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

 

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