Submitted by Anonymous on Sun, 09/30/2007 - 05:00.
Newark Ohio has a large inventory of homes for sale but there are signs of stability
"We are really outperforming the state by quite a bit," said Hugh Price, president-elect of the Licking County Board of Realtors.
He said between January to August statewide sales of new and existing homes totaled 92,208 -- 5.8 percent less than the same period in 2006, which saw 97,866 homes sold. Licking County, on the other hand, sold 892 homes between January and August -- down 1.2 percent from the same period in 2006, when 903 homes were sold.
"One of the things we were suffering through was an oversupply," Price said. "You hear the news across the country and it's gloom and doom, but I don't believe that is what is happening here." Adajune Parker, president of AJ Parker Real Estate, agreed the market here is more stable than in other areas, but she warned people selling their homes should not be overconfident.
"This week there were 75 price changes (when individuals lowered the price of their home)," Parker said. "That's a lot." She said that in past years one out of every two homes her agency listed resulted in a sale. Now it is closer to one in three.
"Most people have a hard time accepting when they first put their home on the market that they are not going to get as much for it as two years ago," Parker said. She said Realtors used to estimate the average house would stay on the market for 90 to 120 days. Now, she estimates 144 days.
Jim McKivergin, president of the Licking County Board of Realtors, agreed the average sale price in Licking County is up, but he reminds buyers the inventory still is much larger than it was a number of years ago.
In 2006 at this time 606 housing units were on the market, whereas this year 397 housing units are available. "Inventory in the county is way down. If you look at it from the standpoint of supply and demand, our market is definitely going in the right direction," Price said.
McKivergin said growth caused by the Ohio 161/37 expressway project also will keep the market healthy. "It is going to affect western Licking County drastically. The corridor between Newark and Columbus is going to be built up ... I think the majority of the people who will be building and buying will not be from Licking County."
Source: http://www.newarkadvocate.com/apps/pbcs.dll/ article?AID=/20070930/NEWS01/709300302/1002
He said between January to August statewide sales of new and existing homes totaled 92,208 -- 5.8 percent less than the same period in 2006, which saw 97,866 homes sold. Licking County, on the other hand, sold 892 homes between January and August -- down 1.2 percent from the same period in 2006, when 903 homes were sold.
"One of the things we were suffering through was an oversupply," Price said. "You hear the news across the country and it's gloom and doom, but I don't believe that is what is happening here." Adajune Parker, president of AJ Parker Real Estate, agreed the market here is more stable than in other areas, but she warned people selling their homes should not be overconfident.
"This week there were 75 price changes (when individuals lowered the price of their home)," Parker said. "That's a lot." She said that in past years one out of every two homes her agency listed resulted in a sale. Now it is closer to one in three.
"Most people have a hard time accepting when they first put their home on the market that they are not going to get as much for it as two years ago," Parker said. She said Realtors used to estimate the average house would stay on the market for 90 to 120 days. Now, she estimates 144 days.
Jim McKivergin, president of the Licking County Board of Realtors, agreed the average sale price in Licking County is up, but he reminds buyers the inventory still is much larger than it was a number of years ago.
In 2006 at this time 606 housing units were on the market, whereas this year 397 housing units are available. "Inventory in the county is way down. If you look at it from the standpoint of supply and demand, our market is definitely going in the right direction," Price said.
McKivergin said growth caused by the Ohio 161/37 expressway project also will keep the market healthy. "It is going to affect western Licking County drastically. The corridor between Newark and Columbus is going to be built up ... I think the majority of the people who will be building and buying will not be from Licking County."
Source: http://www.newarkadvocate.com/apps/pbcs.dll/ article?AID=/20070930/NEWS01/709300302/1002
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