Tag Archives: New Albany Real Estate Market Update

New Albany Real Estate Market Update

Hi All,
 
I thought you might be interested in the state of the New Albany Real Estate Market as we wrap up the 3rd quarter of 2019.  There’s always information in the news but real estate is so local that you can’t always apply national or even Columbus results with our own.  In the chart below you will see how many homes sold in many of our NA neighborhoods both in the 3rd quarter and year-to-date.

New Albany 3rd Quarter Overview (click for larger view)
Source: Columbus Realtor MLS through 9/30/19 
In most cases, the number of homes sold this year is lagging behind last years numbers.  I don’t think this means our market is slowing…rather, the fewer sales are a result of a lack of homes to sell.  The only exception to this is in the New Albany CC community above $1M.  That market has seen the months’ supply shift to a Buyer’s Market while the rest of NA remains a market favoring sellers.  I can send you the information on any neighborhood in Greater Columbus so if your neighborhood isn’t in the chart and you would like it, just let me know!
 
Market activity in October and November is generally strong, and inventory is dwindling making it a good time to consider selling if you’re considering a sale in the near future.  We’d love to talk with you if you are.  We always have time to update you on the market for your home so please let us hear from you! 

Happy Fall! 
Kate

M. Kate Thomas
Founding Partner
Thomas|Riddle Real Estate Group

New Albany Real Estate Market Report

 

It was a great month on the New Albany real estate market, especially if you’re a home seller.

Evidently, home sales in Central Ohio are up while total home inventory is down.

Continue reading to learn more about current market trends on this Central Ohio real estate market.

Central Ohio Properties for Sale

Thinking about selling your home? Be sure to check out the latest market statistics from the Columbus Board of REALTORS o develop a comprehensive idea of what homes are selling for in your area:

  • For the last four months, home sales have been greater than in 2010.
  • In October, 1,543homes sold in the Columbus area, representing an 8.6 percent increase when compared to the same month last year.
  • Last October, 1,421homes sold.
  • In September, home sales were up by 16.6 percent when compared to the year before.
  • Year-to-date, 2011 home sales are just 2.1  percent behind numbers in 2010.
  • 1,379 homes went under contract last month, which represents a 46 percent increase when compared to 2010.
  •  The Columbus area housing inventory was down to an 8.1 month supply in October.  This is equivalent to 13,827 homes for sale on the market today.
  • In September, the local housing inventory was an 8.7 month supply.
  • During the year 2011 so far, the average sales price for single-family homes and condos in the Columbus area was $157,327.

 Selling New Albany Real Estate

All of this is fantastic news for home sellers because it means that supply is starting to exceed demand, giving home sellers an edge on setting the price they want for their New Albany home.

If you’ve been thinking about selling your New Albany home, contact us, Kate and Tony Thomas, today.

As your New Albany real estate experts, we’ll walk you through our comprehensive marketing plan for sellers, which will help you sell your home in less time and for more money.

In the meantime, we recommend you check you some of our other home selling resources that we offer:

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.

Franklin County Property Appraisals Released Today

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.

Homes For Sale in New Albany at a 2 Year Low

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 katet@newalbanyrealty.com 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.

New Albany Home Buyers Eliminate Many Homes For Sale

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 info@newalbanyohio.com.

New Albany Real Estate Market Improves for 2010

Three Key Metrics All Positive

A look at a few key metrics tell the story.  New Albany real estate is on the rebound.  While first portion of 2010 was driven by tax incentives and first time home buyers, we really just “borrowed” future sales from July and Aug to hit the June 30th deadline.  We were really pretty flat through mid 3rd Quarter 2010.  Then we had a good finish and pushed ahead of 2009 in these important areas:

Traffic & Sales…Up

 

 

In 2010, 302 homes closed in New Albany vs 272 the previous year.

Median Sale Price …Up

 

The median sales price for homes sold in New Albany increaded from $283,000 in 2009 to $308,000 in 2010.

Median Days on Market…Down

.

The median home in New Albany was on the market for 88 days in 2010 – in 2009, it was on the market 104 days.

So what’s all this mean to me?

Well if you are a Buyer trying to time the market (if you can do this, let me and my financial advisor know asap) we may well be seeing the bottom.  If you are a Seller, you may be encouraged that the worst may be behind us.  In any event, if you want to buy or sell a New Albany home, now is the time and Kate & Tony are the ones to help.  Let us show you how Kate & Tony’s service and results make them the market leaders in New Albany Real estate.

P.S. You can also just search the MLS yourself to see how your home compares…

New Albany Ohio Real Estate – 2010 Recap

New Albany Beats the Averages!

You don’t have to look too hard for some encouraging real estate news in New Albany from last year.  Overall, prices stabilized and unit sales were up 13% over the 2009 numbers versus a 5% decrease in unit sales in the entire Columbus Board of Realtors.  As you will see in the chart below, some neighborhoods faired a little better than others.  The New Albany Links and New Albany Country Club communities significantly improved in units sold but lost a little ground in sales prices while The Preserve and Albany Park saw improvement in sales prices. 

It’s early to predict where 2011 will take us but there appears to be some good pent-up demand by both Buyers and Sellers based on the number of phone calls that Tony and I are receiving.  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 low compared to previous years.  As a buyer, prices and interest rates remain low (though showing signs of increasing).  Call us to discuss your particular situation.  The chart below is the Year End results for New Albany, Ohio.  If your neighborhood is not included, just let us know.  We will send you the comparable information for your neighborhood. 

New Albany 2010 Year End Review

                 
Neighborhood Active In Sold Sold Sold Ave ’10 Ave ’09 Ave
  Listings Contract Dec ’10 2010 2009 $/Sq Ft $/Sq Ft DOM
The Preserve 16 2 26 31 $103 $103 79
Albany Park 1 2 3 5 9 $104 $101 83
Windsor 7 2 2 12 7 $103 $108 70
Hampsted 13 3 2 30 35 $111 $115 83
NA Links 25 4 1 40 29 $110 $122 133
New-CCollege* 7 0 0 8 3 $128 $138 342
NACC < $1M** 54 9 5 74 62 $147 $150 151
NACC > $1M 24 1 1 17 10 $208 $220 260
Tot Plain Local                
School District 187 28 20 289 254 $119 $118 131
                 
*    Includes Tidewater, Saunton, Enclave and Wentworth        
**  Includes NACC and The Reserve            
                 

Stay in touch and we’ll do the same!  Kate & Tony Thomas

New Albany Real Estate Forcast

Land HO!

 

What do you see on the horizon?  Are we through the worst of the storm?  How do you think New Albany Real Estate is doing?

Here’s some interesting facts from presentation I did for the NA Realty Assn looking at the first 4 mos of this year.

On the Plus Side For New Albany Residential Sales

  • Total sales volume for New Albany is up 45% over LY vs the total Columbus Board up 26% vs LY.
  •  Total unit sales are up over last year.
  •  Average sales price jumped from $386.0 to $418.0
  • Average $ / sq ft (Value) dropped less than the previous 4 years

But, On the other hand

  • Total Sales Volume is still behind 2007 and 2008 levels.
  • Total unit sales are still bel0w 2007 levels
  • Average sales price is still below the 2006 high of $444.0
  • Average $ / sq ft (value) has dropped 17 % since 2006

So What does it all Mean?

Simply stated, it means that New Albany Home Sales the first four months of this year were substantially improved over the same period of 2009.  That said, LY was a really tough year, so I would expect to see improvement.  

We certainly have seen an increase in volume in all areas and a substantial slowing in the erosion of value as expressed by $ / sq ft.  One of the big unknowns is how much forward business the tax incentive pulled out of the Summer selling season.  

The Forcast Then?

Continued slow improvement.  However with a fragile economy, continued inventory surplus and skittish Buyers, it’s likely to continue to be a bumpy ride.

I’ll keep you posted (or blogged). 

August 2008 YTD New Albany Real Estate Market Update

While the real estate market in Columbus remains a sluggish, the news in New Albany is a little brighter. Unit sales of single family homes in New Albany continues to outpace last year despite the fact that unit sales for the greater Columbus area as reported by the Columbus Board of Realtors is down 15% year to date. In August, unit sales in New Albany were higher than the same time last year.

The average home sales price in New Albany based on $ per sq foot is down ~6% over the year to date numbers from 2007. Generally, prices remain depressed as long as inventory levels remain high. Last year there were 243 homes on the market in New Albany (Plain Local Schools) on September 1st and this year there are 286 homes on the market or an 18% increase in inventory. As inventory levels come down, we expect to see average sales price begin to rise once again. Don’t be discouraged. Homes are selling in every neighborhood in New Albany. Contact us with questions about your own neighborhood or if you would like to buy or sell a home.   

 
Neighborhood
Active
Listings
In
Contract
Sold
Aug 08
Sold YTD
Aug 08
Sold YTD
Aug 07
Average
$/Sq.Ft
 Average
DOM 
The Preserve 18 6 2 18 28  $    109 235
Albany Park 8 0 0 7 9  $    116 164
Windsor 8 5 1 6 7  $    116 143
Hampsted Village 39 8 3 35 19  $    121 145
New Albany Links 41 8 1 19 20  $    119 147
New Off Central College Road* 7 1 1 4 4  $    146 267
NACC < $1 million 65 2 5 44 44  $    155 200
NACC > $1 million 36 4 3 13 14  $    238 313
Total Plain Local
School District
286 44 29 198 192  $    142 173

 * Includes Tidewater, Saunton, Enclave, & Wentworth

Data gathered from the Columbus Board of REALTORS MLS.