2010-05-29 / News

Average homes sale price continues to rise

COLUMBUS – Home sales activity in Ohio continued its surge in April, as buyers flocked to the market to take advantage of the federal home buyer tax credit program that expired at the end of the month, according to statistics provided to the Ohio Association of REALTORS ®, by the state’s Multiple Listing Services.

“Across Ohio, buyers made their move in advance of the home buyer tax credit expiring,” said Doug McCloud, president of the Ohio Association of REALTORS ®.

“We’re encouraged that the short-term boost in activity levels generated from the federal tax credit during the first four months of the year has resulted in much-needed stabilization for the housing sector, which has been feeling the effects of the economic downturn that began nearly three years ago.”

“The tax credit proved to be an important factor in helping to stem the downward trend in both sales and, more importantly, prices. We’ve now posted seven consecutive monthly gains in the average sales price...which is fantastic news for current and would-be homeowners.”

Sales during the first four months of 2010 reached 30,297, a 12.5 percent increase from the 26,938 sales posted during the same period a year ago.

The average sales price (January through April) this year is $126,890, a 12.6 percent increase from the $112,677 mark set during the period a year ago. Total dollar volume this year tops $3.8 billion, a 26.7 percent increase from the four-month mark a year ago of $3 billion.

Sales in April 2010 reached 10,462, a 32.3 percent increase from the 7,909 sales posted during the month a year ago. The month’s average sale price jumped 10.2 percent this year to $132,557, compared to the $120,272 mark of April 2009. The total dollar volume in April 2010 nearly reached $1.4 billion, a 45.8 percent hike from the $951 million posted a year ago.

“We remain bullish on the long-term prospects of the marketplace – as interest rates remain at historic lows, prices have stabilized and begun to trend upward, sellers are being realistic in their expectations and consumers understand that over time, owning a home is a tremendous investment,” McCloud said.

The 29,000-member Ohio Association of REALTORS ®, the largest professional trade organization in the state, calculates its home sale figures based on statistics provided by the Multiple Listing Services (MLS) throughout Ohio.

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