If you’re a prospective New Albany area home buyer, then 2015 is certainly going to be a good year for you!
According to a recent New Albany real estate data report I was reading, the average price per square foot as well as the median sales price are both showing year-over-year decreases.
Translation? Now is a great time to get a great deal on a New Albany home for sale! Continue reading to learn more.
An Overview of the Current State of the New Albany Housing Market
Here’s are the most recent numbers from the local housing market:
- Currently there are 190 homes for sale on the market, including 37 in some stage of the foreclosure process.
- Between October and January, the average price per square foot for New Albany was $138, down 20.7 percent from the same period last year.
- Meanwhile, the median sales price for homes was $318,000 based on 61 home sales.
- Compared to a year ago, the median home sales price increased 0.2 percent, or $500.
- And the number of home sales decreased 4.7 percent.
- Broken down further, the median sales price for 2-bedroom homes here was$236,750.
- The median sales price for 3-bedroom homes was $280,000.
- And the median sales price for 4-beedroom homes was $369,500
- During the week ending on Jan. 7, the average listing price for New Albany homes for sale was $512,556, down 2.5 percent from the week before.
- During that previous week, the average listing price for homes here was $$525,000.
- Broken down by size of the home, the average listing price for 2-bedroom homes here was $215,832
- The average listing price for 3-bedroom homes was $382,8464.
- And the average listing price for 4-bedroom homes was $476,422
How Can We Help You With Your Next New Albany, OH Purchase?
If you’re thinking about investing in New Albany real estate anytime soon as a home buyer, we invite you to take a moment to contact us, Kate & Tony Thomas, today.
We have years of experience helping home buyers just like you make their dream a reality and we’d be happy to do that for you as well by answering all of your lingering questions and telling you about available listings in New Albany.
We’ll also offer practical and expert advice that you won’t find anywhere else!
Until next time,
Kate & Tony
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 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.
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Check your mail for your new home valuation!
We know property values have fallen since the last county-wide appraisals were done in 2005 but just how much? You’ll know soon. The Franklin County Auditor’s office is mailing the new valuations today! It’s unprecedented and will be interesting to see what they look like. While the auditor reports that Franklin County property values are down 6.7% from 2005, I expect to see a deeper decline in the New Albany valuations.
What if you don’t agree with the new valuation?
If you disagree with the new value established by the Franklin County auditor, you can present your case directly to county appraisers at informal value reviews held around the county beginning August 31st. For a complete list of dates and locations for these meetings, visit the Franklin County Auditor site. The New Albany community meeting will be held on September 8th at the Church of the Resurrection Ministry Center at 6300 E Dublin Granville Road in New Albany from 11 a.m. to 7 p.m.
Contact Kate or Tony if you have any real estate questions would like us to provide local market information to help you prepare for your meeting. Good luck!
Visit www.NewAlbanyOhio.com to search the MLS and get up-to-date New Albany and Franklin County real estate information.
Home Sales Up 29% YTD in New Albany
I just pulled the Year-to-date statistics for home sales in New Albany and was very pleasantly surprised at how strong they are. Through May, 2011, 124 single family homes have sold in the New Albany Plain Local School District versus 96 sold through May in 2010. This is a remarkable 29% increase in homes sold this year over last. TY/LY sales for the Greater Columbus area are down 16%.
Need Homes to Sell to Sustain Trend
With this leap forward in home sales, and a large inventory of homes currently in contract, New Albany is positioned to have a truly excellent year. The only stumbling block that I see right now is if the low number of homes for sale is not replenished. Inventory levels are off significantly. In order to sustain the current trend, it’s time for the “don’t have to sell, but want to sell” sellers to re-enter the market. If you fit that description or are a “have to sell” seller, then we want to talk with you! Call or email us today.
Hard to believe but true…
There are simply not enough homes available for sale in the New Albany Plain Local School District. New Albany real estate inventory levels are at record lows – off almost 40% from this time last year. Prices are stabilizing and buyers are looking. I have to say, if you’ve been on the fence about selling, this would be the time to get your New Albany home on the market.
Low Inventory in all Neighborhoods
Consider the following figures which point out how low the inventory is in each neighborhood we regularly track:
|Total Homes In
| % to
|New Albany Links*
|New Albany Country Club
At the peak of the market we often had 10% of the total number of homes in a neighborhood on the market. Don’t delay if you, or someone you know is interested in selling their home. The spring market has begun! Contact Kate or Tony at 614-939-1234 or email@example.com to discuss potential marketing and pricing strategies for your New Albany home in this current market.
*Includes Upper Clarenton. **Data is obtained from the Columbus Board of Realtors MLS and may not include all activity in the real estate market.
Search the MLS Yourself!
I had a phone call from a gentleman this week asking if I was the listing agent for a home for sale in New Albany. I replied that I wasn’t but that I could help him as a buyer agent to which he replied, “What’s that?” It made me realize that as Realtors, we use a lot of terms that may not be familiar to those not in the business. So I took a moment to explain to him what a buyer agent is along with explanations of other common terms.
Real Estate Brokers – Real estate brokers have a real estate broker’s license and operate a real estate brokerage. New Albany Realty is the brokerage that Kate & I work for.
Realtors® – A Realtor is a licensed real estate agent who is also a member of the National Association of Realtors® (NAR). We are members of NAR® and thus, are able to call ourselves Realtors.
Listing Agents – Listing agents are real estate agents who represent sellers, market their homes and work to get their sellers the best price and terms. In Ohio, with written permission listing agents may also represent the buyers for their listings.
Buyer Agents – Buyer agents are real estate agents who represent buyers, help them find homes that meet their criteria, and work to get their buyers the best price and terms. We have 2 Buyer Agents on our team – Bev Klein and Laura Kohler. Bev and Laura are available to assist you with your home search so don’t hesitate to contact them.
Kate & Tony work with both Sellers and Buyers and would be happy to work with you!
The number of single family homes for sale in New Albany, OH reached a new low in February falling 34% from the same time in 2009. There are currently 168 homes for sale in New Albany Plain Local School District versus 207 in February, 2010 and 256 in February, 2009. The following neighborhoods have reduced inventories from the same time 2009. Some declines are more significant than others.
New Albany Homes For Sale Feb 2011, 2010 & 2009
Does a low inventory make it a good time to sell your home?
The answer is “Yes”. The timing of when to put your home on the market is a common question. The spring market is approaching and traditionally we see more buyers during March – June than we do at any other time of the year. There are always buyers looking for great homes in a great communities and New Albany has both! Contact firstname.lastname@example.org to confidentially discuss placing your home on the market this spring and to address any questions you may have about market trends in your specific neighborhood.
Stay informed by subscribing to our monthly marketing report from Altos Research.
I recently read a blog article by Linda Craft, a member of our CKG Coaching Network, that really resonated with me. I want to share a few of the high points. Home buyers shop for a home differently than most sellers think. Our Greater Columbus real estate market tends to favor buyers. As a result, today’s Buyers are looking to eliminate houses they view instead of choose them.
Eliminate a Home versus Choose a Home
Today’s buyer has many choices of homes to choose from and has the ability to preview as many as their time allows. Using the internet, buyers can preview and “eliminate” hundreds of homes for sale. As they view these homes, they are looking for reasons to eliminate it from their list. The reasons are varied – they may think it needs too much work, is too small, don’t like the color it’s painted, etc. The reality is that the house may be a good fit for them and the reason they choose to eliminate it from the list could be easily rectified.
So What Are Buyers of New Albany Homes Looking For?
Today’s Buyer will continue their search for the “perfect” house – the one they don’t need to do anything to but move right in. They prefer updated finishes in the kitchen, baths, and choice of home hardware. They prefer neutral décor, brightly lit and uncluttered rooms.
When preparing to list a home, Kate & Tony provide Sellers with a complimentary consultation with a professional stager to help make the home “buyer ready.” We want to give buyers looking at your home a reason to choose and not eliminate. To discuss preparing your home for in more detail, just contact Kate & Tony Thomas, your New Albany real estate experts at email@example.com.