Smashing Estate

The Columbus Board of Realtors (CBR) reported yesterday (23 March) that or the second consecutive month, the sale of on hand single-family homes dived by over 20%. According to CBR report sales of single-family homes and condominiums in the central Ohio fell 23% in February to 1,123 units, vs. 1,459 one year ago. The decline follows a 22% go down in home sales in January.

The board said home sales contracts (an indication of future sales activity) dropped 37% in February 2009 to 1,064 from 1,689 in February 2008. Simultaneously, the average sale price of an existing home in the area went down 15% to $133,604 from $156,497. And it is three times as much as the 5% sale price drop seen during 2008. CBR President Gary Parsons said that the group is hoping for boost sales activity as mortgage rates hover close to 40-year lows. As a result, for the first time homebuyers get benefits from a new tax credit.

Home sales in January and February 2009 were dropped 23% at 2,082 units, vs. 2,712 during February 2008. The average sale price is declined around 13% at $135,373, vs. $154,921 previous year. Franklin, Delaware, Fayette, Madison, Morrow and Union counties, and portions of Licking, Pickaway, Clark, Knox, Champaign, Logan, Fairfield and Marion counties sales are also monitored by CBR.