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Home sales remain strong, Inventory continues to balance.

Posted by Mike Parsons
October 22, 2008 at 07:17 PM

The central Ohio housing market continues to stabilize as home sales are maintaining levels similar to last fall,
according to the Columbus Board of REALTORS®.
Locally, there were 1,824 homes sold in September, just 1.5 percent behind the 1,851 homes sold during
September 2007.
“The difference in sales of only a handful of homes demonstrates the stability of central Ohio’s market at a time
when many other markets nationwide are struggling,” says Greg Hrabcak, President of the Columbus Board of
REALTORS®.
“Sales are not as high as they were during the boom years but they are in keeping with pre-boom levels,” says Hrabcak.
“That, in and of itself, is really good news, because theoretically, we should be experiencing much lower sales to
compensate for the inflated numbers we saw back in 2004, 2005 and 2006.”
Last month showed more positive news for home sellers as well. As fewer homes were added to the market in September than in August, the number of homes for sale continued to decrease. With 16,598 homes on the market in September, the area’s inventory was at its lowest point since February,
“The housing market follows the same basic principles of supply and demand, so as inventory continues to decline from what were record high numbers just a few years ago, sales prices will increase and central Ohio will again see a market that is balanced in favor of both buyers and sellers,” Hrabcak added.
The average sale price of a home in September was $160,755, down 4.5 percent year to date, but only 1.7 percent behind what the average home sold for last September.

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