Good Real Estate News in New Albany!
Sales of single family homes in New Albany in 2011 exceeded 300 units for the first time in 6 years. 344 homes sold in New Albany this year compared to 274 homes sold last year. 2005 was the last year New Albany saw home sales in this range. I don’t know if this is the new “normal” but it certainly indicates that our market has probably hit bottom and hopefully on the upswing.
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 lower than I can ever remember it being. It’s 38% below where it was at this time last year. As a buyer, prices and interest rates remain low though with the diminished number of homes for sale in New Albany, we may begin to show signs of prices rebounding in 2012. Call us to discuss your particular New Albany real estate 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 2011 Year End Review
|NACC < $1M**
|NACC > $1M
|Tot Plain Local
|* Includes Tidewater, Saunton, Enclave and Wentworth
|** Includes NACC and The Reserve
2012 could be your year to make a move… let us be part of it! Stay in touch and we’ll do the same!
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
Last time, we shared with you some of the advantages and disadvantages of owning a new construction New Albany home.
Today, we’ll continue the series by telling you about the pros and cons of owning a resale home on the New Albany real estate market.
Investing in New Albany, Ohio Real Estate
Although it may seem that buying a new construction home would be the superior investment, there are actually plenty of reasons why home buyers choose resale homes instead.
Here are some of the advantages of buying a resale home:
- You’ll be able to enjoy a yard with lush landscaping and established trees immediately. When you buy a new construction home, you’ll likely have to invest in the initial landscaping yourself. Not only can that be costly, but it can also be years before you can fully enjoy the fruits of your investment. If you prefer to live somewhere that already has a canopy of trees overhead and lush landscaping, resale homes are the way to go.
- You may inherit some appliances and window treatments from the previous owner. Often times, home buyers successfully bargain with sellers to throw in the fridge or washer and dryer with the purchase of the home. You may not have that bargaining option with a new construction home.
New Albany Resale Properties
Yet, home buyers should be aware that there are also some drawbacks to buying an existing property.
Here are some of the disadvantages that you should know about before entering the New Albany real estate market:
- You may be investing in an outdated floor plan. Like anything else, the trends that dictate the housing industry change over time. Dated floor plans may prove to be less convenient or efficient than more modern layouts.
- You’ll have to pay to get your home inspected. Because you aren’t the only person who has ever lived in the home, you’ll want to invest in getting your home inspected for mold, plumbing and wiring issues and more at some point.
- Eventually you’ll have to buy all-new appliances. While it’s great that sellers will often throw in their appliances with the purchase of the home, those appliances will eventually get to old to use. That means that at some point down the road, you’ll have to foot the bill for all-new appliances.
Your New Albany REALTORS
We hope that you have found our series on new construction versus resale homes helpful as a home buyer.
After all, the sooner you can narrow down the search for your dream New Albany home, the more time and money you’re likely to save in the process.
When you’re ready to take that next step toward investing in New Albany real estate, contact us, Kate & Tony Thomas.
As your Central Ohio real estate experts, we’ll be happy to answer any questions you may have and offer you such invaluable home buying tools as:
Until next time
Kate & Tony