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 

 

 

 

 

INTEREST RATES AT ALL TIME LOWS

Mortgage interest rates drop again to record lows.....

Mortgage interest rates set record lows again during the week that ended yesterday, Freddie Mac figures show.

The national average for 30-year fixed-rate loans was 3.79 percent, down from 3.83 percent the previous week.  For 15-year fixed-rate loans, the national average fell to 3.04 percent from 3.05 percent.

-From wire reports
~The Columbus Dispatch, May 18, 2012~

  

MAY IS ARTHRITIS AWARENESS MONTH

Arthritis is a term used to describe more than 100 different conditions that affect joints as well as other parts of the body.  Arthritis is one of the most prevalent chronic health problems and the nation's most common cause of disability.  An estimated 46 million people in America have been diagnosed with arthritis including 300,000 children under the age of 18.

The most common types of arthritis include:

• Rheumatoid Arthritis (RA)
• Osteoarthritis (OA)
• Juvenile Arthritis (JA)

Arthritis affects one in five adults in the United States, or an estimated 50 million people.

These estimates are expected to continue to soar, reaching 67 million by 2030.

Two-thirds of people with arthritis are younger than age 65.

In 2003, the total cost attributable to arthritis in the United States reached $128 billion.

Arthritis is the most common cause of disability  among adults in this country.

Are you surprized by any of these statements?  If so, you are not alone.  Most of us don't realize the significant and serious impact arthritis has on a person's quality of life, our country's economy, and the health of our nation.  It is much more than "just aches and pains".

Simple Steps for People with Arthritis:
Taking just a few simple steps can help keep pain away:

• Learn how to apply self-management strategies and techniques.
• Engage in regular physical activity.
• Keep weight under control.
• See your doctor for early diagnosis and appropriate treatment.
• Avoid joint injury to reduce your risk of developing osteoarthritis.

~Source:  http://www/cdc.gov/arthritis/media.htm
~Source:  This appeared in www.ThisWeekNEWS.com  (May 9, 2012)

GOOD NEWS IN MARKET ACTIVITY

Central Ohio Housing Report - Mar. 2012

Posted: 4/18/2012

Columbus Board of REALTORS®

Central Ohio home sales, contracts and prices up in the first quarter

(Apr. 19, 2012) First quarter home sales in central Ohio were up 7.1 percent versus first quarter 2011 sales (4,045 vs. 3,776). March home sales jumped 36 percent to 1,653 compared to the previous month (1,215) and were up 6.1 percent more than last year (1,558) according to the Columbus Board of REALTORS®.

“This upward trend in home sales began last summer,” said Jim Coridan, President of the Columbus Board of REALTORS®. “Average sale prices are increasing, but at a much more cautious pace.”

Average sales price fell 30.6 percent from its decade high of $192,642 in June 2005 to $133,604 in February 2009. The average sales price of a central Ohio home in March 2012 was $153,557 – 6.5 percent higher than one year ago.

The 3,466 homes listed for sale in March marks a 56.7 percent increase over the previous month, but is still 10.4 percent lower than March of 2011. The median list price of new listings last month was $149,900 – 3.5 percent higher than one year ago.

Housing inventory, which peaked at 19,291 in July 2010, continues its downward trend as the local market seeks to rebalance. Total inventory is now just over 11,500 reminiscent of inventory levels in 2003 and 2004.

Months supply has remained near 6.5 for the first three months of 2012 – a healthy level for central Ohio.

“Sales, contracts and home prices are all up this year,” adds Coridan. “This coupled with the temperate inventory levels makes for a much stronger central Ohio housing market than we had a few years ago.”

According to the most recent Ohio Housing Market Confidence Survey, 86 percent of central Ohio REALTORS® see the current housing market as moderate to strong and 89 percent expect it to be moderate to strong in the next six months. However, local professionals are split as to whether home prices will stay the same or increase over the next year.

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.

Source:
~ Columbus Board of REALTORS ~
4/18/2012