Archive for the 'Columbus and Central Ohio Home Sales Stats' Category
Columbus Ohio Real Estate and Economy 2007 Update- End of Year
December 13th, 2007 Columbus Buyer Info, Columbus Seller Info, Columbus and Central Ohio Home Sales Stats, The Bad, The Good No Comments
We’ve all heard the hubbub in the news about urgent housing issues… so how is the market really doing here in Central Ohio? Here’s a few points to help get a perspective:
Columbus’ unemployment rates are the lowest in the state, sitting at 4.7% at the end of October.
Statewide, Ohio has one foreclosure for every 290 households. That means 289 homes have stable, healthy mortgages.
The new home construction market is struggling. Housing starts are 50% less in Columbus since 2003.
We are having one of the best Buyer’s Markets that we will see for a long time. That’s fabulous news for buyers, frustrating news for sellers. (Sondra note: I’m telling sellers that traditionally the thought has been to make your money selling your home; but in this market, the money to be made is on the buying end. Do what you need to do to get your home sold, and look for the equity-gaining deals on the buying end.) Keep in mind this market will change. For those buyers sitting on the fence, a word of warning: it’s not going to get better than this. There are wonderful bargains out there, and great low interest rates.
A Forbes.com study reported Columbus as the 3rd most stable housing market in America. Central Ohio has had a long history of stable, reliable housing values, and continues to do so.
The end of October was the third month in a row for home listings being added to the market to be down from a year ago (6.9% down for October). This is a good indicator that the market is making a correction. As the listing pace slows, inventory levels drop and home sale prices stabilize and start to rise.
The average sale price of a home in the Central Ohio area for the furst 10 months of 2007 is $173,122.00– which is 1.5% lower than the same time frame for 2006. Average Days on Market for a sale is 107 days.
For specific statistics on sales in your area or neighborhood, contact Sondra for more details.
Foreclosure Statistics in Columbus Ohio Area
September 18th, 2007 Bank-Owned/Short Sale Homes, Columbus Buyer Info, Columbus Seller Info, Columbus and Central Ohio Home Sales Stats, The Bad 2 Comments
We’ve heard the doom and gloom of foreclosed homes in this country. Here’s some real numbers and stats of what’s happening in Columbus and central Ohio, courtesy of the Columbus Dispatch:
For Franklin county and all the surrounding counties, there were 6000 foreclosed homes in 2005, 10,000 in 2006, and 8,485 for the first 6 months of 2007.
Percentage-wise, the biggest jump in foreclosures is Union County (197 through June 2007 compared to 80 for 2006).
The Top 10 Most Affected zip codes all have a portion of area in Columbus. Seven of the Top 10 are south of downtown, running from the Hilltop/Franklinton area, down to Grove City, east through the Greman Villlage area and over to Reynoldsburg.
The hardest hit area south of downtown is 43207, which includes the Obetz area. Obetz owners are hopeful that the bustling business growth in and surrounding the nearby Rickenbacker Airport will stimulate home buying and increase home values.
Within the city limits, the Linden area is struggling, with the zip code 43211 portion of the Linden area winning the number 1 spot in the Top 10 list.
Now…. some of these homes are in terrible condition; I have personal experience showing them. But… there are many of them that just need a little TLC to become fine, loving homes for families to grow up in. And all have prices that are opportunities for buyers!
It’s a great time to buy a home. Period. Jump in the marketplace and see how the water feels….. get a search set up via email that allows you to test the waters and see what is out there for you….. you won’t regret it. (What is gloom to some people is opportunity for others…)
What?!? GOOD News in the Columbus Housing Market?!?
September 12th, 2007 Columbus Buyer Info, Columbus Seller Info, Columbus and Central Ohio Home Sales Stats, The Good No Comments
I know folks… it’s HARD to believe. In spite of all the doom and gloom the national newsbies are crowing about at every turn in regards to home sales, mortgages, blah, blah, blah, our LOCAL housing statistics will add a spot of brightness to your day.
Columbus Ohio and area home sales increased 5% in the month of July– total sales were 2,398. Homes that went into contract in August were 2% higher than August 2006.
Yes, the market this year has been challenging. Other areas of the country are experiencing extreme price swings. But here’s an important reminder: All real estate is local. It’s not the national statistics that impact you– it’s really not even the city statistics. It’s the market conditions in your area and your neighborhood. These sales stats and days on market are going to give you a true picture of what your home sale process will be.
Interested in what’s happening in your neighborhood? Any good realtor worth their salt will be happy to give you an accurate market report. Call me with questions…. that’s part of my job.
Don’t let the media ‘talking heads’ determine your needs and choices. Get the information you need from a local expert.
Columbus Ohio Area Home Sales - The Mid-Year Mark
July 25th, 2007 Columbus Buyer Info, Columbus Seller Info, Columbus and Central Ohio Home Sales Stats, The Good No Comments
How is the Columbus and Central Ohio market REALLY doing? Here’s a look at the different communities and their home sales from January through the end of June- offically half-way through 2007……
For Homes with a Columbus mailing address:
4401 Homes sold in the first six months, with the average List Price being $132,212.00 and the average Sold Price being $128,064.00 - or 96.8% of the List Price.
Looking at sales in the same period for 2006, 4689 Homes sold in first six months of 2006, with the average List Price being $136,325.00 and the average Sold Price being $132,825.00 or 97.4% of the List Price.
Columbus is a HUGE market- here’s a ‘big picture’ look at the metropolis. We’re running 3 for 3 in the red… down in number of homes sold, final sold price, and the List to Sale ratio. BUT note: we’re still getting a good List/Sale ratio of 96.8%. In a future post, we’ll take a look at some of the communities within the Columbus area……….
For Homes with a Dublin mailing address:
568 Homes sold in the first six months, with the average List Price being $302,265.00 and the average Sold Price being $292,757.00 - or 96.8% of the List Price.
Looking at sales in the same period for 2006, 554 Homes sold in first six months of 2006, with the average List Price being $330,860.00 and the average Sold Price being $323,706.00 or 97.8% of the List Price.
Hmmm Dublin- up in number of sold homes, but down in the sold price and the List to Sale price….. an indication that the higher priced homes are having a tough time, but the intermediate homes are moving well….
For Homes with a Gahanna mailing address:
202 Homes sold in the first six months, with the average List Price being $215,436.00 and the average Sold Price being $204,354.00 - or 94.8% of the List Price.
Looking at sales in the same period for 2006, 227 Homes sold in first six months of 2006, with the average List Price being $189,855.00 and the average Sold Price being $185,682.00 or 97.8% of the List Price.
Whew-hoo, Gahanna… a few less homes sold, and it’s been a bit rougher in the net sale price, BUT…. WAY up in your average sale price…. that’s called Appreciation, folks!!
For Homes with a Pickerington mailing address:
285 Homes sold in the first six months, with the average List Price being $218,708.00 and the average Sold Price being $212,081.00 - or 97% of the List Price.
Looking at sales in the same period for 2006, 328 Homes sold in first six months of 2006, with the average List Price being $208,953.00 and the average Sold Price being $214,424.00 or 97.4% of the List Price.
OOOPS– Sorry, Pickerington– your first comments were WRONG! Thanks to Sean Casey of This Week Pickerington for pointing this out (I goofed and thought the 2006 figures were 2007…) SOOO… you’re a smidge down in homes Sold, your average Sold Price, and your percentage of List to Sale price… BUT as you see in many of the other communities, we’re talking small numbers here. No cause for alarm……
For Homes with a Powell mailing address:
374 Homes sold in the first six months, with the average List Price being $329,923.00 and the average Sold Price being $319,389.00 - or 96.8% of the List Price.
Looking at sales in the same period for 2006, 354 Homes sold in first six months of 2006, with the average List Price being $334,018.00 and the average Sold Price being $325,564.00 or 97.5% of the List Price.
Ahem, Powell- more homes sold, but a blip in the average sold price and the List to Sale price ratio…. still, steady, strong movement, and DEFINITELY not a sign of any strong recession….
For Homes with a Grove City mailing address:
444 Homes sold in the first six months, with the average List Price being $155,017.00 and the average Sold Price being $149,654.00 - or 96.5% of the List Price.
Looking at sales in the same period for 2006, 474 Homes sold in first six months of 2006, with the average List Price being $151,932.00 and the average Sold Price being $147,665.00 or 97.1% of the List Price.
Goodness, Grove City- it’s a mixed bag. Down a bit in sold homes, up a bit in the sold price, and a sliver lower in the percentage of List to Sale price. Overall, holding your own, and moving along….
For Homes with a New Albany mailing address:
195 Homes sold in the first six months, with the average List Price being $385,003.00 and the average Sold Price being $371,018.00 - or 96.3% of the List Price.
Looking at sales in the same period for 2006, 180 Homes sold in first six months of 2006, with the average List Price being $453,978.00 and the average Sold Price being $436,850.00 or 96.2% of the List Price.
Wow, New Albany- more homes sold, but a HUGE decrease in average sales price… which shows that the higher priced homes are really struggling. Interestingly, the List to Sale ratio is about the same….
For Homes with a Reynoldsburg mailing address:
296 Homes sold in the first six months, with the average List Price being $144,116.00 and the average Sold Price being $140,221.00 - or 97.2% of the List Price.
Looking at sales in the same period for 2006, 364 Homes sold in first six months of 2006, with the average List Price being $146,315.00 and the average Sold Price being $143,377.00 or 97.9% of the List Price.
Ouch, Reynoldsburg- you’re down in sold homes and the sold price… you’re feeling the pinch in the home market….
For Homes with a Hilliard mailing address:
458 Homes sold in the first six months, with the average List Price being $180,730.00 and the average Sold Price being $175,942.00 - or 97.3% of the List Price.
Looking at sales in the same period for 2006, 521 Homes sold in first six months of 2006, with the average List Price being $183,643.00 and the average Sold Price being $179,676.00 or 97.8% of the List Price.
Hey, Hilliard- a reduction in all three categories… minor losses, but something to rebound from. Let’s see how you do at the END of the year….
For Homes with a Westerville mailing address:
628 Homes sold in the first six months, with the average List Price being $235,785.00 and the average Sold Price being $228,156.00 - or 96.7% of the List Price.
Looking at sales in the same period for 2006, 639 Homes sold in first six months of 2006, with the average List Price being $238,497.00 and the average Sold Price being $231,979.00 or 97.2% of the List Price.
It’s a close comparison, Westerville- your List to Sale ratio is a bit better (tighter Seller pricing), and just minor differences on homes sold and the final average Sold Price….
For Homes with a Worthington mailing address:
201 Homes sold in the first six months, with the average List Price being $220,753.00 and the average Sold Price being $213,866.00 - or 96.8% of the List Price.
Looking at sales in the same period for 2006, 204 Homes sold in first six months of 2006, with the average List Price being $210,950.00 and the average Sold Price being $206,015.00 or 97.6% of the List Price.
Well, Worthington… about identical in the number of homes sold, higher in the average Sold Price, and a smidge tighter in your List/Sale price ratio… well done!
For Homes with a Canal Winchester mailing address:
250 Homes sold in the first six months, with the average List Price being $159,219.00 and the average Sold Price being $154,495.00 - or 97% of the List Price.
Looking at sales in the same period for 2006, 245 Homes sold in first six months of 2006, with the average List Price being $162,505.00 and the average Sold Price being $157,744.00 or 97% of the List Price.
OK, Canal folks- you’re about even in the number of homes sold and your List/Sale ratio, with a slight reduction in your average Sold Price. It’s about a wash…..
SOOO….. WHAT DOES THIS ALL SAY?? A couple of things- first off, the magic figure of 97% of List Price to Sale Price becomes evident. That’s not bad… and shows that while there are bargains to be made, our properties are not being blown out the door. So listen up, Buyers… and don’t expect to knock $30,000.00 off a $200,000.00 home because you think 15% is reasonable- it’s just not there to take.
Second, any decreases are mimimal. We’re working with small numbers here… it goes back to the old Tortoise and Hare story… slow and steady wins the race. The Columbus market keeps moving along- at a slow and steady pace. When you hear about the extreme swings in real estate in the national news, understand that is what’s happening on the East and West coast, but here in good ‘ole central Ohio… it’s a different picture.
Want to know more about YOUR neck of the woods? Contact Sondra and ask what’s happening in your specific area or neighborhood- she’ll be happy to share!
Interpreting Sales Appreciation Statistics for Your Home’s Value
June 20th, 2007 Columbus Buyer Info, Columbus Seller Info, Columbus and Central Ohio Home Sales Stats, Columbus and Central Ohio Real Estate Tid Bits, Investment Property No Comments
The Columbus Monthly magazine wrote a wonderful, 9 page informative feature article in their June 2007 issue called “Location, Location, Location”– the front cover of the magazine shows roof tops and the title “The Real Estate Market RIGHT NOW– Home Values for 44 communities”.
The writers Alice Hohl and Nancy Richison did their research– interviewing a number of realtors, gathering statistical data, and also utilizing a company called CompuName to obtain the necessary data. In a five year period, communities were up as much as 43% and down as much as 12% in average median price.
Does that mean that the final percentage found in this article is what you can apply to YOUR home?
Not exactly. While that’s the first reaction, there are often underlying reasons for those numbers. It’s critically important to remember that YOUR home value is ‘personal,’ meaning your area (location), condition (updates), and need (do you need to move tomorrow?) is unique.
For a specific example, let’s look at Powell and a home on the market there. In the Columbus Monthly article, the increase in Median Price from 2001–2006 is up 31.99%.
This home was purchased in 2001 for $475,000.00. Using the logic of increasing the price 31.99%, the list price would be $626,900.00. While the seller would LOVE that price, a careful market analysis led the seller to list the home in March for $544,000.00– a conservative appreciation of 14.5%, or around 3% a year.
As of mid-June, there have been no offers and the price is reduced to $529,900.00– now down to 11.5%. This price does not account for the several upgrades and improvements to the property– the owners understood this is part of living in a home.
“How can this be?” you say. “Either the stats are wrong, or something is terribly wrong with this home…”
Wrong in both cases. The home is in great condition, has nearly 3 acres, a fantastic location, an indoor pool, and other great amenities. And the statistics presented in the Columbus Monthly article are correct.
It’s the reason underneath the statistics that needs investigating. In the last 5 years, there has been incredible building of new, expensive properties in the Powell area. All these sales of homes in the $600,000.00 and up range definitely makes an impact on what the average median sales price is. So, areas with lots of growth and sales of expensive new homes are going to show a hefty increase in their average median sales price.
I’ve often used the comparison of the tortoise and hare when talking to buyers and seller about the Columbus area real estate market. Slow and steady wins the race. We have an unusually stable economy, and along with that comes stable home values. Sellers who study the market (or use a good Realtor who has the expertise to do the studying for them) and price their home correctly will sell. It’s important to ask the “why?” behind the numbers to understand YOUR home’s value.
Columbus OH Area Home Sales April 2007 Part TWO
June 4th, 2007 Columbus Buyer Info, Columbus Seller Info, Columbus and Central Ohio Home Sales Stats, The Good 2 Comments
—-Here’s the last of the Columbus area community home sales for April:
For Homes with a Gahanna mailing address:
43 Homes sold in the month of April 2007, with the average List Price being $185,688.00 and the average Sold Price being $182,163.00 or 98% of the List Price.
Looking at sales in the same period a year ago, 36 Homes sold in the month of April 2006, with the average List Price being $194,420.00 and the average Sold Price being $190,372.00 or 97% of the List Price.
Way to go, Gahanna… up in number of homes sold AND the percentage of the list price. Who said it’s all gloom and doom?
For Homes with a Pickerington mailing address:
41 Homes sold in the month of April 2007, with the average List Price being $234,541.00 and the average Sold Price being $230,197.00 or 98% of the List Price.
Looking at sales in the same period a year ago, 47 Homes sold in the month of April 2006, with the average List Price being $215,483.00 and the average Sold Price being $210,403.00 or 94.6% of the List Price.
Huh, Pickerington… down a bit in homes sold, but a nice jump up in percentage of the List Price…. good to see….
For Homes with a Grove City mailing address:
53 Homes sold in the month of April 2007, with the average List Price being $165,581.00 and the average Sold Price being $161,555.00 or 97.5% of the List Price.
Looking at sales in the same period a year ago, 77 Homes sold in the month of April 2006, with the average List Price being $149,513.00 and the average Sold Price being $146,284.00 or 98% of the List Price.
Interesting, Grove City- a big jump in average sales price, but a lot less homes sold…
For Homes with a New Albany mailing address:
30 Homes sold in the month of April 2007, with the average List Price being $352,735.00 and the average Sold Price being $341,775.00 or 97% of the List Price.
Looking at sales in the same period a year ago, 26 Homes sold in the month of April 2006, with the average List Price being $408,127.00 and the average Sold Price being $389,436.00 or 95.4% of the List Price.
Well, well New Albany…. you’re up in sales, number of homes sold, AND the percentage of List Price…. well done!
Columbus OH Area Home Sales April 2007 Part A
May 31st, 2007 Cartoons, Columbus Buyer Info, Columbus Seller Info, Columbus and Central Ohio Home Sales Stats No Comments
—-I’m an impatient soul…. posting these communities one at a time isn’t working… let’s look at groups of sales:
For Homes with a Lewis Center mailing address:
28 Homes sold in the month of April 2007, with the average List Price being $273,642.00 and the average Sold Price being $267,173.00 or 97.6% of the List Price.
Looking at sales in the same period a year ago, 49 Homes sold in the month of April 2006, with the average List Price being $248,993.00 and the average Sold Price being $240,990.00 or 96.7% of the List Price.
Lewis Center- You’re Doing Good!! Or sort of…. average price is much higher than a year ago, but less homes sold….. a bit confusing, isn’t it??
For Homes with a Hilliard mailing address:
93 Homes sold in the month of April 2007, with the average List Price being $195,540.00 and the average Sold Price being $187,704.00 or 96% of the List Price.
Looking at sales in the same period a year ago, 93 Homes sold in the month of April 2006, with the average List Price being $195,504.00 and the average Sold Price being $186,467.00 or 95.3% of the List Price.
WOW Hilliard- those numbers were SO close that I had to go back and double check them! Things are virtually the same as a year ago… and who says the market is dreadful/in the tank/nothing selling?!?
For Homes with a Powell mailing address:
55 Homes sold in the month of April 2007, with the average List Price being $366,375.00 and the average Sold Price being $359,988.00 or 98% of the List Price.
Looking at sales in the same period a year ago, 65 Homes sold in the month of April 2006, with the average List Price being $321,958.00 and the average Sold Price being $313,643.00 or 97.4% of the List Price.
OK- Powell- 10 less homes sold, and a smidgen higher on the list to sale price for this year…. interesting….
For Homes with a Columbus mailing address:
730 Homes sold in the month of April 2007, with the average List Price being $131,837.00 and the average Sold Price being $128,022.00 or 97% of the List Price. The most expensive home sold was $995,000.00.
Looking at sales in the same period a year ago, 810 Homes sold in the month of April 2006, with the average List Price being $143,386.00 and the average Sold Price being $139,595.00 or 97.3% of the List Price. The most expensive home sold was $1,820,000.00
You’re a big city, Columbus- and you’ve had a big drop in number of sales and the average sales price. Bargains abound….. and sellers are frustrated.
For Homes with a Reynoldsburg mailing address:
56 Homes sold in the month of April 2007, with the average List Price being $138,648.00 and the average Sold Price being $135,414.00 or 97.6% of the List Price.
Looking at sales in the same period a year ago, 54 Homes sold in the month of April 2006, with the average List Price being $143,710.00 and the average Sold Price being $141,267.00 or 98.3% of the List Price.
Ouch, Reynoldsburg- you’ve had a good drop in your average sales price… this indicates a lot of inventory and not enough buyers. Buyers- there’s bargains to be had!!
Westerville Ohio Home Sales April 2007 Update
May 27th, 2007 Columbus and Central Ohio Home Sales Stats, The Good No Comments
For Homes with a Westerville mailing address:
92 Homes sold in the month of April 2007, with the average List Price being $241,716.00 and the average Sold Price being $234,284.00 or 97% of the List Price.
Looking at sales in the same period a year ago, 112 Homes sold in the month of April 2006, with the average List Price being $233,312.00 and the average Sold Price being $228,004.00 or 98% of the List Price.
For Homes with Westerville schools and a Columbus mailing address:
14 Homes sold in the month of April 2007, with the average List Price being $142,057.00 and the average Sold Price being $138,867.00 or 97.8% of the List Price.
Looking at sales in the same period a year ago, 25 Homes sold in the month of April 2006, with the average List Price being $132,916.00 and the average Sold Price being $132,004.00 or 99% of the List Price.
Interested in knowing what’s going on in YOUR community? Contact Sondra… she’ll be happy to share!
Dublin Ohio Home Sales April 2007 Update
May 24th, 2007 Columbus and Central Ohio Home Sales Stats No Comments
For Homes with a Dublin mailing address:
90 Homes sold in the month of April 2007, with the average List Price being $326,472.00 and the average Sold Price being $313,678.00 or 96% of the List Price.
Looking at sales in the same period a year ago, 96 Homes sold in the month of April 2006, with the average List Price being $309,724.00 and the average Sold Price being $301,922.00 or 97.5% of the List Price.
For Homes with Dublin schools and a Columbus mailing address:
16 Homes sold in the month of April 2007, with the average List Price being $146,700.00 and the average Sold Price being $143,501.00 or 98% of the List Price.
Looking at sales in the same period a year ago, 14 Homes sold in the month of April 2006, with the average List Price being $138,314.00 and the average Sold Price being $135,342.00 or 98% of the List Price.
Got a question about home sales in your area? Contact Sondra for up to date information……
How Are Home Sales Around Columbus, Ohio??
May 9th, 2007 Columbus Buyer Info, Columbus Seller Info, Columbus and Central Ohio Home Sales Stats, Columbus and Central Ohio Real Estate Tid Bits, The Good No Comments
Curious how the REAL numbers and home activity are doing compared to all the national hype?
Here’s a PDF chart of all the communities around the Columbus area, showing the ‘Sold’ stats for the first quarter of 2007 compared to the same time frame in 2006. I’ve gone to a PDF link because the formatting of charts really do not co-exist well with the blog format… we had chaos with the earlier charts that were posted. This will give you an easy to read comparison that can be printed out…. It’s quite interesting, really.. with several surprises. Look up your area of interest and learn…