The good news for real estate in Columbus is the declining inventory of unsold homes and that it has been worse in many other parts of the country. Things continue to go well for home buyers and home sellers continue to hold on and weather the storm.

Larry Schottenstein, Broker

Revealty

While many markets struggled in 2008, central Ohio fared far better than Ohio and the nation, with inventory, sales and sale prices in keeping with pre-boom levels.

Homes sales dropped in 2008 by 13.5 percent down to 21,513 from 24,445 in 2007. But December had 13,533 homes for sales, which is the lowest inventory level since April 2005. The record high inventory levels dropped prices in 2008 and more homes are selling in the lowest price ranges. The average sales price was down 5% from 2007 to $163,732 The lowering of inventory levels is the key to creating a balance between supply and demand and bringing stability to the housing market.