There are 18,571 homes listed for sale in central Ohio, according to figures released last week by the Columbus Board of Realtors. That's about 300 short of the record, set last July -- and it doesn't include many new builds, homes for sale by owners, repossessions or homes that have fallen off the listings without selling.

It's great news for buyers, but not for sellers.

Kris Bando is learning what that means as she tries to sell her North Linden home.

She put a new roof on the house, replaced the countertops with new Formica, replaced the carpeting and even finished the basement and its rec room.

The 1950s-era three-bedroom Cape Cod surrounded by pansies and a well-groomed lawn has been on the market for more than a month -- and at $100,000, it's priced lower than the two others for sale on her block, including her neighbor's home.

"Maybe I should be more worried in today's market, but I'm not. I think it'll sell," said Bando, who is set to close on a larger home on the North Side in a month. "We're hoping."

Experts offer several reasons for the high number of homes on the market, including a stagnant job market, a slight recent rise in interest rates and the overbuilding of new homes. They also note that Columbus is growing and therefore will naturally see a rise in houses for sale.

Ken Danter, owner of the Danter Co., which analyzes the central Ohio real-estate market, offers another explanation: So many people bought homes during the area's housing boom a few years ago that the pool of available buyers has dwindled.

"It's not a function of this being a bad market," Danter said. "It's a function of having such a good market five years ago."

But not everyone thinks the boom years led to the current abundance.

"That's simply not the case," said Tom Early, of the Buyer's Real Estate Brokerage.

"You want to know why there's high inventory? Look at repossession," Early said.

Whatever the cause, the trend is clear. In April 2003, 10,722 homes were listed. The number increased in 2004 and 2005, and jumped substantially early last year, according to the Columbus Board of Realtors.

While the number of homes for sale rose 73 percent during the past four years, the Franklin County population rose about 1 percent.

Central Ohio has become so crowded with homes that one major builder, Centex Homes, announced last week that it is pulling out of Columbus to focus on more-successful markets.

What's bad for builders and sellers, however, is great for buyers.

In more than 30 years in the industry, said Columbus Board of Realtors President Brad Bennett, this is the best buyer's market he has ever seen.

"We're going to look back and say, 'Oh, I wish we had bought more real estate then.' This is as lucrative a buying market as I have seen," Bennett said.

He agreed inventory level is a little high but said the market remains sound.

Columbus isn't alone. Nationally, the housing inventory rose 10.4 percent to 4.2 million homes in April, 2 million more than in 2004, according to the National Board of Realtors.

National Board of Realtors spokesman Walter Molony said central Ohioans shouldn't be worried about the inventory increase.

Markets such as the West Coast and the Northeast are more vulnerable to dramatic price swings, he said.

"On affordable markets, whatever buildup of inventory you have, that will correct itself," Molony said.

Early, who represents only buyers, said there are deals to be had in central Ohio. One of his clients, he said, paid $382,500 for a home listed at $407,000.

"It is just absolutely ripe," he said.

HER Real Living agent Tammy Craig sold a Reynoldsburg home in 14 days, but she said it's vital for sellers today to sweat the details when preparing a home for the market.

"Everything has to be done," she said. "It didn't matter so much three to four years ago when the market was great."

That's not to say all of Craig's homes sell fast. One was on the market for six months.

"Sellers are definitely making concessions."

Some of those incentives include paying the closing costs or taking care of repairs. New-home builders are offering things such as plasma TVs or Buckeye football tickets.

"A lot of people are getting closing costs paid for; a lot of the issues are being taken care of by the sellers," said Powell agent Chris Anderson.

"We need these people to pull the trigger. They see no urgency, because it's a buyer's market right now."

kkidder@dispatch.com