ThomasRiddleGroup

ThomasRiddleGroup

New Albany Home Prices Stabilizing

New Albany Country Club Homes Prices Hold

Sale prices of homes in the New Albany Country Club community seem to have leveled out.  2012 prices remain equal to 2009 and 2010.  One of the gauges we use to evaluate sales trends is $ per Square Foot.  If you look at the past 3 years, the average sales price for real estate in the New Albany Country Club area has been ~$162/square foot.  While this is significantly less than the peak of $197/sq foot that we saw in 2006, it’s encouraging that we appear to be bouncing along what I believe is the bottom of the market.

Historical Look at New Albany Country Club Sales in $/Square Foot

The graph below illustrates why many real estate experts refer to the time between 2000 – 2010 as the “Lost Decade”.  Home prices in the New Albany Country Club community are actually slightly below the prices we saw in 2000.

 Is Now A Good Time To Sell?

Prices show no sign of going either up or down right now.  When they start to head back up, it’s unlikely that they will take a giant leap.  With few exceptions, in an average year, the Greater Columbus real estate market goes up 3%.  At 3% a year, it will take almost 7 years before we see 2006 prices once prices do begin to rebound.   If now is the time for you to upsize, down size, or just move because you don’t want to redecorate the home you are in, then you should do it.    Homes ARE selling and mortgage rates are at 60 year lows.  Let us know if you’d like Tony or I to assist you with your decision.  We offer confidential and complementary market evaluations of your home to enable you to make the best decision for you and your family.  Call or email us today.

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