November 2010 saw fewer home sales in central Ohio than the previous year but showed an increase from 2008. According to the Columbus Board of REALTORS® (CBR), the 1,325 residential home sales last month was almost 28 percent lower than the 1,839 home sold in November of 2009, but still 15 percent higher than November of 2008. 

“Sales in November of 2009 were inflated as they reflected buyers trying to close on a home purchase before the expiration of the first 1st-time home buyer tax credit,” says CBR President Sue Lusk-Gleich. “Although the tax credit was extended (and expanded) in early November, many buyers had rushed to put a home in contract prior to that decision.” 

“As November of 2010 and November of 2008 were both months unaffected by a tax credit incentive, it’s probably a better comparison.” 

Homes in contract (which are expected to close in December or January) followed the same behavior as sales – down from 2009, but up from 2008. There were 1,100 homes put into contract last month versus 1,234 last year and 1,020 in November of 2008. 

The average sale price of a home last month was $151,096, up 3.8 percent from the average price of homes sold in November of 2009. Year to date home sale prices in 2010 are showing no change from 2009. 

Home sales for eleven of the twelve months of 2010 are slightly lower (3.0 percent) than January through November of 2009. 

“As home sales have been decreasing annually since the housing boom, the fact that 2010 is no different comes as no surprise,” offer Lusk-Gleich. “What is different is that previous years showed a much greater decrease for this period - anywhere from -4.2 percent to -13.3 percent. This is actually the lowest decline since 2005.” 

The Columbus Board of REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Madison, Morrow, Pickaway and Union Counties and parts of Champagne, Clark, Hocking, Licking, Fairfield, Knox, Logan, Marion, and Ross Counties.