Tag Archives: price

New Albany, Ohio Real Estate Sales Showing Signs Of Life!

July is the first month in 2009 where unit home sales in New Albany Ohio were equal to the number sold in 2008. 30 homes sold in New Albany this July, the same as was sold July ’08. At the end of the 1st quarter this year, unit sales were off the 2008 pace by over 50%. Through July, 2009, unit sales are off 25% – a marked improvement over 1st quarter.

As you can see in the chart below, TY/LY unit sales year to date vary tremendously by neighborhood. In the Plain Local school district, 127 homes have sold year to date this year compared with 170 homes sold through the end of July last year.

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Inventory levels in the New Albany Plain Local School District are 18% lower than they were at this time last year. 2008 home sales and inventory numbers are available in our August 2008 Enewsletter. There are definitely opportunities for sellers in neighborhoods with depleted inventories. If you want information specific to your New Albany neighborhood (or Greater Columbus), please contact Kate & Tony Thomas

We hope the news continues to be good – we’ll keep you posted!

See you soon,
Kate

Get Your New Albany Home Sold…Now!

It Takes Location, Condition and Price to Sell a Home! Selling a home in today’s market is challenging to say the least. In the past, you could overcome a less desirable location with a great price. You used to be able to overcome dated condition/décor with a great location and floor plan. And occasionally, a home in a great location and superior condition would sell for more than one might have predicted. But not today.

Today’s buyers want it all – a great location, excellent condition and a price that is too good to resist! There is enough inventory on the market that a buyer will pass on a home with wallpaper, a dated kitchen, or flooring in need of replacement. Most buyers will not even look at a home that they perceive to be priced unrealistically. To a buyer, an overpriced home indicates an unmotivated seller.

Price is still the key but the location and condition part of the equation are factors that must also be considered when setting the asking price. Currently, there are more homes than buyers for those homes. When Tony and I are determining the best possible price for a home, we will identify the 3 homes that offer the most competition and then recommend that the home be priced in front of them. We do not want to “test the market” or “follow the market down.” Rather, we want to “lead the market.

This pricing strategy doesn’t guarantee that a house will be the next home sold but it sure will increase the likelihood of it being shown to potential buyers. It has to be shown to sell. Once you have an offer, you can accept, counter or reject it. But at least having an offer, puts you (the seller) in charge.

Find out how actual selling prices compare to listing prices in your neighborhood by getting an instant MLS Market Snapshot.

Absorption Rate in New Albany

Yes, absorption is the correct term for Sponge Bob’s ability to soak up water and the same holds true in the real estate industry. In real estate, the absorption rate is the amount of time, generally expressed in months, that it will take a market to “absorb” the current inventory based on recent history. In other industries, this measurement may be called turnover rate or simply weeks or months of supply.

As I’m sure most of you know, Kate and I have a background in retail where you live and die by turnover rate. If the inventory is turning too fast, you’re going to run out of stock and have empty shelves; too slow and it’s time to pull out the red pen and take a mark down!

In real estate, you often hear references to it being a Buyer’s Market or a Seller’s Market. The National Association of REALTORs suggests that a market is in balance when there is a 7-9 month absorption rate. When inventory is six months or less – it’s a seller’s market as there is more demand than inventory. Homes sell quickly and for close to or sometimes above list price. When the months of supply exceed 9 months, it’s considered a buyer’s market. Homes take longer to sell and the list price sales price ratio slides.

How do you figure the absorption rate? It’s a simple formula:

Inventory ÷ # Units Sold x Time = Absorption Rate

For example, if the market you are evaluating (subset) has 12 homes on the market and 6 homes sold in the past six months, the absorption rate would be 12 months.

The key is to understand the subset. In New Albany, there are many subsets, defined by price, neighborhood, age, location etc. Remember, real estate is local…very local. The absorption rate of a $1M brick home has little to do with understanding the market or absorption rate for a $400,000 vinyl sided home in a different neighborhood.

If you are interested in the absorption rate in your neighborhood, try out our free MLS Market Snapshot feature and have a look. Of course you can always drop me an email at tonyt@newalbanyrealty.com or call 614-939-1234 and I can run some quick numbers for you.

Hampsted Village Homes Sold in 2007

A year end review shows that while the real estate market slowed down in 2007, is it may not be the doom and gloom picture painted by the national media.  In fact, Forbes Magazine recently ranked Columbus as the 3rd most stable housing market of the 40 largest American cities. In Hampsted Village, the average 2007 sales price was $358,800, compared to 2006, where the average sales price was $355,891. The biggest difference in comparing 2006 to 2007 is the amount of homes sold: 56 in 2006 and 30 in 2007. Unit sales in New Albany overall were off by about 10% over 2006 while the average sales price fell about 6%. The good news is that beautiful Hampsted Village continues to not only be a great place to live, but also holds value in the market place.

Homes Sold in Hampsted Village in 2007:


*This representation is based on data supplied by the Columbus Board of REALTORS® or it’s MLS from 2006. Data maintained may not reflect all activity in the real estate market.

New Albany Neighborhoods