Current State of the Market 5-23-08

Realty Viewpoint: Real-time Housing Index Says Falling Prices Easing
by Blanche Evans
The Real-Time Housing Market Report shows an interesting trend. Housing prices are down a little over half a percent. That's no surprise, but out of 25 markets, only seven fell in asking price. That's a big improvement over March when listing prices fell 2.7 percent.

Read the entire article at:

http://realtytimes.com/rtpages/20080512_realtyviewpoint.htm


Locally:

The Columbus Board of Realtors MLS system as of May 21, 2008 shows “average days on market for single family detached” homes at 123 days. That is down from 129 DOM for prior months.

In addition, the Board reported that the first quarter of 2008 saw a slight decline in number of sold homes. In the month of April 2008 the number of closed sales was 1,548 vs 1,778 in 2007. Average sale price April 2008 was $162,005 vs $174,722 in 2007.

The spring and early summer of 2007 was still a very strong period. That made 2007 look like a good year. The second half of 2007 was very slow and that continued into early 2008.

Based on my recent conversations with other Realtors, title companies and lenders, the buying activity had picked up in April this year. We should see that activity reflected in closed sales for May and June.

We are all very optimistic that Central Ohio has turned the corner and will be improving throughout this year. Several specific market segments already show significant improvement. Dublin City for example has an average of 89 days on market for sold homes.

It’s a great time to buy a home!!

Jim Lubinsky & Angela Williams
The Lubinsky Team
Re/Max Affiliates
614-766-5330 ext 119