Category Archives: New Albany Real Estate Market Analysis

Real Estate Market Analysis

Will 2017 Be a Buyer’s or Seller’s Market?

Buyers Road and Sellers Lane signsA common question as we enter the new year is “Will next year be a buyer’s or seller’s market?” Most economists agree that 2017 will likely remain a seller’s market. In some of our neighborhoods, the answer is obvious — we have been playing “catch up” on inventory all year. I expect the New Albany market to continue to skew toward sellers well into 2017, even with an uptick in mortgage interest rates. There are several pockets where inventory levels remain higher, primarily the +$1M market, that might be classified as a buyer’s market.

The National Association of REALTORS® defines a seller’s market as one with less than a 6-month supply of homes for sale. A balanced market will have a 6- to 7-months’ supply of homes for sale, and a buyer’s market generally has an 8-month supply or more. Supply varies from community to community as seen in the table below (based on inventory/trailing year sales as of 12/20/16):

Neighborhood Months’ Supply of Homes for Sale

CommunityMonths of Supply
New Albany Country Club (under $1M)4
New Albany Country Club (over $1M)12
Hampsted Communities2
New Albany Links Communities1
Windsor3
Preserve Communities1
Albany Park0

Where Will Mortgage Rates Go?

The consensus seems to be that mortgage rates will rise from the historically low interest rates we’ve enjoyed for the past eight years. In fact, we’ve already started to see an increase. When the Federal Reserve raises its rate, it inevitably puts pressure on rates that lenders charge for mortgage interest. We don’t believe the rates will increase to levels where affordability will be substantially impacted.

Key Takeaway for Sellers: If you are planning to sell your home in the next two years, 2017 is likely to be the better year in which to do so. Call us for more info: 614-939-8944.

Downsizing Tips – Ways to Make the Transition Easier

People choose to downsize or “right-size” their home for a number of reasons – simplify lifestyle, reduce housing costs, relocate to a new climate, the list goes on. Whatever your reason for wanting to make the transition to “smaller living,” considering the following tips to help make the lifestyle shift more manageable and less overwhelming.

downsizing-your-home2-1

Reimagine Where (and How) You Want to Live – If you have not finalized your next step yet, take some time to really think about what you want that next chapter to look like. Having a clear vision of where you are going will remove much of the uncertainty and allow you to focus on what needs to happen next.

Downsize Your “Stuff” – If you are moving to a smaller home, then you will not need as many things to fill it. And a clutter-free home definitely appeals more to buyers and sells faster. Before putting your home on the market, take some time to go through your personal and household items (even furniture) and be very selective about what you take with you. You may even decide that you want to have a whole new style in your new home!

Make Necessary Home Repairs and Improvements – Buyers do not like to work hard to envision themselves in your home. A home that is move-in ready and upgraded properly will always sell faster and for more money than one that requires a lot of work.

Don’t Go It Alone – Hire the Experts – The process of downsizing can feel a bit overwhelming. Take advantage of the amazing local resources available to help walk you through each step:

  • Realtor
  • Professional Organizer
  • Home Stager
  • Estate Sale Professional
  • Financial Consultant
  • Lender/Banker
  • Attorney
  • Mover

Want to learn more about the ins and outs of downsizing? We will cover these topics and more in detail at our free Downsize New Albany seminar on Oct. 19, 2016, at the Heit Center in New Albany. You’ll hear from a panel of local experts and have the opportunity to ask questions and pick up information about housing options and other services available in the area. Reservations are required. RSVP to info@newalbanyohio.com.

Can’t make it to the seminar, but still want to learn more? We would be happy to help! Contact us at 614-939-8944 or tonyt@newalbanyrealty.com, or visit us online at www.NewAlbanyOhio.com.

4225 Gunsten Hall home for sale in New Albany OH

How to Avoid Paying Too Much for Your Dream Home

When it comes to buying a home in New Albany, it’s important to learn whether you are paying too much. But before you turn to Zillow to see what your dream home is actually worth, we wanted to explain the different ways of determining New Albany home values.

An Appraisal vs. Market Analysis

An appraisal and a comparative market analysis (also called a CMA) are two ways of learning how much a home is worth. But there is a major difference between how both resources are used.

Home SellingThe bank uses an appraisal, where a licensed appraiser inspects the home to determine its value, so that it knows whether the amount for the loan it will give you is higher than the actual value of the property.

Your real estate agent uses a comparative market analysis — which involves looking at prices of similar homes that recently sold, real estate trends in the area, and any upgrades for the home — to determine a competitive listing price for the property. (A neighborhood sold report can help you learn what homes have recently sold for and whether homes in your dream community are in high demand.)

What about Zillow Home Values?

Like we explained in our blog post last week, Zillow value estimates for New Albany homes vary from the actual sales price by about 10% (or, as we noticed, 20% for homes over $500,000). That small error amounts to thousands of dollars!

It is always a good idea to rely on a Realtor’s evaluation of the property so that you will never have to worry whether you are paying too much for your dream home.

Trust the New Albany, Ohio Real Estate Experts

person holding keys to dream home in new albany, ohioWe have been living in New Albany and buying and selling real estate in this community for years, and our dedicated team members work tirelessly to make sure that you are informed about the home buying process every step of the way. As your New Albany buying resource, we put you first, no matter what.

Contact us today and let’s talk about your dream home.

Now is a Great Time to Be a New Albany Home Seller!

Home SellingIf 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,

Kate& Tony

Your New Albany Real Estate Report for February

Home Buying 14The month of January was a bit of a mixed bag for the New Albany real estate market, according to the most recent real estate data.

Evidently, according to market data, the median home sales price as well as the total number of home sales decreased, although the average price per square foot as well as the average listing price increased.

If you’re thinking about entering the housing market anytime soon as a buyer or seller, we recommend
That you continue reading to learn more about the current state of the housing market.

What New Albany Buyers and Sellers Should Know

  • Here’s an overview of recent market activity, based on the most recent market data:
  • Currently there are 175 homes for sale on the market, including 35 in some stage of the foreclosure process.
  • Between November and February, the average price per square foot for New Albany homes was $134, down 20.7 percent compared to the same period last year.
  • Also, the median home sales price was $309,950 based on 54 home sales.
  • Compared to a year ago, the median home sales price has decreased 0.3 percent, or $850.
  • And the number of home sales decreased 8.5 percent.
  • During the week ending on Feb. 11, the average listing price was $637,324, up 4.1 percent from the week before.
  • During that previous week, the average listing price was $611,000.
  • Broken down further, the median sales price for a 2-bedroom home was $147,500
  • The median sales price for a 3-bedroom home was $269,000.
  • And the median sales price for a 4-bedroom home was $361,000

We’ll Help You With Your New Albany Real Estate Needs!

Hopefully you found the above information insightful as a potential New Albany home buyer or seller. It’s important to be up to date on recent market activity because it will help inform your decisions as you navigate the market.

For additional insight on what these numbers mean to you as a buyer or seller – or to enlist our help with ensuring a successful outcome on the market, please don’t hesitate to contact us, Kate & Tony Thomas.

We would love the opportunity to assist you with all of your real estate needs in New Albany!

Until next time,

Kate & Tony

Calling All New Albany, Ohio Home Sellers

New Albany home salesAs more and more home buyers have flocked to the New Albany real estate market in search of their next dream home, available homes for sale have become more and more in demand.

Now, real estate experts all over Central Ohio are calling upon would-be home sellers to list their properties now to capitalize on all of the pent-up demand from home buyers.

At least, that’s the gist of a recent article we read.

New Albany, Ohio Real Estate for Sale

A strange thing is happening on the New Albany real estate market – as well as other markets around the country.

While home sales are up, home listings are actually at their lowest level since 2002.

Thus, real estate analysts everywhere are encouraging home owners to list their property in order to meet a rising demand for properties for sale.

Here’s a breakdown of the current housing market situation in Central Ohio:

  • A little more than 9,000 Central Ohio homes are listed right now, which equates to about a 4.7 month home inventory.
  • Generally speaking, a six-month supply is considered a balanced – and therefore healthy – market.
  • Worthington has a 1.8-month supply
  • Upper Arlington has a 2.2-month supply
  • Beechwold/Clintonville has a 2.7-month supply
  • Grandview Heights has a 2.3-month supply
  • Powell has a 2.6-month supply
  • New Albany has a 4.6 month supply

It’s similar in other markets throughout Central Ohio.

So what exactly is causing the low inventory of available homes for sale?

Experts credit it to a number of reasons:

  •  A sharp increase in home sales has outpaced the number of homes being listed on the market.
  • A large drop in home owners listing their property because they’re wary of not getting a good price for their home. For instance, in the first two months of 2013 – 5,473 central Ohioans listed their home, compared with 8,195 homes that went on the market during the same period in 2006.
  • Home sellers who would have wanted to move up to a bigger home are finding it harder to secure a mortgage because of tighter lending restrictions, so they’re staying put.

But as experts are telling home sellers everywhere, there are some great benefits to be had for those home sellers who enter the market now.

After all, because inventory is so low, home sellers stand to get a great price for their home – perhaps even multiple offers!

Sell Your New Albany, Ohio area home today!

If you would like to list your New Albany home on the market today, please contact us, Kate & Tony Thomas.

As your Central Ohio real estate experts, we’ll be able to get you the results you want on the local housing market by offering unbiased advice and such helpful resources as:

Until next time,

Kate & Tony

 

Report: National and New Albany, Ohio Real Estate Market Improving

New Albany Ohio real estate for saleThe local housing market is improving, according to a recent article I read.

Evidently, the National Association of REALTORS reported seeing the strongest home sale figures in three years!

The Columbus Board of REALTORS, which oversees activity on the New Albany real estate market, echoed that sentiment for our local housing market!

New Albany Ohio Homes for Sale

Here’s an overview of recent activity on the New Albany, Ohio market:

  • Central Ohio Sales increased by 14.9 percent between Feb. 2012 and Feb. 2013 – or from 1,264 to 1,452.
  • That’s the 14th consecutive month that the area has seen year-over-year gains in sales.
  • Statewide, home sales prices increased by 8 percent, and nationwide, prices increased by 11.6 percent.
  • The average days on the market for Central Ohio homes decreased by 18.9 percent – from 106 to 86.
  • Dayton was the only major community in Ohio that saw sales increase more than our area. Their sales increased by 17.6 percent year-over-year – from 686 to 807.
  • And home sales across the country were at their highest levels since November 2009.

Still, the housing market has some obstacles to overcome to make sure that it’s fully healthy.

For instance, there is a very low number of homes available for sale on the market. In fact, in central Ohio, available homes for sale are at a 10-year-low.

What’s more, first-time home buyers remain hesitant to enter the market, instead choosing to rent. That’s why you’ll see that first time home buyers are only accounting for 30 percent of home sales in the area, when they would be accounting for 40 percent of sales in a normal market.

Prices remain well below where they were at their peak. For instance, the average sales price for a central Ohio home in February 2005 was $173,791. In recent weeks, that price has been $149,887.

Your New Albany, Ohio REALTORS®

The take-home message about the New Albany real estate market is that it’s improving, although there is still room for growth.

For more information on the current state of the New Albany real estate market and how it affects you and your home-selling efforts, please contact us, Kate & Tony Thomas.

When you do, we’ll answer any questions you have, help you determine the true value of your New Albany home and also offer you such helpful tools as:

Until next time,

Kate & Tony

New Albany Real Estate News is All Good!

1st Quarter Results Encouraging

Despite a 25% reduction in the number of homes available for sale in New Albany, 1st quarter unit sales were up 5% over last year. There are currently fewer than 90 homes and condos for sale in the New Albany Plain Local School District. This represents less than a 5 month supply of homes based on the rate of sale for March. This definitely qualifies our current market as one that favors Sellers! As a result, we are beginning to see a slight rise in home prices pretty much across the board – particularly an increase in the list price of homes that are currently in contract. A breakdown of 1st quarter results by New Albany neighborhood follows but I’ve summarized the highlights:

  • The number of homes for sale is down 25% – 87 homes currently available vs. 116 last year
  • Unit sales up 5% for the 1st quarter of 2013
  • The number of homes in contract is up 24% – 78 homes in contract this year vs. 63 last year
  • Average list price of homes in contract is above the average list price of the homes that closed in the 1st quarter in every New Albany neighborhood
  • Homes are selling 40% faster than they did in the first quarter last year – homes averaging 75 days on market this year vs. 126 last year

New Albany, OH 2013 Real Estate 1st Qtr Recap

Neighborhood Active
Listings
In
Contract
Sold
March
 2013
Sold YTD
2013
Sold YTD
2012
Ave
$/Sq Ft
Ave
DOM
The Preserve 3 7 4 8 8 $106 37
Albany Park 3 3 0 2 3 $105 159
Windsor 4 6 1 3 6 $113 54
Hampsted 6 8 3 8 7 $111 70
NA Links 2 8 1 4 5 $106 85
New-CCollege* 1 4 1 3 2 $128 128
NACC < $1M** 28 13 6 15 13 $158 128
NACC > $1M 13 2 0 3 6 $219 26
Tot Plain Local
School District 87 78 18 63 60 $120 75
* Includes Tidewater, Saunton, Enclave and Wentworth
** Includes NACC and The Reserve

 

Never a Better Time To Consider Selling Your New Albany, OH  Home

Based on the above, 2013 is shaping up to be a great year to sell your home – inventory and days on market are down while prices and number of homes selling are rising! Contact us, your New Albany real estate experts  if you have questions about the market for your home or about getting your home ready to sell! The members of our team are expert at handling the sale of your current home and purchase of your next one!  Call us at 614-939-1234 or visit us at www.NewAlbanyOhio.com, the #1 website for New Albany Real Estate!

Until next time,
Kate & Tony

New Albany Ohio Real Estate – 2012 Home Sales Recap

New Albany home salesIt’s Officially a Seller’s Market!

Sales of single family homes in New Albany in 2012 exceeded 350 units for the first time in 7 years.  360 homes sold in New Albany this year compared to 344 homes sold last year.  2005 was the last year New Albany saw home sales in this range when 368 homes sold.  These numbers are hard to believe since inventory levels have remained at their lowest level in 10+ years.  We ended the year with a 2.7 month supply of homes based on the 2012 rate of sale.  This definitely meets the criteria for a “Seller’s Market”.  It’s unlikely that we can sustain this rate of sale if inventory levels don’t begin to rise.

Dwindling inventory typically will drive prices up.  Several New Albany neighborhoods saw prices rebound nicely last year – specifically Hampsted Village, New Albany Links, Albany Park and Windsor.  The sales prices for homes over $1 million sold in the New Albany Country Club also increased nicely over 2012.  Sale prices in the rest of the New Albany were in the same range as 2012 but are poised to head up this year.

Rising home prices and historically low interest rates creates the perfect scenario for both Sellers and Buyers this year.  If you are considering selling, you will benefit from increasing home prices and a ver low inventory of homes for sale.  If you are a buyer, you want to buy before prices increase too much and while interest rates are crazy low.  Call Tony and me to discuss your particular situation.  The chart below is the Year End results for the major neighborhoods in New Albany, Ohio.  If your community is not included, just let us know.  We will send you the comparable information for your neighborhood.

New Albany 2012 Year End Recap
Neighborhood

Active

In

Sold 4th

Sold

Sold

Ave

Ave

Listings

Contract

Qtr 2012

2012

2011

$/Sq Ft

DOM

The Preserve

1

4

10

57

26

$104

54

Albany Park

1

2

5

14

13

$106

34

Windsor

2

5

4

19

13

$109

60

Hampsted

3

5

7

43

55

$118

33

NA Links

2

2

11

46

51

$116

71

New-CCollege*

4

3

3

10

14

$120

102

NACC < $1M**

27

10

14

77

89

$157

100

NACC > $1M

12

2

2

16

18

$221

134

Tot Plain Local
School District

81

46

75

360

344

$125

74

*    Includes Tidewater, Saunton, Enclave and Wentworth
**  Includes NACC and The Reserve

 

If 2013 is your year to make a move, we want to be a part of it!  Stay in touch and we’ll do the same!   Have a great year!

Best,

Kate & Tony

 

 

New Albany Ohio Real Estate – 2012 Home Sales Recap

Its Officially a Sellers Real Estate Market in New Albany!

Sales of single family homes in New Albany in 2012 exceeded 350 units for the first time in 7 years. 360 homes sold in New Albany this year compared to 344 homes sold last year. 2005 was the last year New Albany saw home sales in this range when 368 homes sold. These numbers are hard to believe since inventory levels have remained at their lowest level in 10+ years. We ended the year with a 2.7 month supply of homes based on the 2012 rate of sale. This definitely meets the criteria for a “Seller’s Market”. It’s unlikely that we can sustain this rate of sale if inventory levels don’t begin to rise.

Dwindling inventory typically will drive prices up. Several New Albany neighborhoods saw prices rebound nicely last year – specifically Hampsted Village, New Albany Links, Albany Park and Windsor. The sales prices for homes over $1 million sold in the New Albany Country Club also increased nicely over 2012. Sale prices in the rest of the New Albany were in the same range as 2012 but are poised to head up this year.

Rising home prices and historically low interest rates creates the perfect scenario for both Sellers and Buyers this year. If you are considering selling, you will benefit from increasing home prices and a ver low inventory of homes for sale. If you are a buyer, you want to buy before prices increase too much and while interest rates are crazy low. Call Tony and me to discuss your particular situation. The chart below is the Year End results for the major neighborhoods in New Albany, Ohio. If your community is not included, just let us know. We will send you the comparable information for your neighborhood.

New Albany, OH 2012 Real Estate Year End Recap

Neighborhood Active
Listings
In
Contract
Sold 4th Qtr 2012 Sold
2012
Sold
2011
Ave
$/Sq Ft
Ave
DOM
The Preserve 1 4 10 57 26 $104 54
Albany Park 1 2 5 14 13 $106 34
Windsor 2 5 4 19 13 $109 60
Hampsted 3 5 7 43 55 $118 33
NA Links 2 2 11 46 51 $116 71
New-CCollege* 4 3 3 10 14 $120 102
NACC < $1M** 27 10 14 77 89 $157 100
NACC > $1M 12 2 2 16 18 $221 134
Tot Plain Local
School District 81 46 75 360 344 $125 74
* Includes Tidewater, Saunton, Enclave and Wentworth
** Includes NACC and The Reserve

 

If 2013 is your year to make a New Albany real estate move, we want to be a part of it!  Stay in touch and we’ll do the same!   Have a great year!

Until next time,
Kate & Tony