March 2009 e-Newsletter

2009 Year to Date New Albany Market Update

Based on the home sales in New Albany so far in 2009, it seems to me that buyers are still concerned about purchasing a home in a depreciating market. However, if the number of homes currently “in contract” close during March, the this year / last year comparison of unit sales will afford a lot more promise for the rest of the year.
 
 
I believe that the next 6 months will be one of the best times ever to purchase a home in New Albany for several reasons. Interest rates are still historically low. Every 1% increase in interest rates lowers your purchasing power by 11%. Most economists project an increase in mortgage rates later in the year so now is the time to make the move. Prices have come down in many subdivisions making homes even more affordable. It’s very difficult to predict when the market has hit bottom. I for one think this will happen very soon. One thing is for sure, when they do begin to climb, sellers will be far less negotiable than they are right now.
 
 
If you are thinking of buying or selling, this year, give Tony or me a call. We’ll help you make the best decision using our knowledge of the Columbus market.
 
 
New Albany Market Update – YTD through 2/28/09
 

Neighborhood		 Active
Listings		 In
Contract		 Sold Feb 09 Sold YTD 09 Sold YTD 08 YTD Average
$/Sq.Ft		 YTD Ave.
DOM
The Preserve

19

2

1

4

2

$ 101

80
Albany Park

5

2

0

0

2

n/a

n/a

Windsor

7

3

1

1

1

$ 111

208
Hampsted Village

21

4

0

1

5

$ 126

368
New Albany Links

34

6

1

2

1

$ 110

92
Central College New*

15

0

0

0

0

n/a

n/a
NACC < $1 million

55

8

1

5

9

$ 174

260
NACC > $1 million

31

3

1

1

3

$ 183

640
Total Plain Local
School District

239

35

6

16

35

$ 133

150
               
*Includes Tidewater, Saunton, Enclave, & Wentworth      
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