2009 Year End Market Recap

A few interesting statistics can be found in the year end recap below. Most notably, we ended the year with 10% LESS inventory in Plain Local schools than the same time last year and 20% less than the January ‘08. It’s actually created a shortage of homes for sale in several neighborhoods. The National Association of Realtors defines a “sellers market” as one where there is less than a 7 month supply of homes for sale. Using that criteria, a “seller’s market” could exist in the following neighborhoods: The Preserve, Albany Park and the Hampsted neighborhoods have less than a 6 month supply of homes for sale. If you live in one of these neighborhoods and are considering selling, I would absolutely encourage you to take advantage of the “seller’s market” that exist.

From a sales point of view, some communities fared better than others. Unit sales in 3 neighborhoods were ahead of last year: The Preserve, Albany Park, and homes in NACC priced below $1 million dollars. Average sales prices fell another 4% to 10% depending on the neighborhoods. With the expanded home buyer tax credit in effect until April 30th, we expect the 1st quarter of 2010 to be better than last year. Buyers and Sellers both will benefit from this tax credit. Call Kate or Tony today to discuss what it means to you!

A list of homes that sold in 2009 by neighborhood is available on our website: New Albany Country Club and the Reserve, Hampsted Communities, New Albany Links with Upper Clarenton and Dominion Club, and The Preserve with Albany Park. Click on any of these links to be taken directly to the list. If your neighborhood is not included here, please contact us and we will forward it to you.

New Albany 2009 Year End Recap