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Report: Central Ohio Home Sales Dropped, Prices Rose in Late 2014

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Home Buying 15The end of 2014 certainly seemed to be a bit of a mixed bag in terms of real estate sales activity in New Albany, according to the latest real estate market report.

Evidently, according to the recent story I was reading, Central Ohio home sales decreased in November even as the price of those homes increased.

This is certainly going to impact both home buyers and home sellers differently so we recommend taking a moment to learn more about these recent trends.

A Brief Overview of the End of Year Sales Activity in New Albany Area

Here are the highlights of the recent report on end-of-year sales activity in the Central Ohio area:

  • During the month, 1,682 Columbus-area homes were sold, which is down 10.9 percent from November 2013, according to the Columbus Realtors trade group.
  • Central Ohio sales in 2014 were down 3 percent from last year’s total, which was the second highest on record.
  • The median sales price of a Central Ohio home was $148,000 in November, 7.1 percent higher than a year earlier.
  • Meanwhile, the median sales price is 5.5 percent higher in the Columbus area.
  • Statewide, home sales decreased 5.1 percent in November when compared to a year earlier.
  • But prices were up 5.7 percent statewide.
  • Real estate experts say that although sales were down when compared to last year, they actually are relatively healthy when compared to historic averages.
  • In fact, demand for homes in Central Ohio is strong, especially given how quickly those homes are selling and how high the list-to-sales ratio is.
  • Homes sold in 2014 in Central Ohio have been listed an average of 67 days, which is much fewer than the 90 to 100 considered normal.
  • What’s more, homes have sold this year for 96.8 percent of their final asking price, which is above the typical 92 to 94 percent.
  • By the end of November, 8,332 homes were for sale in Central Ohio, 13.3 percent less than a year ago.
  • At that sales pace, the homes would take 3.6 months to sell, which is much less than the six-month supply considered a healthy balance between buyers and sellers.
  • The number of homes for sale across the country decreased 6.7 percent in November to 2.09 million, a 5.1-month supply at the current sales pace.

Happy to Help You With Your Next New Albany Real Estate Transaction
For more useful information about recent New Albany real estate trends and how they may impact you as a potential home buyer or seller, please contact us, Kate & Tony Thomas, today.

We would love to assist you by answering any questions you may have as well as providing you with valuable resources.

Until next time,

Kate

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