NAR Market Update

National Association of Realtors Second Homes Report Shows Investors and Others Still Buyingby Blanche Evans
Not surprisingly, the National Association of Realtors' annual Investment and Vacation Home Buyers Survey showed that homes purchased for investment or perhaps speculation slowed in 2006, but eyebrows may bolt upwards upon hearing that second home purchases set a new record -- up from 2005, what many call the end of the so-called housing bubble.
NAR says that second-home sales were mixed in 2006, with the combined total of vacation- and investment-home sales accounting for 36 percent of all existing and new residential transactions -- down from 40 percent of sales in 2005, according to the National Association of Realtors®.
Read the entire article in Realtytimes by Blanche Evans at:
http://realtytimes.com/rtapages/20070501_investorssecond.htm

Locally, the number of single family homes sold was down 16.5% from April 2006, (single family April 2006 sold 1918 vs April 2007 sold 1601) while condominiums were also down 18.5% (condominiums April 2006 sold 329 vs April 2007 sold 268). The figures for April 2007 are preliminary data from Columbus Board of Realtors MLS data.

Year-to-date sales for single family are down 9.5% while condominiums are down 5.8%.

The current active inventory of single family homes for sale is now at 15,248 with condominiums at 2,882. Inventory continues to grow with slower sales and spring time new listings. Inventory levels continue to indicate a 10 month inventory of homes. In 2005 that level was 5 months.

Homes properly priced and in excellent condition are selling at close to ask price and in reasonable time.

The market is still recovering from the larger than historically levels of repossessions, foreclosures and short sales. Lenders overburdened with repo inventory are dumping homes at prices well below the expected market price and impacting the homeowner attempting to sell at their expected price level.

Want information on your home and the market in your neighborhood?

Jim Lubinsky
Re/Max Affiliates
614-766-5330