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RSS FeedColumbus Buyers Market or Sellers Market? |
Nov. 8, 2007
Categorized in: Columbus Real Estate
In the 50 some internet searches that ended up on this site yesterday was the question
"is columbus a buyers or a sellers market"
Columbus is a buyers market because, there are a lot of homes to choose from.
Central Ohio Market Reports:
In a sellers market there are not homes to choose from, the seller is in control. I never knew until I took the class on how to make the TrendGraphix reports (Real Living HER is the only brokerage in Central Ohio with access to those) that there is a standard of 6 months of inventory or more is a buyers market and less than six months inventory, it is a sellers market.
Even 6 months seems like a looooong time to me.
Months of Inventory Based on Closed Sales for the Past 15 Months:
8.8 / 7.5 /9.2 / 9.9 /10.3 / 9.4 /11.2 /10.6 /9.3 /9.2 /7.8 / 7.6 /8.3 /8.1 /11.8
Above is for Franklin and Delaware Counties, almost a years worth of inventory at the end of September 2007. The market report through October should be published here shortly.
That can vary greatly by suburb or neighborhood of course... I was looking at some Westerville neighborhoods that can be considered sellers markets because there is a short supply of houses and a number are selling each month. If people want those particular Westerville neighborhoods maybe the seller is in the drivers seat. Or maybe there are homes in the Westerville School district that are a better value for a buyer, in City of Columbus neighborhoods that are in the Westerville School district, or Minerva Park. Or if the buyer is not tied into Westerville schools there may be homes in the Columbus school district, the Worthington school district or another school district where there is more choice and the buyer has more control.
Historically in buyers markets the interest rates were high so the buyers who were buying did not competition, but they paid the rate. Typically when mortgage interest rates were low it was a sellers market. Rates are great.
Copyright 2007 Discover Columbus and Maureen McCabe
"is columbus a buyers or a sellers market"
Columbus is a buyers market because, there are a lot of homes to choose from.
Central Ohio Market Reports:
In a sellers market there are not homes to choose from, the seller is in control. I never knew until I took the class on how to make the TrendGraphix reports (Real Living HER is the only brokerage in Central Ohio with access to those) that there is a standard of 6 months of inventory or more is a buyers market and less than six months inventory, it is a sellers market.
Even 6 months seems like a looooong time to me.
Months of Inventory Based on Closed Sales for the Past 15 Months:
8.8 / 7.5 /9.2 / 9.9 /10.3 / 9.4 /11.2 /10.6 /9.3 /9.2 /7.8 / 7.6 /8.3 /8.1 /11.8
Above is for Franklin and Delaware Counties, almost a years worth of inventory at the end of September 2007. The market report through October should be published here shortly.
That can vary greatly by suburb or neighborhood of course... I was looking at some Westerville neighborhoods that can be considered sellers markets because there is a short supply of houses and a number are selling each month. If people want those particular Westerville neighborhoods maybe the seller is in the drivers seat. Or maybe there are homes in the Westerville School district that are a better value for a buyer, in City of Columbus neighborhoods that are in the Westerville School district, or Minerva Park. Or if the buyer is not tied into Westerville schools there may be homes in the Columbus school district, the Worthington school district or another school district where there is more choice and the buyer has more control.
Historically in buyers markets the interest rates were high so the buyers who were buying did not competition, but they paid the rate. Typically when mortgage interest rates were low it was a sellers market. Rates are great.
Copyright 2007 Discover Columbus and Maureen McCabe
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