July 2008 e-Newsletter

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 3rd 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
 
 

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