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Columbus Real Estate Market June 2006

Posted by Mike Parsons
July 10, 2006 at 06:34 PM

The Central Ohio area has seen record levels of homes for sale in 2006. Inventory levels during the first six months of 2006 have been anywhere from 25 to 40 higher than last year. There were 18,641 residential homes for sale at the end of June, 25.7% more than were listed for sale in June of 2005.

Over 5116 homes were listed in June by owners anxious to sell. At this rate, provided no additional homes are added to the market, it would take 6.5 months to sell all of our inventory. Last summer, we were closer to a 5.5 month absorption rate. June saw 2872 homes sold, a 3.8% increase over June of 2005. Year to date home sales are 2.8% ahead of 2005. The average sale price of a home sold in June was $192,424 which is a negligible .3% higher than last year. Year to date, the average sale price is 1.2 percent lower than the average sale price of a home sold in 2005. It's clearly still a buyer's market. Although 3000 homes were sold we had over 5000 new listings added to the market bringing our total to over 18,000 listing for sale. Sellers need to price their home realistically in this marketplace and exercise patience as it is going to take a little longer to sell under these conditions. Statistics and verbage provided by the Columbus Board of Realtors and In Contract Magazine.

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