I’ve prepared a 10-Year chart for several school districts that shows the yearly change to the average price of the homes sold between Jan-Jun each year. This provides a good visual that illustrates how even though prices are improving, they haven’t yet caught up to earlier levels.
When sellers meet with a Realtor® to discuss pricing their home, often the agent will tell them that they can’t sell for a price higher than the price they paid for the home IF the home was purchased 5-6 years ago. This is especially true for people who purchased new builds in the 2003-2007 timeframe. Due to the subprime mortgage meltdown, prices began falling and especially deteriorated in 2009 when so many people lost their job. For 2010, we’re seeing prices once again rise – which is good news for the economy – but they haven’t risen to the 2005-2006 levels.
I should be noted that these average prices merely indicate what the price was that buyers were paying for homes in that school district. It doesn’t necessarily mean the seller had to reduce their price by the same percentage, however, they may have had to price their home more competitively in order to appeal to a buyer. Another caveat is for districts with fewer sales, where the sale of one high or low priced home can make the data more volatile. (Big Walnut is an example)
Click to enlarge graph, then click again
NOTE: I’ve divided the Olentangy district to west of Rt 23 (PO) and east of Rt 23 (LC) because it is such a large district and there is such a difference to the average prices.
Copyright © 2010. Elaine Reese, Real Living HER. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.
