Our beautiful community of New Albany has devoted time and resources to attracting economic development to the area and now national organizations are starting to take notice.
According to a recent article, the city recently received an economic development award from the Ohio Chapter of the Commercial Real Eestate Development Association.
The award is given to communities that are committed to promoting development in the community.
Living in New Albany
The organizations said New Albany has done a great job of attracting business and development to the area with infrastructure and business incentives.
While other central Ohio communities have received this award in the past, itâ€™s special that New Albany received it this year given the sluggish economy.
Experts say that this award signals that New Albany is committed to development and progress, even in the face of a less-than-ideal economy.
According to some estimates, the city has invested about $24 million in infrastructure to attract development to the area.Â Itâ€™s also invested $3 million to create a comprehensive fiber-optic network in the city to help new businesses stay connected.
In all, the various projects throughout the city have created 3,500 jobs in the city since 2009.
New Albany Real Estate
All of the development in the area benefit New Albany residents in multiple ways.
In addition to creating jobs and amenities throughout the city, these developments have spurred a lot of activity on the local housing market.
Just check out the most recent real estate data for the New Albany Plain Local School District:
- Between 2010 and 2011, the average sales price rose from $339,048 to $377,381, a 11.3 percent increase.
- The inventory of home sales dropped, from 282 homes to 197.Â This caused the supply to drop from a 10.6 months supply to 6.1.
- Year-to-date, the number of closed sales has increased from 262 homes in 2010 to 318 homes in 2011.
Your New Albany REALTORS
As demand for Central Ohio homes increases, the supply of homes will likely decrease.Â This gives home sellers an advantage in when it comes to setting their price.
Weâ€™ll answer any questions you might have as well as provide you with a number of home selling tools, including:
Until next time
Kate & Tony Thomas