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
|Sold 4th Qtr 2012||Sold
|NACC < $1M**||27||10||14||77||89||$157||100|
|NACC > $1M||12||2||2||16||18||$221||134|
|Tot Plain Local|
|* 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