Columbus Homes for Sale are Selling – Numbers Roaring Again in August
August marks the second consecutive month of increased home sales this year after the first half of the year vied to compete with increased sales from 2010 due to the home buyer tax credits.
According to the Columbus Board of REALTORS®, 1,946 homes sold in August which is 15.4 percent more than the previous year and 4.3 percent higher than July 2011.
Residential homes which went into contract for sale was also up over 50 percent from one year ago.
“The month of August is traditionally a month for higher home sales,” says Rick Benjamin, 2011 President of the Columbus Board of REALTORS®. “Families with children usually choose the summer months to make a move and strive to close before the new school year begins.”
There were 3,059 homes listed last month bringing the total residential inventory of homes for sale to 15, 192 – down 21 percent from one year ago.
The average sale price of $171,027 last month was up slightly (one percent) over the previous year and 0.5 percent higher than the average sale price of a home sold in July. Average sale prices in Bexley ($439,367), Grandview Heights ($284,400), Westerville ($189,476), German Village ($317,305) and Upper Arlington school district ($322,199) saw double digit increases last month. The same applies to the counties of Logan ($110,855), Morrow ($103,910), Knox ($128,365) and Madison ($159,326).
“REALTORS® are counseling sellers to price their homes realistically, make certain their homes are well maintained and be willing to negotiate financing terms,” adds Benjamin. “Once the home is sold, the seller most often becomes the buyer and will be looking for the same fair treatment.”
Click here to view the August sortable housing market report by area.
Click here to view the entire central Ohio Local Market Update.
The Columbus Board of REALTORS® Multiple Listing Service (MLS) serves all of Franklin,
Delaware, Fairfield, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts
of Athens, Clark, Clinton, Champaign, Hocking, Knox, Logan, Marion, Muskingham, Perry and
Ross Counties.
Ohioans Private Property Rights have been upheld by Ohio Supreme Court
Lake Erie Shorline compliments of GCBL
The water, in this case Lake Erie, belongs to us all. However, if you’d like to walk along the beach, better stay in the water because homeowners own to the natural shoreline.
In a decision issued last week, the Ohio Supreme Court ruled that the private property rights of homeowners along the Lake Erie coast extend to the “natural shoreline” of the lake. In doing so, the Court resolved a legal battle that had been ongoing between the State of Ohio and the property owners since 2004. The Ohio Association of REALTORS filed an amicus curiae (or “friend of the court”) brief in support of the property owners’ position in this case.
The issue in this case was whether a policy adopted by the Ohio Department of Natural Resources (ODNR) improperly restricted the use of lake front property by its owners. Under this policy, ODNR took the position that the State of Ohio owns the lands and water of Lake Erie in trust to the “ordinary high water mark” as set by the U.S. Army Corps of Engineers in 1985. Thus, although that area was included in the property owners’ deeds, ODNR required the property owners to enter into a lease with ODNR and pay a fee to use the portion of their property lakeward from the high water mark. In a lawsuit filed by the property owners, they challenged the state’s position and argued instead that their property rights extended to the low water mark.
The trial court rejected the positions of both ODNR and the property owners. Instead, it ruled that the public trust held by the State did not extend to either the high or low water mark, but rather, that the boundary of the public trust is “a moveable boundary consisting of the water’s edge.” The court stated that this means the boundary is where the water touches the land at any given time. After reaching its decision, the court reformed the legal descriptions in the deeds held by the property owners to reflect this. This decision was subsequently upheld by the Eleventh District Court of Appeals.
In deciding this case, the Ohio Supreme Court relied upon court decisions dating back to 1878 and legislation enacted in 1917. The Supreme Court held that the territory of the lake over which the state holds a public trust “extends to the natural shoreline, which is the line at which the water usually stands when free from disturbing causes.”
Because the property owners’ rights extend to the natural shoreline under Ohio law, the owners have the right to access and wharf out to navigable waters.
In reaching this decision, the court stated that it was continuing its long standing history of protecting private property rights, which it considers to be fundamental. The Ohio Association of REALTORS, through its Legal Action Fund, supported the property owners’ position in this case based upon the same belief and therefore, applaud the decision of the Ohio Supreme Court.
(It should be noted that during the pendency of this litigation, the ODNR withdrew enforcement of its policy and did not require property owners to lease the area of their property contained within their deeds.)
Source: Peg Ritenour, VP Legal Services & Administration
Read a complete summary of the case:
http://www.sconet.state.oh.us/PIO/summaries/2011/0914/091806.asp
Where have I been – Where am I going?
It’s been a hectic summer for me professionally and the blog has suffered mightily because of my schedule.
I’ve helped many clients buy and sell Columbus Real Estate for sale this last summer, closed down Delicious Real Estate after a nearly three year run, and joined Re/Max Town Center as the Broker in Charge. Not to mention a still-not-finished attic build-out at my house.
Yes, I’ve railed against big box brokerages for years now but I do like the Re/Max model–it allows the agent to do what they do best and make their own decisions which benefit their clients. The company isn’t in the agent’s pocket for exhorbitant amounts of money and they provide outstanding resources for their agents.
The good news is that I’m able to keep the name that I’ve spent years branding alive as I operate under the Delicious Real Estate Group at RE/MAX Town Center.
Re/Max has the most professional, experienced and informed agents in the business and nobody sells more real estate, locally, nationally and globally. Town Center is the biggest and the brightest of the locally owned franchises and after being asked a few times to come over help build something special, I acquiesced. So far, I’m glad I did.
Besides, if I play my cards right, maybe I’ll get a ride in the hot air balloon.
First Time Columbus Home Buyer special Program rates from OHFA
Effective today, The Ohio Housing Finance Authority has new rates.
If you haven’t looked into these programs and you’re a first time buyer or buying in a near downtown target area or you’re a teacher or police person or firefighter or a recent grad or ….
Effective today new First Time home buyer OHFA rates:
4.25% 30 year fixed (600 credit score)
4.75% 30 year fixed with 2.5% down payment grant (620 credit score)
4.00% 30 year fixed Ohio Heroes (600 credit score)
4.50% 30 year fixed Ohio Heroes with 2.5% down payment grant (620 credit score)
Area Home sales jump 23% in July
You could add to the area sales by purchasing this gorgeous Short North 2 bed, 1.5 bath with vaulted 2nd floor ceilings and a great outdoor patio for only $174,900
Fresh from the Columbus Board of Realtors this morning….
Home sales in central Ohio increased significantly last month compared to July of 2010.
According to the Columbus Board of REALTORS®, 1,865 homes sold in July of 2011 – a 23.3
percent increase over the 1,513 homes which sold during the same month last year.
Additionally, the number of residential homes scheduled to close was up almost 50 percent, from 1,705 last year to 2,553 last month (July 2011).
“We’ve seen a marked increase in activity this summer,” says Rick Benjamin, 2011 President of the Columbus Board of REALTORS®. “Although the economy continues to be unpredictable, buyers are getting tired of waiting for better news and deciding to take advantage of the inventory, prices and low interest rates.”
The median sale price of a home sold in July was $141,359, which is 5.9 percent higher than the median home sale price during the same month one year ago. Although, for most areas, there are fewer listings today versus last year, the cities of Powell, Shawnee Hills, New Albany, Pataskala, Hilliard and Pickerington saw increases in the number of homes for sale. The same goes for the school districts of West Jefferson, New Albany Plain, Circleville, and Newark.
For the entire central Ohio area, there were 3,027 homes listed for sale during the month of July bringing the total inventory of available homes for sale to 15,702. The median price of a home on the market today is $144,900.
“We’re fortunate to have a very affordable market,” adds Benjamin. “Today’s buyer can find a rich variety of homes for sale in every price range.”
Click here to view the July sortable housing market report by area.
Click here to view the entire central Ohio Local Market Update.
The Columbus Board of REALTORS® Multiple Listing Service (MLS) serves all of Franklin,
Delaware, Fairfield, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and
parts of Athens, Clark, Clinton, Champaign, Hocking, Knox, Logan, Marion, Muskingham,
Perry and Ross Counties.
For more information about the central Ohio housing market, visit our Housing Statistics page.
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