Columbus and Central Ohio Home Sales 2007

Heres the Good:
We had 24,445 homes sold for the year.
Interest rates were low all year (and remain low).
The average sold price was $172,531.00.
New listings for the year were 49,961. That means 49% of the new listings sold.

Now, lets look at the year 2005 the high point of sold homes, highest average sold price, etc. That year there were 50,086 new listings, and 27,493 homes sold. So, 55% of the new listings sold.

Now these figures dont allow for the existing listings coming into each year.. but folks, stop and take a look at these numbers. If you buy into the pervasive media doom and gloom, you believe that nothing is selling and nothing is working. Thats just NOT true in our area of the country. We had over 24,000 sales last year! Remember, Columbus has been described as the 3rd most stable market in the country. Our property values have been considered as undervalued compared to pricing of homes across the country, and our employment remains stable.

Heres a few stats for the Negative Nellys:
The average sold price was 1.2% lower than 2006 ($172,531 compared to $174,688).
The credit challenged had their lending sources dry up.
There was a lot more competition (as in many homes) in the market challenging for seller who had to reduce their pricing to compete, fabulous for buyers who had a lot to choose from.