Home sales lagged in September
COLUMBUS – While home sales in Ohio continued to lag in September – as the sector struggles to fully recover from the impact of the economic downturn and expiration of the home buyer tax credit – overall activity during the first nine months has the market positioned to mirror results from a year ago, according to statistics provided to the Ohio Association of REALTORS by the state’s Multiple Listing Services.
“It’s been quite an interesting year for Ohio’s real estate market,” said OAR President Doug McCloud. “A solid first quarter gave way to a significant uptick in sales during the second quarter, as buyers flocked to take advantage of the federal home buyer tax credit prior to its expiration. Activity levels from the most recent quarter are a reminder that a full recovery will likely take some time.
“Today’s real estate market, perhaps now more than ever before, provides a clear indication that all real estate is local...with variations in every community and street, and even amongst the various property types. Most importantly, today’s buyers and sellers realize that despite these complexities and nuances, property ownership is a wise, longterm investment.”
Sales during the first nine months of 2010 reached 77,965, a 1.5 percent increase from the 76,822 sales posted during the same period a year ago. The average sales price (January through September) this year is $134,318, a 4 percent increase from the $129,108 mark set during the period a year ago.
Total dollar volume to date is nearly $10.5 billion, a 5.6 percent increase from the ninemonth mark a year ago of $9.9 billion. Sales in September 2010 reached 7,787, a 20.3 percent decrease from the 9,773 sales posted during the month a year ago. The month’s average sale price posted a 3.5 percent decrease to $129,572, compared to the $134,296 mark of September 2009. The total dollar volume in September 2010 reached $1 billion, a 23.1 percent drop from the $1.3billion posted a year ago.
“Despite the sluggish sales numbers throughout the third quarter, it really is a great time to buy,” McCloud said. “When you look beyond the headlines and take a closer look at current conditions – interest rates at historic lows, prices displaying signs of stabilization, sellers becoming more and more realistic in their expectations – you gain a better appreciation that the desire to own a home remains the foundation of the American Dream.”
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.