If you’ve been thinking lately about entering the market anytime soon as a home seller in New Albany, I am here to tell you that recent market activity suggests that now is a great time to do so!
According to a recent article I was reading, home sales decreased 2.1 percent in central Ohio in 2014 compared with 2013.
While this might seem like bad news if you’re a seller, the overall market appeared to favor home sellers.
Continue reading to learn more!
A Closer Look at New Albany Area Home Sales Activity in 2014
Here’s an overview of real estate activity in Central Ohio in the last year, according to the Columbus Realtors trade group:
- In central Ohio, 26,655 homes were bought/sold, which is 2.1 percent below 2013’s total.
- Despite the drop, central Ohio’s median sales price increased 5.4 percent to a record $152,900.
- Meanwhile, homes sold in an average of 67 days on the market, which is the fastest pace on record.
- Home buyers benefited from continued low mortgage interest, which in turn created more home sales activity on the market.
- At the end of the year, 7,170 homes were listed for sale in central Ohio, 18 percent below a year earlier.
- At the current sales pace, that translates to a 3.1-month supply of homes, which is below the six-month supply considered a balanced market.
Meanwhile, here’s an overview of national and statewide real estate trends:
- Statewide, home sales decreased 1.4 percent from 2013.
- Still, statewide home prices increased 5 percent.
- Nationally, home sales decreased 3.1 percent, but prices rose 5.8 percent to the highest level since 2007.
- First-time buyers accounted for 29 percent of U.S. home sales in 2014, the same as in 2013.
- The National Association of Realtors forecasts that sales will increase 8 percent in 2015
How Can We Help You With Your New Albany Home Selling Needs?
Please contact us, Kate & Tony Thomas, to further discuss how we can assist you with your home selling goals on the local housing market.
We would love to help you by answering any questions you might have as well as helping to determine the true value of your property.
Until next time,
National home prices are beginning to climb in the majority of U.S. cities. And that positive trend is being felt right here on the New Albany, Ohio real estate market!
According to a recent article I was reading, prices for single-family homes increased in 87 percent of U.S. cities during the second quarter of 2013.
Experts are crediting the improvements to the fortification of the housing recovery as well as the competition for a limited number of available properties for sale.
New Albany and National Real Estate Trends
Here’s what else I learned from this recent news article:
- The median transaction price showed year-over-year increases in 142 of 163 metropolitan areas.
- A year earlier, 75 percent of regions had gains.
- At the end of the second quarter, 2.19 million previously owned homes were available for sale, which is 7.6 percent fewer than a year before.
- The median home sales price for an existing single-family home was $203,500 nationally during the second quarter, up 12 percent from a year before.
- That was considered the biggest gain since the fourth quarter of 2005.
- Nationally speaking, the best performing areas were Sacramento and Atlanta, which both saw 39 percent increases in sales prices year-over-year.
- The housing recovery has been aided by the drop in the unemployment rate, which decreased to 7.4 percent in July from 7.6 percent.
- Meanwhile, mortgage rates for 30-year loans increased from 3.35 percent in May to 4.4 percent in July.
While rising mortgage rates may cool off the housing market slightly, the majority of the recent activity seems to be encouraging even more home sales and high home prices, including in New Albany.
This will undoubtedly be welcome news for anyone interested in listing their property on the New Albany real estate market.
List Your New Albany Home with Us Today!
If you’re interested in selling your current New Albany home for sale, then please contact us, Kate & Tony Thomas, today.
We’ll be happy to assist you by offering you valuable home selling advice as well as providing you with a free home evaluation and neighborhood sold report.
Until next time,
Kate & Tony
As your New Albany real estate advisers, Tony and I thought you might be interested in how our market is faring this year compared to last year. Inventory is down, days on market are declining and prices are heading upward – especially on the 50+ homes sold in June!
Below are the year to date statistics for the communities in New Albany. Without exception, all neighborhoods have seen 2013 prices rise anywhere from $4/square foot to $15/square foot, depending on the community. The average sales price in New Albany school district rose 9% over the same time last year. The number of homes sold through June is flat with last year but I expect that to see this change when the unprecedented 90 homes currently in contract close by summer’s end.
New Albany, OH 2013 Real Estate 1st Half Recap
|NACC < $1M**
|NACC > $1M
|Tot Plain Local
|* Includes Tidewater, Saunton, Enclave and Wentworth
|** Includes NACC and The Reserve
While we haven’t regained all the ground that was lost in the past 5 years, we are well on our way. Real estate trends vary from town to town and neighborhood to neighborhood, but it’s safe to say that all of Central Ohio is following the same trends we are seeing in New Albany.
If you have any questions or want to discuss selling or buying your New Albany home, please don’t hesitate to contact Tony or me. We are always here to serve you! Happy July!
Kate & Tony