According to the House Watch data published in The Dispatch’s Sunday paper, there are still fewer homes for sale this year at higher prices than last year. This data comes from the Columbus Board of Realtors® and includes the counties of Franklin, Delaware, Madison, Morrow, Union, and some listings of Fairfield, Knox, Licking, Logan, Marion and Pickway.
| 4/24 | 5/1 | 5/8 | 5/22 | 5/29 | |
| 2008 Homes for sale | 16,947 | 16,877 | 17,342 | 17,593 | 17,681 |
| 2007 Homes for sale | 18,095 | 18,240 | 18,513 | 18,530 | 18,548 |
| % Chg ‘08 vs ‘07 | -6.3% | -7.5% | -6.3% | -5.1% | -4.7% |
| 4/24 | 5/1 | 5/8 | 5/22 | 5/29 | |
| 2008 Avg Price | $225,271 | $225,968 | $225,065 | $225,410 | $225,644 |
| 2007 Avg Price | $220,077 | $220,231 | $221,144 | $224,816 | $224,902 |
| % Chg ‘08 vs ‘07 | +2.4% | +2.6% | +1.8% | +2.6% | +3.3% |
Also in yesterday’s paper was page after page of data on the foreclosure impact and the number of subprime mortgages by area that may be resetting in the future. It was ”doom & gloom” reporting and if you only viewed the headlines you might think the real estate market was still in dire straits.
Now I’m not saying all is hunky-dory, but you really need to look beyond the attention-grabbing headlines. The reality is that a LOT of agents are really busy. Homes are going into contract and being sold at 96%-97% of the list price. Some homes are getting multiple offers.
So what’s causing the disconnect between what I see vs what The Dispatch is reporting? It’s location, location, location. The area that I primarily work and meet with other agents, is in southern Delaware County. The Dispatch maps showed the Powell area in green meaning prices are still rising. The Lewis Center area was flat to a minor decline. The agents quoted in the articles work closer to downtown Columbus, which tended to have higher price declines according to the Dispatch maps.
Once again, be careful of what you read or hear, as the media tends to skew the data to give the best headlines … and headlines are what sell newspapers.
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Elaine Reese
614-825-8860Real Living HER
2 responses so far ↓
Carole Cohen // June 2, 2008 at 9:13 pm
That is fascinating and good analysis on your part. You’d think the Dispatch would want to interview someone like you to give some better insight! I also think it helps to sell when you price it right!
Elaine Reese // June 2, 2008 at 10:11 pm
Actually they interviewed Joe Peffer. I got to meet him at the Blog Tour USA (a real doll - says the “old lady”!). Joe works in the downtown and Bexley areas, and they have more of a problem there.
As you well know, people read the headlines and think it applies everywhere. There were still a lot of “green” areas on their maps which indicated rising prices.