Central Ohio home sales in October dropped to their lowest level in four years amid a massive supply of listings, which sent the average sales price down further, the Columbus Board of Realtors reported.

According to statistics, 1,982 homes were sold last month, down 9.7 percent from 2,196 a year earlier. Year to date, Central Ohio has recorded 22,672 sales, off last year’s pace by 3.7 percent.

The average price of a home sold in October sank 5.7 percent from a year ago to $166,266, and was down from $172,476 in September. Last month was the fifth straight month of price drops, falling from a high of $192,424 in June.

Some 3,844 new listings came on the market in October, bringing the total number of active listings at month-end to 17,746, the board reported. October’s supply of homes for sale fell from September but was 14.6 percent higher than a year ago.

“It’s not uncommon for sellers to take their home off the market during the holidays as buyers are distracted with festivities,” said Chris Reese, president of the Columbus Board of Realtors. “So those sellers with homes listed are generally more serious about making the sale. With fewer buyers and yet still a higher level of inventory than we usually have, a buyer is in a really strong position to wrap up a new home right now.”

The Columbus Board of Realtors Multiple Listing Service serves all of Franklin, Delaware, Fayette, Madison, Morrow and Union counties and parts of Champagne, Clark, Licking, Fairfield, Knox, Logan, Marion and Pickaway counties.

Source:

http://www.inman.com/inmannews.aspx?ID=59350