According to a recent article I was reading, home sales decreased 2.1 percent in central Ohio in 2014 compared with 2013.
While this might seem like bad news if youâ€™re a seller, the overall market appeared to favor home sellers.
Continue reading to learn more!
A Closer Look at New Albany Area Home Sales Activity in 2014
Hereâ€™s an overview of real estate activity in Central Ohio in the last year, according to the Columbus Realtors trade group:
- In central Ohio, 26,655 homes were bought/sold, which is 2.1 percent below 2013â€™s total.
- Despite the drop, central Ohioâ€™s median sales price increased 5.4 percent to a record $152,900.
- Meanwhile, homes sold in an average of 67 days on the market, which is the fastest pace on record.
- Home buyers benefited from continued low mortgage interest, which in turn created more home sales activity on the market.
- At the end of the year, 7,170 homes were listed for sale in central Ohio, 18 percent below a year earlier.
- At the current sales pace, that translates to a 3.1-month supply of homes, which is below the six-month supply considered a balanced market.
Meanwhile, hereâ€™s an overview of national and statewide real estate trends:
- Statewide, home sales decreased 1.4 percent from 2013.
- Still, statewide home prices increased 5 percent.
- Nationally, home sales decreased 3.1 percent, but prices rose 5.8 percent to the highest level since 2007.
- First-time buyers accounted for 29 percent of U.S. home sales in 2014, the same as in 2013.
- The National Association of Realtors forecasts that sales will increase 8 percent in 2015
How Can We Help You With Your New Albany Home Selling Needs?
Please contact us, Kate & Tony Thomas, to further discuss how we can assist you with your home selling goals on the local housing market.
We would love to help you by answering any questions you might have as well as helping to determine the true value of your property.
Until next time,