Category Archives: New Albany Real Estate Market Analysis

Real Estate Market Analysis

New Albany, Ohio Real Estate Market Report for January 2013

Greeting from the New Albany, Ohio real estate market! We hope your new year is off to a fantastic start and that you’re finding it easy to stick to any resolutions you may have set.

Today, we’re going to tell you about recent activity on the New Albany, Ohio real estate market.

Right now, the data is suggesting that it’s a buyer’s market, given that the median sales price has declined year-over-year and the total number of home sales has only increased slightly.

New Albany Homes for Sale

Here’s a summary of recent activity on the New Albany, OH housing market:

  • Currently there are 148 homes for sale on the market, including 97 in some stage of the foreclosure process.
  • Between September and November, the average price per square foot for New Albany homes was $130, down 15.6 percent when compared to the same period last year.
  • Also during that time, the median sales price for homes was $227,900, based on 101 home sales.
  • When compared to the same period in 2011, the median sales price has actually decreased by 20 percent, or about $57,100.
  • Meanwhile, the total number of home sales has increased by 4.1 percent.
  • Broken down further, during the week ending on Dec. 26, the median sales price for a 2-bedroom New Albany home was 190,500
  • The median sales price for a 3-bedroom home was $223,750
  • And the median sales price for a 4-bedroom home in New Albany was $374,000
  • Here’s a look at how other communities compared when it came to median sales price:
    • Blacklick: $123,000
    • Gahanna: $137,500
    • Westerville: $160,500
    • Pataskala: $137,000
    • Whitehall: $45,000
    • Reynoldsburg: $89,250
  • During the week ending on Dec. 26, the average listing price for homes was $386,944, up 3.6 percent from the week before.
  • During that previous week, the average listing price was about $373,500.
  • Here’s how nearby Central Ohio communities compared in terms of average listing price:
    • Blacklick: $162,671
    • Gahanna: $205,922
    • Westerville: $246,375
    • Pataskala: $194,633
    • Whitehall: $106,070
    • Reynoldsburg:$129,961

Now is a Great Time to Purchase a New Albany, OH Home for Sale

If you would like to take advantage of the buyer’s market that’s currently characterizing New Albany, Ohio’s real estate market, then please contact us, Kate & Tony Thomas, today!

We’ll tell you about the various New Albany neighborhoods as well as let you know about the various New Albany home listings.

For now, please take a few moments to browse some of our online relocation resources, which include:

Until next time,

Kate & Tony

Securing a Mortgage on Your Dream New Albany, Ohio Home for Sale

One of the first things that New Albany home buyers must often do is secure a loan from a lender.

Thanks to the buyer’s market climate on the national housing market, loans have come with record low interest rates in recent months.

The downside is that lending standards are pretty tight.

Below, we’re going to provide you with tips on how you can successfully secure a loan on the New Albany real estate market.

Tips for How to Secure a New Albany Mortgage

Know your credit score. The higher the credit score the better in this current housing market, especially given the tight lending standards. So request your credit scores and credit histories from the top three credit-reporting bureaus. By doing so, you’ll have a good idea of where your score falls. Typically, lenders will not accept anything lower than a 680 for a Fannie Mae or Freddie Mac loan. Loans through the Federal Housing Administration will often accept lower credit scores than that, however.

Prepare Necessary Loan Application Documents. No matter where you go, your lender will likely ask you for the same basic documents, including your last two pay stubs, W-2s, income-tax returns and bank statements. So make sure these documents are easily accessible.

Know what you can afford. Take into consideration all of your regularly recurring bills and plan a budget. Make sure to leave room for savings and unexpected expenses!

Ask Different Lenders. You want to get the best loan you can possible get in terms of amount and interest rate.  We have several preferred lenders that we work with who will make sure you receive competitive terms and will insure that the process goes smoothly.  Just ask us for recommendations!

Consider Getting a Short Term Loan. While this may have been financially impossible for many home buyers in the past when interest rates were much higher, it actually may be possible and affordable to get a 15- or 20-year loan in today’s climate.

Keep Trying. Even if one lender rejects your application, there may be others who will accept it. So keep looking! It may also help to ask the lender why the rejected your loan application to see if there is anything you can do.

Receive some money to help with the down payment? Then make sure you can document it! Various lenders have different requirements on how much of your down payment can come from others as a gift and how much must come from your own funds.

Don’t Make Any Major Changes that Could Affect Your Credit. Even if your mortgage is approved, be careful not to do anything that could negatively affect your credit, such as applying for new credit cards, missing payments and financing a new car. After all, most lenders will check your credit again prior to the loan closing and many reserve the right to revoke your loan if they don’t like what they see.

New Albany Real Estate for Sale

For additional help on how to secure the ideal loan – or for any other advice on the New Albany real estate market in general – please contact us, Kate & Tony Thomas.

We’d be proud to serve as your New Albany REALTORS and will offer you practical advice as well as helpful tools, such as:

Until next time,

Kate & Tony Thomas

 

New Albany Real Estate News is Almost All Good!

Home buying got even more affordable this week as mortgage rates continue to break records and increase home buyer affordability.

For the fourth consecutive week, 30-year fixed-rate mortgages, the most popular choice of borrowers, reached a new all-time low. They averaged a new record of 3.78 percent while a year ago at this time, 30-year rates averaged 4.60 percent.  15-year fixed-rate mortgages held steady at its all-time low set last week of 3.04 percent. Last year at this time, 15-year rates averaged 3.78 percent.

Home Selling in New Albany is all good as well. Inventories of homes-for-sale in New Albany and the Greater Columbus area continues to fall, which has helped to raise overall housing prices as demand picks up. The number of homes currently for sale in the New Albany area is down by 35% over this time last year.

The “Almost” all good in the title this article refers to the fact that for the first time in years, buyers have limited choices of homes for sale in certain neighborhoods and price ranges. For example, in Hampsted Village, a popular New Albany neighborhood of 600+ homes, there are currently only 7 homes for sale. In the New Albany Country Club Communities, there are 44 homes for sale in all price ranges. Typically, this community has 100+ homes available for real estate sale.

We can help you whether you are looking for a home to buy or considering selling your current home. Please call Kate or Tony Thomas at 614-939-1234 or visit us online at www.NewAlbanyOhio.com.

New Albany Real Estate Numbers Look Great!

New Albany home sales in April continue to outpace sales for 2011, even with inventory levels significantly below last year. All signs indicate that the New Albany real estate market continues to stabilize.

Statistics for April New Albany Home Sales are recapped below:

 

                                              2012             2011              +/-%

# of home sold                         31                 25                +24%

Average Sales Price                $360            $345             + 4%

List/Sales Price Ratio               97%              96%             + 1%

Days on Market                         80                  85              – 6%

 

New Albany is now a Seller’s Real Estate Market

The National Association of Realtors defines a Seller’s Market as one with less than a 7 month supply of homes for sale. There are currently only 122 homes for sale in the New Albany Plain Local School District. Using April’s sales rate of 31 homes sold, that means there is currently only a 4 month supply of homes for sale in New Albany! The market definitely favors sellers and is why prices are beginning to rise, homes are selling closer to the list price, and days on market is declining.

If you want to be part of this robust selling season, we want to talk with you! Contact Kate & Tony Thomas at New Albany Realty by calling 614-939-8944 or visit our website www.NewAlbanyOhio.com to access all homes listed for sale in New Albany and the Greater Columbus area.

Kate Thomas

katet@newalbanyrealty.com

New Albany Ohio Real Estate – 2011 Recap

Good Real Estate News in New Albany!

Sales of single family homes in New Albany in 2011 exceeded 300 units for the first time in 6 years. 344 homes sold in New Albany this year compared to 274 homes sold last year. 2005 was the last year New Albany saw home sales in this range. I don’t know if this is the new “normal” but it certainly indicates that our market has probably hit bottom and hopefully on the upswing.

If you are one who has chosen to remain on the sidelines these past few years, this is a good time to consider jumping back in! As a seller, the inventory is lower than I can ever remember it being. It’s 38% below where it was at this time last year. As a buyer, prices and interest rates remain low though with the diminished number of homes for sale in New Albany, we may begin to show signs of prices rebounding in 2012. Call us to discuss your particular New Albany real estate 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 2011 Year End Review

Neighborhood Active
Listings
In
Contract
Sold 4th
Qtr 2011
Sold
2011
Sold
2010
Ave
$/Sq Ft
Ave
DOM
The Preserve 11 3 4 26 27 $104 85
Albany Park 5 1 13 5 $98 59
Windsor 4 5 5 13 12 $100 91
Hampsted 7 5 15 55 29 $113 65
NA Links 10 4 11 51 40 $115 90
New-CCollege* 5 1 5 14 8 $123 140
NACC < $1M** 22 12 13 89 74 $153 119
NACC > $1M 12 3 4 18 16 $199 161
Tot Plain Local
School District 100 44 75 344 274 $125 121
* Includes Tidewater, Saunton, Enclave and Wentworth
** Includes NACC and The Reserve

2012 could be your year to make a move… let us be part of it! Stay in touch and we’ll do the same! 

New Albany Real Estate Market Report for January

The last few weeks of 2011 proved to be a rather successful time for New Albany area home sellers, as evident by the most recent real estate data from Trulia.

Continue reading to learn more about the latest market trends in New Albany, Ohio and how it may affect you as a home seller.

New Albany Properties for Sale

Here’s an overview of the current state of the New Albany real estate market:

  • Currently there are 115 resale and new homes on the market, a historic low in New Albany School District.
  • Between October and December, the median sales price for homes in the New Albany School District was $422,800 which is up from the same period last year.
  • Here’s how nearby cities stacked up during that same period in terms of average sales price:
    • Gahanna Jefferson: $190,000
    • Westerville:  $178,500
    • Olentangy: $323,000
    • Dublin: $311,300
    • Upper Arlington:  $297,000
    • Bexley: $78,800
  • During the year ending December 31, the average listing price for New Albany homes was $554,500.

New Albany Homes for Sale

Knowing what homes are being listed for and what homes are selling for is just the tip of the iceberg when it comes to housing market activity.

For a more comprehensive overview of the current state of the New Albany real estate market – as well as where it’s headed in 2012 – contact us, Kate & Tony Thomas.

We’ll be happy to provide you with our expert advice on how to navigate the market as well as answer any questions you may have.

Until next time,

Kate & Tony

New Albany, Ohio Real Estate Market Report for November 2011

The New Albany, Ohio real estate market saw a lot of changes during the last couple of months, according to the most recent data from the real estate website Trulia.

Evidently, both home sales and home sales prices have been on the rise lately.

Continue reading to learn more about the latest trends on the New Albany housing market, and how they may affect you as a New Albany home buyer.

New Albany Homes for Sale

Here’s an overview of the current state of the New Albany real estate market based on recent market data:

  • Currently there are 286 homes for sale.
  • Between August and October 2011, the median sales price for a New Albany home was $305,000, which represents an 18.4 percent increase when compared to the same period last year.
  • Last year, the median sales price was $257,500.
  • During the week ending on November 2, the average price per square foot for a New Albany property was $157, which represents a 33.1 percent increase when compared to last year.
  • During that same week, the average listing price for homes was $394,553, which is a 1.8 percent decrease when compared to the week before.
  • Here’s how nearby markets stacked up in terms of average listing prices during that same week:

– Gahanna, Ohio: $195,597
-Westerville, Ohio: $246,323
-Pataskala, Ohio: $188,683
-Whitehall, Ohio: $109,092
-Reynoldsburg, Ohio: $138,261

This recent market data suggests that now is a great time to be a New Albany home buyer.  As the number of home sales continues to rise, so will sales prices.

Thus, if you’re looking to get a great deal on a New Albany property for sale, then we recommend you enter the market soon.

Investing in Real Estate

As your New Albany real estate experts, we believe that knowledge is power.  That’s why we work hard to provide interested home buyers with the most up-to-date market information each month.

That way you have a realistic and comprehensive view of the current state of the market, which will ultimately make you a savvier home buyer.

If you’d like to learn more about how we make navigating the market easier for New Albany home buyers every day, contact us, Kate and Tony Thomas, today.

We’ll be happy to answer any questions you might have as well as provide you with such helpful real estate tools as:

Until next time,

Kate & Tony

New Albany Country Club Real Estate Market Report

The New Albany Country Club is a stunning residential community made up of several unique neighborhoods, all of which are connected by a nature trail system.

There are seventeen distinctive communities that comprise the New Albany Country Club, all of which provide residents with incredible views of the 27-hold Jack Nicklaus golf course.

These neighborhoods showcase a wide range of prices and square footage and include:

 

  • Alban Mews $500,000 – $750,000; 2,750 – 4,000 sq. ft.
  • Ashton Grove $400,000 – $650,000; 2,750 – 4,000 sq. ft.
  • Clivdon $750,000 – $2,000,000; 3,500 – 7,000 sq. ft.
  • Fenway $500,000 – $1,750,000; 3,500 – 7,000 sq. ft.
  • Hawksmoor $1,000,000 – $2,000,000; 3,500 – 7,000 sq. ft.
  • Planters Grove $400,000 – $750,000; 2,750 – 4,500 sq. ft.
  • Richmond Square $350,000 – $500,000; 2,250 – 2,500 sq. ft.
  • The Reserve $500,000 – $1,000,000; 3,000 – 4,500 sq. ft.
  • Upper Fenway $400,000 – $800,000; 3,000 – 4,000 sq. ft.
  • Waterston $800,000 – $1,500,000; 3,500 – 6,000 sq. ft.
  • Wiveliscombe $900,000 – $1,500,000; 4,000 – 6,000 sq. ft.
  • And others!

However, these price ranges are just an average.  To see how much these homes are currently selling for, continue reading to learn more!

New Albany Country Club Properties for Sale

Here’s an overview of real estate market activity in the New Albany Country Club, based on the most recent data from real estate website Trulia.

  • Right now there are 56 resale and new homes on the market, including 5 homes in the pre-foreclosure, auction or bank-owned stages.
  • Between August and October, the median sales price for a New Albany Country Club home was $730,100, which represents less than a 1 percent decrease when compared to last year.
  • Last year, the median sales price was $736,500.
  • During that same period, the average price per square footage in this Ohio neighborhood was $162, which is equal to last year.
  • During the week ending on Nov. 2, the average listing price for a New Albany Country Club home was $922.800.
  • Comparatively, during that same week, the average listing price for all New Albany homes was $394,553.

Find Your Dream New Albany Home Today!

I hope you found the above information helpful as a New Albany home buyer.  If you’d like further assistance in analyzing the numbers and figuring out how it affects you, then contact us, Kate and Tony Thomas, today.

We’ll be happy to help you navigate the New Albany real estate market by providing you with expert advice as well as an array of helpful home buying tools.

We even have a state-of-the-art home search feature that allows you to search homes in specific price ranges:

Until next time,

Kate & Tony

New Albany Home Prices Stabilizing

New Albany Country Club Homes Prices Hold

Sale prices of homes in the New Albany Country Club community seem to have leveled out.  2012 prices remain equal to 2009 and 2010.  One of the gauges we use to evaluate sales trends is $ per Square Foot.  If you look at the past 3 years, the average sales price for real estate in the New Albany Country Club area has been ~$162/square foot.  While this is significantly less than the peak of $197/sq foot that we saw in 2006, it’s encouraging that we appear to be bouncing along what I believe is the bottom of the market.

Historical Look at New Albany Country Club Sales in $/Square Foot

The graph below illustrates why many real estate experts refer to the time between 2000 – 2010 as the “Lost Decade”.  Home prices in the New Albany Country Club community are actually slightly below the prices we saw in 2000.

 Is Now A Good Time To Sell?

Prices show no sign of going either up or down right now.  When they start to head back up, it’s unlikely that they will take a giant leap.  With few exceptions, in an average year, the Greater Columbus real estate market goes up 3%.  At 3% a year, it will take almost 7 years before we see 2006 prices once prices do begin to rebound.   If now is the time for you to upsize, down size, or just move because you don’t want to redecorate the home you are in, then you should do it.    Homes ARE selling and mortgage rates are at 60 year lows.  Let us know if you’d like Tony or I to assist you with your decision.  We offer confidential and complementary market evaluations of your home to enable you to make the best decision for you and your family.  Call or email us today.

Sign up to receive our blog.  Find Us on Facebook.  Search the MLS yourself.

New Albany Real Estate Bucks the Trend

National and Columbus Average Home Prices Drop 2nd Quarter 2011

The National Association of REALTORS® just announced that prices for existing homes fell an average of 2.8% nationally  2nd Quarter this year vs. the same period last year, with the average home selling for $172,000.  The Columbus Board of REALTORS® indicate that average homes prices in the Greater Columbus market fell 3.6% for the same period.

New Albany Ohio Prices Up Over 2011

New Albany, Ohio (Plain Local School District) average home sale prices increased 1.6% in the 2nd Quarter 2011, with the average home price at $443,000.  Visit www.NewAlbanyOhio.com to check out the latest market conditions in your neighborhood or contact Kate & Tony Thomas directly at info@NewAlbanyOhio.com.

Search the MLS Yourself
Read our Blog
Sign up for our eNewsletter
Find us on Facebook