Market Conditions for Columbus, Ohio Reported by Sean Hinely ABR/CSP/FIS/CSS, REALTOR Updated October 6, 2009.

Current Market Rating: 1 1 2 3 4 5 Buyer's Seller's

Current Price Trend: 1 1 2 3 4 5 Falling Rising

Home sales, pricing and inventory remaining consistent

Average sales price increases slightly from July, down just 3.8 percent from '08

Home sales dipped slightly in August while inventory, average sales prices and days on market all showed important signs of a healthy housing market, the Columbus Board of REALTORS® said today.

August home sales were off by 7.9 percent compared to August 2008, with a total of 1,994 sold, while inventory and the average days on market both declined.

The average sales price crept up in August to $168,873, from an average of $167,039 in July and was down only 3.8 percent compared to August 2008.

"Affordable pricing, historically low interest rates and incentives including the $8,000 first-time homebuyer tax credit are all positively impacting the central Ohio housing market," said Gary Parsons, president of the Columbus Board of REALTORS®.

"Pricing has remained consistent this summer while inventory and the length of time homes are for sale is trending downward, illustrating how competitively-priced homes are keeping central Ohio's housing market balanced," Parsons said.

With 14,554 homes on the market in August, it marked a 14.2 percent decrease from August 2008 and a 26.4 percent decrease from August 2007, illustrating the market's continued correction

New listings were down 20.9 percent compared to last August.

The number of days homes are staying on the market has decreased significantly. At an average 92 days, it is at its lowest point since July 2006, which was also at an average of 92 days.

"The average sales price is down less than 4 percent compared to last year, while homes are, on average, selling quicker," Parsons said. "These factors, combined with a dramatic drop in inventory have helped stabilize prices, and hopefully restore consumer confidence."

The month's supply number for August continued to remain favorable at 7.3, meaning that if no new homes were added to the market, it would take slightly more than seven months to sell all remaining inventory. A market is typically considered balanced with around a 6.5 to 7 month supply.

ZIP Code: 43235

Approximate Location Boundaries: Central Ohio

Location Characteristics: Columbus is the capital and the largest city in the U.S. state of Ohio. It is the county seat of Franklin County, although parts of the city also extend into Delaware and Fairfield counties. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816.

The population was 711,470 at the 2000 census. In 2008, Columbus was the 16th largest city in the United States, with 754,885 residents, and was also the 32nd largest metropolitan area, the fourth largest city in the Midwest, and the third most populous capital in the U.S. after Phoenix, Arizona and Indianapolis, Indiana.[citation needed] According to the U.S. Census, the metropolitan area has a population of 1,773,120, and the Combined Statistical Area (which also includes Marion and Chillicothe) has a population of 1,982,252. Columbus is located within 550 miles (890 km) of half of the population of the United States.

The city has a diverse economy based on education, insurance, banking, fashion, defense, aviation, food, logistics, steel, energy, medical research, health care, hospitality, retail, and technology.


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