These statistics show the number of homes up 5% from July of 2006 and more listings in contract than last year, but the value of the homes have decreased 0.8%, there are 6.6% more listings on the market, and the average home has spent 8.7% longer on the market.
As I dig deeper into the statistics I can reveal several areas that have been hit hard from the nationwide real estate downturn. Please click the following link for details of Central Ohio Home Sales by area from January 1, 2007 to July 31, 2007 compared to the same time frame in 2006.
Columbus Ohio Home Sales By Area January 1, 2007 to July 31, 2007 (Compared to 2006)
From this it is evident to see what area(s) have been hit the hardest from the housing slump. Of the notable areas, New Albany seems to stick out the most. There has been very similar activity in terms of number of homes sold - actually they were exactly 85 homes sold both in 2007 and 2006 through July. The interesting figure is the average home sale price - $610,834 this year compared to $716,232 - an astounding 14.7% drop from last year.
New Albany, wasn't the only area hit hard by the slump. Hilliard realized a 9.6% drop in average sales price, down to $200,345 from $221,686 in 2006. The number of homes sold in Hilliard was enough to gather a realistic statistic comparison as they numbered 278 so far this year while 2006 had 255 sell through July (a 9.0% increase). Perhaps buyers are taking advantage of the lower prices and deals as there are also 12.7% more homes in contract in the area compared to 2006. The price drop can likely be attributed to home owners being forced to sell their newer homes for a reduced price due to the number of foreclosures in the market and rate buy-down financing.