August 2008 YTD New Albany Real Estate Market Update

While the real estate market in Columbus remains a sluggish, the news in New Albany is a little brighter. Unit sales of single family homes in New Albany continues to outpace last year despite the fact that unit sales for the greater Columbus area as reported by the Columbus Board of Realtors is down 15% year to date. In August, unit sales in New Albany were higher than the same time last year.

The average home sales price in New Albany based on $ per sq foot is down ~6% over the year to date numbers from 2007. Generally, prices remain depressed as long as inventory levels remain high. Last year there were 243 homes on the market in New Albany (Plain Local Schools) on September 1st and this year there are 286 homes on the market or an 18% increase in inventory. As inventory levels come down, we expect to see average sales price begin to rise once again. Don’t be discouraged. Homes are selling in every neighborhood in New Albany. Contact us with questions about your own neighborhood or if you would like to buy or sell a home.   

 
Neighborhood
Active
Listings
In
Contract
Sold
Aug 08
Sold YTD
Aug 08
Sold YTD
Aug 07
Average
$/Sq.Ft
 Average
DOM 
The Preserve 18 6 2 18 28  $    109 235
Albany Park 8 0 0 7 9  $    116 164
Windsor 8 5 1 6 7  $    116 143
Hampsted Village 39 8 3 35 19  $    121 145
New Albany Links 41 8 1 19 20  $    119 147
New Off Central College Road* 7 1 1 4 4  $    146 267
NACC < $1 million 65 2 5 44 44  $    155 200
NACC > $1 million 36 4 3 13 14  $    238 313
Total Plain Local
School District
286 44 29 198 192  $    142 173

 * Includes Tidewater, Saunton, Enclave, & Wentworth

Data gathered from the Columbus Board of REALTORS MLS.

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