Some of our subdivisions in Central Ohio aren’t doing too bad versus last year, but the home sales in total in the key school districts that I usually report on are still softer than last year. Far fewer homes have been sold Jan-Apr 2009 than were sold in the same period for 2008. However, the average prices in most of the districts are only slightly down. Remember, first-time buyers, who may buy less expensive homes, and flippers picking up REO or short-sale properties can reduce the average price of an area. If there are more of them than move-up buyers, the overall average will decline. That’s the problem with “averages”. Please, keep that in mind.
The following two graphs show the number of homes sold along side the average price (in thousands) for the YTD comparison of 2009 vs 2008. One chart shows the data for three school districts in Delaware County. The other chart shows the data for five districts that are primarily in Franklin County. The percent difference is provided for each of the appropriate columns.
Delaware County, Jan-Apr Homes Sold & Average Prices for 2009 vs 2008
Click to enlarge chart
Franklin County, Jan-Apr Homes Sold & Average Prices for 2009 vs 2008
Click to enlarge chart
Compared with the chart I provided in early May that showed the number of homes currently for sale, these results should indicate to buyers that they have a very good buying opportunity and to sellers that their home needs to be in top notch condition at very competitive prices.
It’s still a buyer’s market and with the very low mortgage rates, if a buyer is financially able to buy, they really should consider doing so. Feel free to call me if you have any questions.
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