ThomasRiddleGroup

ThomasRiddleGroup

New Albany Real Estate Forcast

New Albany residential real estate market...improving with cautious optimisim

Land HO!

 

What do you see on the horizon?  Are we through the worst of the storm?  How do you think New Albany Real Estate is doing?

Here’s some interesting facts from presentation I did for the NA Realty Assn looking at the first 4 mos of this year.

On the Plus Side For New Albany Residential Sales

  • Total sales volume for New Albany is up 45% over LY vs the total Columbus Board up 26% vs LY.
  •  Total unit sales are up over last year.
  •  Average sales price jumped from $386.0 to $418.0
  • Average $ / sq ft (Value) dropped less than the previous 4 years

But, On the other hand

  • Total Sales Volume is still behind 2007 and 2008 levels.
  • Total unit sales are still bel0w 2007 levels
  • Average sales price is still below the 2006 high of $444.0
  • Average $ / sq ft (value) has dropped 17 % since 2006

So What does it all Mean?

Simply stated, it means that New Albany Home Sales the first four months of this year were substantially improved over the same period of 2009.  That said, LY was a really tough year, so I would expect to see improvement.  

We certainly have seen an increase in volume in all areas and a substantial slowing in the erosion of value as expressed by $ / sq ft.  One of the big unknowns is how much forward business the tax incentive pulled out of the Summer selling season.  

The Forcast Then?

Continued slow improvement.  However with a fragile economy, continued inventory surplus and skittish Buyers, it’s likely to continue to be a bumpy ride.

I’ll keep you posted (or blogged). 

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