As more and more home buyers have flocked to the New Albany real estate market in search of their next dream home, available homes for sale have become more and more in demand.
Now, real estate experts all over Central Ohio are calling upon would-be home sellers to list their properties now to capitalize on all of the pent-up demand from home buyers.
At least, that’s the gist of a recent article we read.
New Albany, Ohio Real Estate for Sale
A strange thing is happening on the New Albany real estate market – as well as other markets around the country.
While home sales are up, home listings are actually at their lowest level since 2002.
Thus, real estate analysts everywhere are encouraging home owners to list their property in order to meet a rising demand for properties for sale.
Here’s a breakdown of the current housing market situation in Central Ohio:
- A little more than 9,000 Central Ohio homes are listed right now, which equates to about a 4.7 month home inventory.
- Generally speaking, a six-month supply is considered a balanced – and therefore healthy – market.
- Worthington has a 1.8-month supply
- Upper Arlington has a 2.2-month supply
- Beechwold/Clintonville has a 2.7-month supply
- Grandview Heights has a 2.3-month supply
- Powell has a 2.6-month supply
- New Albany has a 4.6 month supply
It’s similar in other markets throughout Central Ohio.
So what exactly is causing the low inventory of available homes for sale?
Experts credit it to a number of reasons:
- A sharp increase in home sales has outpaced the number of homes being listed on the market.
- A large drop in home owners listing their property because they’re wary of not getting a good price for their home. For instance, in the first two months of 2013 – 5,473 central Ohioans listed their home, compared with 8,195 homes that went on the market during the same period in 2006.
- Home sellers who would have wanted to move up to a bigger home are finding it harder to secure a mortgage because of tighter lending restrictions, so they’re staying put.
But as experts are telling home sellers everywhere, there are some great benefits to be had for those home sellers who enter the market now.
After all, because inventory is so low, home sellers stand to get a great price for their home – perhaps even multiple offers!
Sell Your New Albany, Ohio area home today!
As your Central Ohio real estate experts, we’ll be able to get you the results you want on the local housing market by offering unbiased advice and such helpful resources as:
Until next time,
Kate & Tony