June 2008 YTD New Albany Market Update

 

New Albany Home sales in June increased over May by 45% (31 homes in June vs 21 homes in May). “Low interest rates, high inventory and competitive pricing continue to fuel the housing market here in central Ohio,” says Greg Hrabcak, President of the Columbus Board of REALTORS®. “As long as we have these three critical factors in place, home buyers and investors are actively pursuing a home purchase.”

 

There remains a large selection of homes for sale in New Albany. Despite an increase in unit sales, inventory levels rose slightly in June. When inventory is high as we see now, homes will take longer to sell and will sell for less than they would in a market where inventory is low. In general, a 8 – 9 month supply of homes represents a balanced market. Currently, New Albany has a 13 month supply of homes based on six month sales and a 10 month supply based on June sales. If the unit sales trend continues, we will start to see a balanced market before the end of the 3^rd quarter. We’ll keep you posted! Let us know if you would like specific information on your neighborhood or your home in particular.

 

 

Neighborhood	Active Listings	In Contract	Sold Jun 08	Sold YTD Jun 08	Sold YTD Jun 07	Average $/Sq.Ft	Average DOM
The Preserve	27	3	4	13	18	$     111	132
Albany Park	6	0	1	7	7	$     109	161
Windsor	8	8	1	3	5	$     116	120
Hampsted Village	47	5	8	26	17	$     122	143
New Albany Links	37	6	4	13	14	$     118	154
Tidewater/Enclave	8	2	0	2	3	$        -	193
NACC < $1 million	65	10	7	31	26	$     155	182
NACC > $1 million	42	2	2	10	9	$     214	296
Total Plain Local School District	304	46	31	13	135	$     130	155