In June, I recorded the 10-yr average of home prices for Delaware County through May. Now that we’re through the summer months, I’ve updated it.
This chart shows the average price for single family homes that were sold between Jan 1 thru Aug 31 for each of the years. The red bars represent those average prices that are equal to or higher than the current average price this year in 2008. People who purchased their home in the “red bar years” may have difficulty selling their home for more than they paid for it.
The striped bars represent the averages for Southern Delaware County. The solid colors represent the northern half of the county including the city of Delaware.
The difference between the ‘98 average and the ‘08 average for the southern part of the county is a 27% increase. For the northern portion, it’s a 30% increase. Those are respectable conservative growth rates for a 10-yr period.
This next chart below shows the number of homes sold in both segments of Delaware County. As you can see, there has been substantial growth in southern Delaware County. Keep in mind, this data only includes sales recorded in the Columbus Board of Realtors® MLS system. It does not include new-builds purchased directly from the builders unless the homes were spec homes.
As both these charts show, both prices and units sold are substantially higher than they were 10 years ago. Yes, there is a slight decline for this year, but it IS slight. It also reinforces the need for sellers to have their homes priced right to achieve a sale.
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Elaine Reese
614-825-8860Real Living HER
4 responses so far ↓
Carole Cohen // September 3, 2008 at 1:41 pm
First of all, those are the best charts I have ever seen describing anything in real estate, Seriously, they rock. And it should make everyone feel comfortable that real estate has been solid if you’ve owned the home for those ten years. Very good news.
Elaine Reese // September 3, 2008 at 3:30 pm
Carole, as you know also, Ohio just keeps plugging along - conservatively! Were it not for the national media focusing on FL, CA, AZ, NV we may not have had as much a decline this year as we did. Of course, the predatory lending law in OH did hurt somewhat.
Thanks for the comment on the charts. I like charts - they help me understand things better than a table full of numbers.
Jeremiah Arn // September 26, 2008 at 3:21 pm
I guess it clearly shows that home prices now are the same as 2003-2004.
Since sales are a leading indicator, I would expect another SLIGHT decline into next year.
Elaine Reese // September 26, 2008 at 3:30 pm
Jeremiah, remember this is just for Delaware County, but yes I’m finding those years (03-04) are generally what homes are selling for.
We may see the slight decline more due to the time of the year as we move into fall and sellers want to move their homes before the holidays and winter.