Average real estate price increased in Ohio in 2010
COLUMBUS – Despite challenging conditions that were prevalent throughout most of 2010, Ohio’s real estate market saw the average price increase for the first time in five years and sales nearly mirrored the results of the prior year, according to statistics provided by the state’s Multiple Listing Services.
“The 2010 market was interesting for both industry professionals and property owners in all corners of the Buckeye State... as the real estate market worked to regain its footing following the economic downturn that has affected the nation over the past two-plus years,” said Meg Hudson, president of the Ohio Association of REALTORS(r). “ However, despite the economic uncertainty we sold nearly 101,000 homes...a clear indication that the desire to make the American Dream of homeownership a reality remains strong throughout Ohio.
“We remain bullish on the marketplace - as interest rates remain at historic lows, prices have begun to increase, sellers are realistic in their expectations and consumers understand that long-term, owning a home is a tremendous investment.”
Year-end 2010 sales total of new and existing homes (January through December) totaled 100,980, a 4.0 percent decrease from the 105,237sales posted in 2009.
The state’s average sale price (January-December) of $132,676 marks a 2.6 percent increase from the $129,281 average posted in 2009. This marks the first time since 2005 that the average sale price in Ohio posted an increase on a year-toyear basis.
Total dollar volume reached $13.4 billion, a negligible 1.5 percent decrease from the $13.6 billion posted during 2009.
Sales in December 2010 reached 7,380, a 2.1 percent decrease from the 7,538 sales posted during the month in 2009. The average sales price of $130,201 nearly mirrored the $130,803 average price posted in December 2009.
The 29,000-member Ohio Association of REALTORS(r), 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.