year and were the highest since 2007 when the housing market began its descent after the boom.
The 8,921 residential home closings during the months of May through August were 11 percent higher than last summer and 12.2 percent higher than in 2009 when home sales hit its lowest point since the summer of 2000, according to the Columbus Board of REALTORS®.
“Higher prices, low rates and lower inventory proved to be an exceptional environment for home sellers this summer,” said Jim Coridan, 2012 President of the Columbus Board of REALTORS®. “But the strongest factor was and continues to be the abundance of motivated buyers in the market today.”
Demand outstripped supply, as new listings on the market (3,096) fell 0.9 percent from the month before and the total inventory of homes for sale (11,571) was down 32.3 percent from the same time last summer (17,096).
“We’ve seen higher sales gains and falling inventory for over a year now which has pushed home prices up,” Coridan said. “We’re hoping more homeowners with an interest in selling recognize their advantage this fall as it’s getting tough to find property to sell.”
Not only that, the average turn-around time from the date “For Sale” signs went up until a bargain was struck decreased 15.5 percent last month from 96 days to 81 days.
According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®), 91 percent of central Ohio REALTORS® describe the current housing market as moderate to strong and 92 percent expect it to be moderate to strong over the next six months. With regard to home prices over the next year, three out of four REALTORS® expect home prices to rise.
View the current Central Ohio Local Market Update.
View the current Housing market report by area.
The Columbus Board of REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross Counties.
The monthly housing reports can be found at ColumbusRealtors.com/stats. The reports include breakouts for 18 central Ohio counties and 52 local municipalities and school districts. New areas included in the 2012 reports include: Grove City and local school districts for Big Walnut, Miami Trace, Johnstown-Monroe and Northridge.
For more information about the central Ohio housing market, visit ColumbusRealtors.com/stats
To view commercial properties for sale or lease in central Ohio, visit COCIE.org.
To view residential properties for sale, visit Realtor.com.


Source:  Columbus Board of  REALTORS,
9/19/2012

CENTRAL OHIO HOME PRICES HIT A 5-YEAR HIGH.....

Central Ohio Housing Report - July 2012

Posted: 8/22/2012

Columbus Board of REALTORS®

Central Ohio home prices hit a 5-year high
Home prices in central Ohio hit its highest point in five years last month as many of the area’s pricier communities saw double digit sales increases, according to the Columbus Board of REALTORS®.
Homes closed during July 2012 sold for an average of $186,781 which is 10.3 percent higher than the average sale price of a home sold in July of 2011.The last time homes during any given month sold were selling this high was June of 2007 when the average sale price was $187,180.
This holds true for the year as the average sale price of homes sold January through July 2012 ($167,754) is also at its highest point since January of 2007 ($172,531). 
Sales in communities such as New Albany, Bexley, German Village, Powell, Dublin, downtown Columbus, Granville and Upper Arlington saw sales increases of anywhere from 12 to 67 percent. The increased sales combined with prices ranging from $267,000 to $557,000 help boost the overall market home price average.
There were 2,096 central Ohio homes sold during July 2012 which marks an 8.0 percent increase over July of 2011. Year to date home sales are 10.7 percent ahead of last year.
“Some areas can attribute higher sales and prices to their school districts as families with school-age children are more likely to move during the summer,” said Jim Coridan, President of the Columbus Board of REALTORS®. “But in some areas, prices are showing healthy increases because demand is greater than the supply of homes for sale.”
There were 3,123 residential homes put on the market last month – a 4.0 percent increase over new listings added during July of last year. However, year to date, listings are down 3.5 percent when compared to the first seven months of last year.
“Home owners who’ve been watching the housing market should take another look right now,” adds Coridan. “Prices are the best they’ve been in years, interest rates remain low and there are a fair number of frustrated buyers anxious to make their move before the nights start to cool.”
According to the latest Housing Market Confidence Index (by the Ohio Association of REALTORS®), 90 percent of central Ohio REALTORS® describe the current housing market as moderate to strong and 92 percent expect home prices to remain the same or rise in the next year. They also report that the typical client today is looking for a mid-range home purchase.
View the current Central Ohio Local Market Update
View the current Housing market report by area
View all central Ohio housing statistics
View Ohio housing statisticsView National housing statistics

The monthly housing reports can be found at ColumbusRealtors.com/stats. The reports include breakouts for 18 central Ohio counties and 52 local municipalities and school districts. New areas included in the 2012 reports include: Grove City and local school districts for Big Walnut, Miami Trace, Johnstown-Monroe and Northridge.

Source:
Columbus Board of REALTORS
8/22/2012

MORTGAGE RATES DROP FURTHER TO RECORD LOWS

Mortgage rates drop further to record lows.......

Mortgage rates continued dropping to record lows, according to figures out yesterday from loan servicer Freddie Mac.

The national average 30-year fixed-rate loan for the week that ended yesterday dipped to 3.49 percent compared with 3.53 percent the previous week.  For 15-year loans, rates averaged 2.8 percent, down from 2.83 percent.

~The Columbus Dispatch,
Friday, July 27, 2012

3.8% TAX WILL GO INTO EFFECT IN 2013

3.8% Tax Will go into Effect in 2013

Now that the Supreme Court has upheld the health care legislation, all of its major provisions remain in effect, including the new tax that was designed to affect upper income taxpayers.  The 3.8% tax is imposed ONLY on  those with more than $200,000 of Adjusted Gross Income (AGI) ($250,000 on a joint return).  The tax applies to investment income, defined as interest, dividends, capital gains and net rents.  These items are all included in an individual's AGI.  A formula will determine what portion, if any, of these types of investment income would be subject to the tax.
The tax is NOT a transfer tax on real estate sales and similar transactions.  Not long after the tax was enacted, erroneous and misleading documents went viral on the Internet and created a great deal of misunderstanding and made the tax into something far more draconian than the actual provisions.
The new tax does NOT eliminate the benefits of the $250,000/$500,000 exclusion on the sale of a principal residence.  Thus, ONLY that portion of a gain above those thresholds is included in AGI and could be subject to the tax.
REALTORS® should familiarize themselves with the tax, but should not advise their clients about the application of the tax.  The amount of tax will vary from individual to individual because the elements that comprise AGI differ from taxpayer to taxpayer.

Visit the links below for additional in-depth information.
NAR video
FAQs
Download a comprehensive brochure
President's Podcast
Linda Goold, lgoold@realtors.org,  202-383-1083
Ken Wingert, kwingert@realtors.org,  202-383-1196