Lawrence Yun, chief economist for the National Association of Realtors, presented the NAR Forecast for 2010 real estate at the annual conference held in San Diego in November. His projections included the following good news: 13.6% increase in the sale of existing homes as well as a return to positive growth in home values as inventory levels continue to decline.
Although real estate markets vary widely from community to community and his forecast is a national one, we hope his projections will hold true for our local market in Columbus, Ohio. I for one am ready for some good news to share.
New Albany Market Supports Projection
Unit sales of existing homes in New Albany, Ohio for the trailing 3 months (September, October, November) supports one of the projections made by Mr. Yun. 2009 Unit sales for those 3 months are up 20% over the same time in 2008. As reported in our November eNewsletter, inventory levels are down almost 15% over last year so hopefully, the sales prices will begin to stabilize and New Albany will begin to see positive growth in prices going forward.
Now is the time to consider your goals for real estate in 2010. If you are thinking about a larger home, a smaller home, or a move out of the area, please contact Tony or me to discuss your plans and how we can help you achieve your goals.