The average sale price of a home in 2010 was $158,893, just 0.6 percent lower than the average price of homes sold in 2009. However, the average price of homes sold in 2009 was 2.4 percent lower than 2008 which was 5.1 percent lower than 2007.

“Our market saw average sale price increases for eight of the 12 months of 2010,” says CBR’s 2011 President Rick Benjamin. “As we’ve experienced annual decreases in our average sale price since 2005, we see ending the year just half a point lower than 2009 as a positive for central Ohio homeowners.”

The 1,460 homes sold in December 2010 is just 0.3 percent lower than the number of homes sold in December of 2009. Annual 2010 home sales (19,676) finished 2.8 percent behind 2009 (20,235).

“There’s no question the home buyer tax credits had a significant affect on last year’s home sales,” adds Benjamin. “Providing home buyers with a substantial monetary incentive really helped to energize the market in the first half of 2010.”

“Homes in contract (which are expected to close in January or February) are up slightly from the previous year suggesting that home sales in the first of the year could be strong.”

Homes spent an average of 90 days on the market, a reduction of seven days from the average time to sell a home in 2009.

In December 2010, the month’s supply of homes was down to 9.93, the lowest since last June. Month’s supply is the ratio of inventory to sales which takes into account both supply and demand. A healthy market has a 6.5 to 7-month supply of homes, meaning if no new homes were added to the market, it would take about 6.5 or 7 months to sell all the available homes.

The Columbus Board of REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Madison, Morrow, Pickaway and Union Counties and parts of Champaign, Clark, Fairfield, Hocking, Knox, Licking, Logan, Marion, Muskingham, Perry and Ross Counties.

Click here for additional central Ohio housing statistics.
Click here for Ohio home sales statistics
Click here for the national home sales release

Information provided and permission to reprint this article by Columbus Board of Realtors.

Home sales and prices up in August

Interest rates still low and the selection of homes plentiful.

August home sales in central Ohio were higher than the previous month and the average sale price of a home sold continues to rise.

There were 1,605 homes sold in August which is 8.2 percent more homes sold than during the month of July. Home sales during the first eight months of the year are now 9.2 percent higher than the same period in 2009.

“We saw a lull in housing activity after the tax credit expired which was not surprising given the frenzy of activity attributed to the generous tax credits for both first time and repeat buyers earlier this year,” said Sue Lusk-Gleich, President of the Columbus Board of REALTORS®. “This upswing in sales is a positive sign that our central Ohio housing market continues to strengthen.”

The average sale price of a home has been inching back up this year from $145,993 in January to $169,959 in August. The average sale price year to date (January through August) is $161,645, which is 2.2 percent higher than one year ago.

There were 3,700 homes listed for sale last month bringing the total number of homes for sale in central Ohio to nearly 17,000 which is 16.5 percent more homes than were on the market at the end of last summer.

“With interest rates still so low and the selection of homes for sale so plentiful, any one who has an interest in buying a home should take a look at what’s available right now,” adds Lusk-Gleich.

Information courtesy of the Columbus Board of REALTORS®.

Home sales for single family homes and condominiums in Central Ohio picked up while the homebuyer’s tax incentives were offered, but when those expired April 30th, home sales slipped in June, and fell hard in July, according to new figures from the Columbus Board of Realtors. Read More

MORTGAGE TIP OF THE DAY:
Remember, if you are a listing Realtor and a contract comes in that is NOT from the Columbus Board of Realtors, the fine print MAY have the buyers paying for title insurance.

THOUGHT OF THE DAY:
Live in your hopes and not in your fears.

TODAY’S FUN FACT:
In New Brunswick, Canada there is a waterfall that sometimes flows upwards, called the Reversing Falls of St. John.

Rates: Tuesday, June 2, 2010, 11:15am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 4.750% (same) 4.841% $521.65 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.875% (same) 4.966% $529.21 Interest and Principal
• Cash out refinance***

15 Year Fixed 4.250% (same) 4.405% $752.28 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 4.375% (same) 4.531% $758.62 Interest and Principal
• Cash out refinance***

Bond Money 5.000% (same) 5.636% $585.99 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee

FHA Fixed 4.750% (same) 5.363% $576.61 Int. & Princ. & Mtg. Ins.
• Purchase or refinance

Jumbo Fixed 5.750% (same) 5.846% $2,439.32 Interest and Principal
• 30 Year Purchase and Refinance over $417,000

3/1 ARM** 3.875% (same) 4.624% $470.24 Interest and Principal
• Up to $1,000,000 purchase or refinance. Payment would adjust to $503.75 in 3 years (4.375% interest rate) if the rate were to adjust based on the current index rate

5/1 ARM** 4.250% (same) 4.647% $491.94 Interest and Principal
• Up to $1,000,000 purchase or refinance. Payment would adjust to $517.71 in 5 years (4.250% interest rate) if the rate were to adjust based on the current index rate

LEGAL STUFF

• *APR – Annual Percentage Rate
• **ARM – Adjustable Rate Mortgage (rate may increase after consummation of the loan)
• ***Cash out refinance – Refinance means pulling out at least $2,000 or more or paying off a non-purchase second mortgage

All payments estimates above do not include amounts for property taxes and homeowner’s insurance premiums and your actual payment obligation will be greater.

Annual Percentage Rates and Payment Estimates quoted are based on a $100,000 loan amount except the 5/1 ARM, and Jumbo fixed loan amount is $418,000 and 20% down payment with the exception to the FHA and OHFA quotes which are based on a 3.5% down payment.

Qualifying Assumptions (unless otherwise noted): 45 day rate lock, $100K-$417K loan amount, credit scores 740+, Owner-occupied Purchase or rate/term refinance. Cash-out refinances (including paying off a non-purchase 2nd mortgage) could result in a slightly higher interest rate. The interest rates quoted are to serve as a guide only and may be different based on specific loan features. Please call for a specific quote.

We CANNOT lock in an interest rate on a loan with a voicemail or email. The customer MUST talk to the loan officer over the phone or in person before it can be confirmed. The market changes too frequently.
We recommend calling during business hours to make sure we have all the markets open and available.

ON THIS DATE IN HISTORY:
On this date in 1953 Elizabeth II was crowned in Westminster Abbey.

Stephen Wagner
Mortgage Lender since 1974
The Arlington Bank
4621 Reed Road
Columbus, OH 43220
Office: 614-486-9104
Cell: 614-271-0888
Fax: 614-486-4078

“The central Ohio housing market is on fire right now,” exclaims Sue Lusk-Gleich, President of the Columbus Board of REALTORS®. “There’s no question the home buyer tax credits have a lot to do with our market activity. But the significant increase in listings as well as rising sale prices are clear evidence that our local market is regaining its strength.”

Read the entire article here.

• January sales, new listings and average sales price increased
• Sales up for five straight months; average sales price up for three straight months
• Days on market is down 7.2%

To read the entire press release, including quotes from our own Sue Lusk-Gleich (Columbus Board of REALTORS® President) visit www.ColumbusRealtors.com.

“Five straight months of sales increases and three straight months of sales price increases is very good news for the central Ohio housing market. And with the tax credits available for existing and first-time buyers, we expect positive numbers for the next several months!”
Sue Lusk-Gleich, Columbus Board of REALTORS® President