Increasing Home Sales Gains Continue Into Autumn

711 Sherwick Rd. in Newark went into contract just 6 days after being listed by Frank Frye of CENTURY 21 Frank Frye Real Estate at the asking price of $119,500, and is expected to close in October.

Central Ohio home sales during the most active time of the year showed impressive gains over last year and were the highest since 2007 when the housing market began its descent after the boom.

The 8,921 residential home closings during the months of May through August were 11 percent higher than last summer and 12.2 percent higher than in 2009 when home sales hit its lowest point since the summer of 2000, according to the Columbus Board of REALTORS®.

Demand outstripped supply, as new listings on the market (3,096) fell 0.9 percent from the month before and the total inventory of homes for sale (11,571) was down 32.3 percent from the same time last summer (17,096).

Not only that, the average turn-around time from the date “For Sale” signs went up until a bargain was struck decreased 15.5 percent last month from 96 days to 81 days.

In Licking County, the average home sales sold price was $147,206 from Jan. - Aug. this year, up 4.6 percent from the same period last year. Also, 1,098 homes sold in Licking County from Jan. - Aug. this year, which is 13.8 percent more than the same period last year.

Licking County homes which went into contract for sale from Jan. - Aug. totaled 1,298, which is a  26.5 percent increase from the same period last year, when 1,026  homes went into contract.

In Licking County, the average home sales sold price was $146,031 in Aug., down .08 percent from Aug. 2011, when the average home sales price was $147,182. Also, 161 homes sold in Licking County in Aug., which is 13.4% more homes than Aug. 2011 when 142 homes sold. Licking County homes which went into contract for sale in Aug. totaled 208, which is a  58.8 percent increase from Aug. 2011, when 131 homes went into contract.

The number of houses for sale in Licking County now stands at 1,029, which is 29.3 percent less than one year ago when 1,455 homes were for sale. Months of existing home inventory has decreased due to improved sales activity this year. At the current sales pace, there are 7.5 months of existing home supply on the market compared to 12.3 months supply this time last year.

All statistics are provided by the Columbus Board of REALTORS®.

Realtor Ed Hutchison joins CENTURY 21 Frank Frye Real Estate

Realtor Ed Hutchison

CENTURY 21 Frank Frye Real Estate is announcing that Realtor Ed Hutchison has joined its firm.

“We’re very pleased that Ed Hutchison has joined our office,” said CENTURY 21 General Manager Phil Frye. “We’re looking forward to Ed being a productive Realtor, and helping his Clients buy and sell properties.”

Hutchison is currently working with Buyers and Sellers. He's a 1979 graduate of Utica High School, and resides in Granville. He's the owner of Hutchison Home Renovation, LLC, and is a former Licking County Building Inspector. His hobbies include golf, cars, and spending time with family.

Hutchison can be reached at 740-364-8351 and Ed.Hutchison@Century21.com.

CENTURY 21 Frank Frye Real Estate is a full service real estate company serving all of Licking County, and has been located in historic downtown Newark since 1977.