Real estate is local, is not a surprise to anyone that’s followed this Web site over the years.
But as the National Association of REALTORS are running national ads about this being the best buyer market in years, the City of Delaware has actually been operating in a seller’s market for the past five months.
A “stable” market is commonly believed to be when a real estate market has between 6.5 – 7 months of inventory. Then anything above 7 is a buyer’s market, and anything below 6.5 is — there will be a quiz — is a seller’s market.
However, this benefit doesn’t extend to all seller and buyers in the city. There are currently 10.8 months of inventory for the 54 listings priced at or above $190,000 in the city. By comparison, the market for a house priced at $119,999 or less is in an extrmeme buyer’s market with only 1.9 months of inventory for the city’s 24 listings.
Information is from Columbus/Central Ohio Multiple Listing Service and is assumed to be accurate but is not guaranteed and was run on November 23, 2009 and represents data as of the end of October 2009.
