Archives: July 2008

Free Music In The Park This Sunday

Bring your blanket, chairs, snacks and refreshments for a family concert Sunday, July 20th at Lambton Park. Come at 5pm to picnic – the concert starts at 6pm. The New Albany Classic Signature Series is presented by the New Albany Company, New Albany Realty and the Wexner family through a grant to The New Albany Community Foundation.

Initiated in 1999, the New Albany Classic Signature Series is a program of community-based activities presented each year in New Albany. Developed and supported by the New Albany Company, New Albany Realty, and the Wexner family through a grant to The New Albany Community Foundation, the series contributes to the quality of life for families in New Albany and surrounding communities by presenting events and activities that emphasize health and wellness, life-long learning, and concern for the greater good. The New Albany Classic Signature Series, now in its tenth season of exceptional programming, is proud to announce the 2008 schedule. The programs run from May through December and, each year, see traditions strengthened by the growth and pride of its residents and supporters. For more information call 614-416-7100.

On-Line Home Value Sites Can Be Misleading

We recently did a market analysis for a prospective seller in New Albany.  They were surprised that my actual analysis was different from the one they got using an on-line valuation service.   Zillow.com and Cyberhomes.com are two sites that will generate a suggested market value of your home using computer models.  We find their results to be very hit or miss.

These programs cannot take into consideration the location of a home within the neighborhood or any advantages/disadvantages that a lot has.  It does not consider condition or improvements an owner has made.  The results can be really off if there aren’t enough comparables in the area from which to pull.

While these sites can provide a general overview of a neighborhood, I recommend that you consult a licensed full-time REALTOR™ who is a specialist in your neighborhood for an opinion of value.  A good REALTOR™ knows the “nuances” of the homes for sale, in contract, and homes that have sold.  They will give you the best possible estimate of the value for your home in today’s market.   

Tony and I specialize in all the neighborhoods of New Albany – please contact us if we can assist you with a market analysis of your home. 

June 2008 New Albany, Ohio Market Update

New Albany Home sales in June increased over May by 45% (31 homes in June vs. 21 homes in May).   “Low interest rates, high inventory and competitive pricing continue to fuel the housing market here in central Ohio,” says Greg Hrabcak, President of the Columbus Board of REALTORS®. “As long as we have these three critical factors in place, home buyers and investors are actively pursuing a home purchase.”

There remains a large selection of homes for sale in New Albany.  Despite an increase in unit sales, inventory levels rose slightly in June.  When inventory is high as we see now, homes will take longer to sell and will sell for less than they would in a market where inventory is low.  In general, an 8 – 9 month supply of homes represents a balanced market.  Currently, New Albany has a 13 month supply of homes based on six month sales and a 10 month supply based on June sales.  If the unit sales trend continues, we will start to see a balanced market before the end of the 3rd quarter.  We’ll keep you posted!  Contact us at katet@newalbanyrealty.com or call 614-939-1234, if you would like specific information on your neighborhood or your home in particular. 

June 2008 New Albany, Ohio Market Update:

 
Neighborhood
Active
Listings
In
Contract
Sold
June 08
Sold YTD
June 08
Sold YTD
June 07
Average
$/Sq.Ft
 Average
DOM 
The Preserve 27 3 4 13 18  $    111 132
Albany Park 6 0 1 7 7  $    109 161
Windsor 8 8 1 3 5  $    116 120
Hampsted Village 47 5 8 26 17  $    122 143
New Albany Links 37 6 4 13 14  $    118 154
Tidewater/Enclave 8 2 0 2 3  $          193
NACC < $1 million 65 10 7 31 26  $    155 182
NACC > $1 million 42 2 2 10 9  $    214 296
Total Plain Local
School District
304 46 31 13 135  $    130 155