New Albany Market Update – YTD Through 10/31/09

We continue to see good news in New Albany! Home sales increased over twenty five percent in September/October compared with last year. This marks the first time in over a year where the number of homes sold is greater than 2008 for 2 consecutive months.

The number of homes for sale in both New Albany and in central Ohio continues to decrease. In New Albany, inventory levels of homes for sale are down 17% from October 2008. This is uncharacteristically low for our community.

One year ago, the month’s supply of homes for sale in New Albany was 12.1. But with the increase in sales and drop in inventory, the month’s supply is now down to 9.3. This number means that if no new homes were added to the market and the rate of sale continued to be the same, it would take slightly more than nine months to sell all remaining inventory. A market is typically considered balanced with around a 7 month supply which means New Albany is getting much closer to a balanced market.

We hope the good news will continue as we finish out the year. If you want to discuss your home or begin a search for a new one, please call Kate & Tony, market leaders of residential real estate in the greater Columbus area.

New Albany Sales Update by Neighborhood – YTD Through October, 2009

Neighborhood		Active Listings	In Contract	Sold Oct '09	Sold '09 YTD	Sold '08 YTD	Ave $/Sq Ft	Ave DOM
	The Preserve	13	3	3	24	23	$103	106
	Albany Park	3	-	-	9	7	$101	82
	Windsor	14	3	-	9	9	$107	169
	Hampsted	17	5	4	28	44	$114	128
	NA Links	33	2	1	29	28	$113	168
	New – Central College*	14	-	-	3	5	$139	350
	NACC < $1M**	61	11	9	55	51	$153	168
	NACC > $1 million	38	1	-	10	17	$218	280
	Plain Local School District	241	38	26	212	243	$135	146
	*Includes Tidewater, Saunton, Wentworth, The Enclave
	**Includes NACC and The Reserve