Tag Archives: New Albany Market Update

Will 2017 Be a Buyer’s or Seller’s Market?

Buyers Road and Sellers Lane signsA common question as we enter the new year is “Will next year be a buyer’s or seller’s market?” Most economists agree that 2017 will likely remain a seller’s market. In some of our neighborhoods, the answer is obvious — we have been playing “catch up” on inventory all year. I expect the New Albany market to continue to skew toward sellers well into 2017, even with an uptick in mortgage interest rates. There are several pockets where inventory levels remain higher, primarily the +$1M market, that might be classified as a buyer’s market.

The National Association of REALTORS® defines a seller’s market as one with less than a 6-month supply of homes for sale. A balanced market will have a 6- to 7-months’ supply of homes for sale, and a buyer’s market generally has an 8-month supply or more. Supply varies from community to community as seen in the table below (based on inventory/trailing year sales as of 12/20/16):

Neighborhood Months’ Supply of Homes for Sale

CommunityMonths of Supply
New Albany Country Club (under $1M)4
New Albany Country Club (over $1M)12
Hampsted Communities2
New Albany Links Communities1
Windsor3
Preserve Communities1
Albany Park0

Where Will Mortgage Rates Go?

The consensus seems to be that mortgage rates will rise from the historically low interest rates we’ve enjoyed for the past eight years. In fact, we’ve already started to see an increase. When the Federal Reserve raises its rate, it inevitably puts pressure on rates that lenders charge for mortgage interest. We don’t believe the rates will increase to levels where affordability will be substantially impacted.

Key Takeaway for Sellers: If you are planning to sell your home in the next two years, 2017 is likely to be the better year in which to do so. Call us for more info: 614-939-8944.

October 2008 YTD New Albany Real Estate Market Update

Despite what the pundits would have you believe, homes are selling!!! Year to date in New Albany, unit sales are only slightly off of 2007. October was the first month this year where unit sales of single family homes in the Plain Local School system fell significantly below 2007 figures. 20 homes sold during October in New Albany this year versus 29 homes that sold in October 2007. We will continue to watch it and keep you informed of all the changes we see in the market.

Stay tuned…the market will fully recover. That said, it’s important to keep everything in perspective. Let us know if you want to know the value of your home right now. We have some new cool software that gives you a very complete snapshot of what is happening in your neighborhood. We’d love to share it with you.  Contact Kate & Tony today. 

 
Neighborhood
Active
Listings
In
Contract
Sold
Sep 08
Sold YTD
Sept 08
Sold YTD
Sept 07
Average
$/Sq.Ft
 Ave.
DOM 
The Preserve 21 1 2 23 34  $    109 138
Albany Park 10 0 0 7 13  $    116 146
Windsor 9 3 0 9 9  $    114 90
Hampsted Village 21 10 6 44 24  $    119 121
New Albany Links 36 6 4 28 24  $    119 150
Tidewater/Enclave * 9 0 0 5 4  $    158 238
NACC < $1 million 65 5 3 49 57  $    156 170
NACC > $1 million 35 3 2 17 18  $    222 230
Total Plain Local
School District
267 36 20 239 238  $    133 145

*Includes Tidewater, Saunton, Enclave, & Wentworth

All data compiled is from the Columbus Board of Realtors YTD October 2008 MLS.

New Albany Neighborhoods