GUEST POST BY MELINDA CARTER;
Late 2011 in Columbus: Market Trends
The tail end of the year can often be a difficult stretch for any housing market, whether it’s taking place in Columbus or somewhere else in the country. In 2011, the statistics in Columbus from the last couple months have seemingly been able to nix that trend, especially with an increase in profitable home sales through the fall months.
The Columbus Board of Realtors has released recent statistics showing that area homes experienced a clear increase in sales paired against the numbers of fall of 2010. There was an 8.6 percent jump in sales in October of 2011 as 1,543 homes were purchased. The same time frame in 2010 only saw 1,421 homes sold, which is an excellent sign for the Columbus real estate market.
One of the other telling statistics for prospective buyers is the continuing increase of rental rates, both within the country and throughout the Columbus area. Many couples and families who are prospective buyers are on the fence between doing so and renting. As mortgage rates have dropped to all time lows, the fact that Columbus apartments have experienced an eight percent increase in rates this year could attract some to look more intently at buying instead of renting.
The total sales statistics throughout 2011 = have been a little behind the last 2010 rates, but the jump in the last four months should help to close this gap by the end of the year. Through the month of October, total sales were only 2.1 percent behind the last year’s rate, as October and November again saw an increase in buying contracts, something that’s continued now for six months.
The median sale price has dropped considerably from the outset of the year, which has certainly tilted in a buyer’s direction. This number is down six percent from early 2010 and two percent from the early months of 2011. While the last quarter of the year certainly isn’t usually a time of good sales trends, Columbus’ track record through the fall of 2011 helps defy that normalcy. Mortgage rates, along with lower median sale prices are two major factors for potential buyers.
The Columbus area market is benefitting from homes that are both affordable and in great quality. Because the mortgage rates have sunk to record lows, prospective home owners and some other investors are more likely to make a buying decision than any winter season in recent memory.
