Entries categorized as ‘Housing stats’
I’ve been mentioning in several of my articles during January that the real estate agents in my Powell office, as well as others I speak with, are reporting that they have and are busy with both buyers and sellers. I just checked the January data from the MLS and the numbers support what agents have been saying.
Look at the white bars! Those are the number of homes that were in-contract at the end of January! Can you believe it! Go Hilliard! Those homes that went into contract during January will probably close in February.
Click to enlarge graph
The bright blue bars reflect actual closings in January 2010. The light blue bars indicate January 2009 actual closings for comparison. The number of closings were higher in 2010 for all but three of the school district areas, compared to 2009. Imagine what February actual sales are going to be like.
For you buyers and sellers who have been fence-sitting waiting till the weather improves before they take advantage of the Tax Credits, look what you’re missing.
“He who hesitates, is lost.”
“The early bird gets the worm.”
“Don’t say I didn’t warn you.”
EDITED: I split the Olentangy school district into “east of Rt 23″ (LC) and “west of Rt 23 (PO). If I hadn’t done that, the pending sales would be greater than Hilliard at 128 homes. Jan 2010 sales were 42 vs 2009 at 37.
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.
Categories: Buyers · Central Ohio · Delaware County · Delaware Ohio · Dublin Ohio · Franklin County · Galena Ohio · Hilliard Ohio · Homes · Homes for sale · Housing stats · Lewis Center Ohio · Powell Ohio · Real Living HER · Realtors® · Sellers · Worthington Ohio
Tagged: $6500 Current Homeowner Tax Credit, $8000 1st Time Buyer Tax Credit, central ohio real estate market news
It’s the end of the month, the end of the year, so I’ve been doing my usual analysis of home sales around central Ohio. The Columbus metro market had some softening of prices but since our prices didn’t have the huge increases in year’s past – like FL, CA, AZ – our decline has been more modest.
It “seems” that we bottomed out last fall and have begun to see some turnaround. In the past few weeks, many agents have reported being pretty busy in a normal down time. Buyers are buying and sellers are preparing to put their homes on the market.
The following chart shows the total year sales results for key school districts in Delaware and Franklin Counties, sorted hi-lo by average selling price. It also shows the average price/sq ft and the average list-to-sell ratio. The list-to-sell rate is informative as it tells us that sellers are pricing their homes realistically to the current market. It also shows that the higher priced homes will have a higher price per sq ft, simply because they have more upgrades, more amenities which command that higher price.
Year-End Stats by School District
| School District |
# Homes |
Sq Ft |
Sold Price |
$/Sq Ft |
SP/LP |
| New Albany |
255 |
3329 |
$392,601 |
$125 |
94% |
| Olentangy-Powell |
361 |
3311 |
$373,186 |
$122 |
95% |
| Dublin |
628 |
2854 |
$311,875 |
$117 |
95% |
| Olentangy-Lewis Ctr |
535 |
2711 |
$275,970 |
$110 |
96% |
| Big Walnut |
170 |
2282 |
$235,705 |
$109 |
97% |
| Worthington |
561 |
1967 |
$210,169 |
$115 |
97% |
| Hilliard |
973 |
2012 |
$197,181 |
$103 |
97% |
| Westerville |
913 |
2090 |
$196,605 |
$98 |
96% |
| Buckeye Valley |
134 |
2193 |
$195,087 |
$91 |
96% |
| Delaware |
357 |
1803 |
$142,266 |
$83 |
97% |
If 2010 is the year that you plan to make a move, give me a call. Don’t forget, you only have until the end of April to take advantage of the two government Tax Credits!
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.
Categories: Central Ohio · Delaware County · Delaware Ohio · Dublin Ohio · Franklin County · Galena Ohio · Hilliard Ohio · Home prices · Homes · Housing stats · Lewis Center Ohio · Powell Ohio · Worthington Ohio
Tagged: central ohio real estate market
Are you planning to sell your home in 2010? Check out my recently updated page for Top 5 Real Estate Brokers by school district.
Real Living HER continues to be the #1 real estate broker with their agents selling far more homes than others. In many of the districts, their market share has continued to increase. The 2009 market has been tougher to get homes sold, so no doubt the extra programs that Real Living offers to both buyers and sellers has helped get homes sold.
I know you’re busy with preparations for the upcoming holidays, but don’t forget the two Tax Credits that are currently available for both new buyers and current homeowners who want to sell & buy.
Give me a call and we’ll go to work on getting you a new place to live in 2010.
Categories: Central Ohio · Delaware County · Delaware Ohio · Dublin Ohio · Franklin County · Galena Ohio · Hilliard Ohio · Homes · Housing stats · Lewis Center Ohio · Powell Ohio · Real Living HER · Realtors® · Realtor® selection · Schools · Sellers · Worthington Ohio
Tagged: central ohio real estate market news, Schools, Top 5 real estate brokers
In October, I wrote about the showings by buyers for various zip codes by price range for both single family homes and condos. Here in this post, I’ve updated that chart with the number of showings between Nov 1 thru Dec 10 (today). Similar results but far fewer showings. We’re still seeing little activity in the upper price ranges.
Click to enlarge graph
The lack of activity for the move-up price ranges is why the National Association of Realtors® pushed Congress to do something to help this market. Thus, the Tax Credit stimulus added the $6,500 credit for CURRENT HOMEOWNERS. Read Details.
Many of the upper-priced homes have had their prices reduced to almost ridiculous levels. If you’re a buyer, you may find that these luxury homes cost less per sq ft than lower priced cookie-cutter homes.
I know the holidays are upon us, but if you’re planning to sell and buy, you need to get ready as January is only 3 weeks away.
Copyright © 2009. 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.
Categories: Buyers · Central Ohio · Delaware County · Delaware Ohio · Dublin Ohio · Franklin County · Galena Ohio · Home prices · Homes · Homes for sale · Housing stats · Lewis Center Ohio · Powell Ohio · Sellers · Worthington Ohio
Tagged: buyer, central ohio real estate market news
The National Association of Realtors® recently released the results of their Buyer & Seller Profile Survey that was conducted in 2008. As agents, we like to know where buyers are shopping for homes (RESOURCE). It is also important to know how the buyers first learned about the home they actually bought (SOURCE).
No surprise, the Internet is growing in magnitude for its importance in the home search process at 87%. However, Realtors® are THE leading originator for the home the buyer actually purchased (34%). The Internet came in a close second at 32%. Here is a chart showing the NAR Survey’s findings. The yellow bars shows the various resources buyers used when they were in the exploratory stage. The dark brown bars show the source where the buyer FIRST learned about the home they actually bought.
Click to enlarge graph
You might be surprised that the Internet isn’t higher than Realtor® as a source for the home actually bought. What might be happening is that although buyers do so much web surfing for homes, those homes may no longer be on the market. That’s a major flaw to many of the web sites. Realtors® have access to the MLS which does show whether the home is an active listing or not. Therefore, it’s not surprising that the buyer’s Realtor® will continue to be a main source for ACCURATE info on homes.
The data also indicates why Realtors® no longer place ads in newspapers and why the home magazines have become thinner. Those media sell the agent, but don’t sell the home. The print quality of newspapers is so poor that it doesn’t compare well with the crisp photos on the Internet. The lead time on magazines is so long that the home may no longer be available. Although open houses are still conducted, they also are diminishing in favor due to security concerns and the known fact that they seldom sell the home held open.
If you are a home buyer, how do your habits compare to this National data?
Copyright © 2009. 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.
Categories: Advertising · Buyers · Home buying process · Home selling process · Homes · Housing stats · Internet · Media · New home builders · Newspaper · Realtors® · Sellers · Television
Tagged: central ohio real estate market news, NAR Home Buyer & Seller 2008 Profile
I just updated the Jan-Oct 2009 vs 2008 stats for the homes sold and the average prices for key school districts. Good News! The year-to-year decline was less than it was in June. I think the $8,000 1st Time Buyers Tax Credit helped as those buyers scrambled to take advantage of the credit before it expired.
While the districts still experienced some decline, the declines were modest.
Click to enlarge graph
Read More:
View Jan-Jun 09 vs 08 Home Sales Report
Read update on $8,000 First-Time Home Buyers Tax Credit
Copyright © 2009. 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.
Categories: Central Ohio · Home prices · Homes · Homes for sale · Housing stats · Schools
Tagged: Big Walnut school district, central ohio real estate market news, Delaware school district, Dublin school district, Hilliard school district, Olentangy school district, Westerville school district, Worthington school district
NEWS FLASH!! Homebuyer Tax Credit has been extended for 1st Time Buyers and expanded to include Current Homeowners who want to move!
Did you hear today’s news that government has passed an extension to the 1st Time Home Buyers Tax Credit AND have added another credit for current homeowners.
Here are some details that are the same for both segments of the bill:
- Both segments of the bill will be for transactions that go into contract between the date that Obama signs (Nov 6) thru Apr 30, 2010. The transactions must close prior to Jul 1, 2010.
- Income limits have been increased to $125,000 for singles, $225,000 for married couples.
- Limit on the price of the home is $800,000.
- Purchaser must attach documentation of purchase to their tax return.
Details for 1st Time Buyers
- Can receive up to $8,000 ($4,000 married, filing separate)
- Cannot have owned a home (principal residence) for the past 3 years
Details for Current Homeowners – NEW!
- Can receive up to $6,500 ($3,250 married, filing separate)
- Must have used their current home as principal residence consecutively for 5 of the previous 8 years.
- The new home you buy doesn’t have to be more expensive than the home you’re selling. In other words, you can downsize if you want.
While many 1st Time Buyers took advantage of the tax credit this past year, there was nothing to help the move-up market because those 1st Timers often bought REO, short-sale or foreclosed homes. The National Association of Realtors® and numerous real estate bloggers begged and pleaded for help with homes in the upper prices since they were often just sitting on the market.
This new program will benefit higher-priced buyers as well as help sell homes in the higher price ranges.
If you’re a higher-priced buyer, should you act now? Naturally, only you can decide that, but here are some things to consider:
- Interest rates have been hovering around 5%. Bernanke is watching for signs of inflation. If inflation begins to creep up, interest rates may be allowed to increase to stem inflation. They know that this could slow real estate’s recovery, and they really need the real estate market to improve, so it will be a tough decision.
- If this new bill works as we hope it will, increased demand may actually cause prices to rise somewhat.
- If you were thinking of putting your home on the market next year, you may want to move up your timing to take advantage of these tax credits both for you and for the appeal to your buyers.
- Also, if buyers act on this program by April, that may mean that demand will be lessened (exhausted) by the end of April. If demand decreases afterward, so will your potential price.
A 1-point interest rate increase will cost you far more than waiting for prices to decrease further
For instance in the example below, a $200,000 price with 3.5% down at a current interest rate of 5%, would result in a mortgage payment (P&I) of $1,036. At 6% interest, the payment would be $1,158. Over 30 yrs, that will cost you an additional $43,772. Even if the price comes down $10,000 to $190,000 but the rate increases to 6%, your monthly payment would be $1,100, costing you an additional $22,928. If the price increases just 5% and the interest goes to 6%, then you would pay an extra $179 per month.
| Home Price |
$200,000 |
| Price Chg |
-5% |
No Chg |
+5% |
| New Price |
$190,000 |
$200,000 |
$210,000 |
| 3.5% Dwn Pmt |
$6,650 |
$7,000 |
$7,350 |
| Mtg Amt |
$183,350 |
$193,000 |
$202,650 |
| P&I at 5% Int |
$984.59 |
$1,036.41 |
$1,088.23 |
| P&I at 6% Int |
$1,100.10 |
$1,158.00 |
$1,215.90 |
Naturally the higher priced the home, the greater the savings. Notice that the money coming from Uncle Sam hasn’t even been included in the above data. Interested or want more info? Give me a call and we’ll get your home on the market.
View comparison chart to the 2009 Tax Credit
Read FAQ’s for New Tax Credit
Copyright © 2009. 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.
Categories: Buyers · Central Ohio · Home buying process · Home prices · Home selling process · Homes · Homes for sale · Housing stats · Sellers
Tagged: central ohio real estate market news, first-time home buyers, home buyer tax credit
How will homes sales be the next three months now that the time has passed for the 1st Time Home Buyers? That’s what a lot of Realtors® are wondering. Will it be a “normal” fall period? Will it go into a slump as happen
ed after the “Cash for Clunkers” program ended?
Wait a moment while I get out my crystal ball.
The Oct-Dec period is normally slower because people are busy with holidays. However, the buyers that are shopping are SERIOUS buyers ready to make offers. Even though the weather may be less than ideal, the homes inside often look very attractive with minimalist holiday decorating.
Buyers are eager to get in their new home by the year-end holidays. Sellers are eager to have their home sold prior to the cold months of Jan-Feb. So it can be a great time for negotiations.
I checked to see how the Delaware County market did last fall (Oct-Dec) and compared that to homes currently for sale. Actually, quite a few homes sold last year, which is a positive sign for sellers. The caution for sellers is to consider last year’s average SOLD price, and perhaps adjust their price now for a greater opportunity to go into contract.
Delaware County Fall Sales
| School District |
# Sold Fall ‘08 |
Avg $ Fall ‘08 |
# For Sale Now |
Avg List $ Now |
| Olentangy SD |
175 |
$325,195 |
674 |
$496,204 |
| Big Walnut SD |
26 |
$211,417 |
146 |
$492,658 |
| Buckeye Valley SD |
37 |
$177,049 |
109 |
$344,355 |
| Delaware SD |
72 |
$151,390 |
156 |
185,026 |
Copyright © 2009. 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.
Categories: Buyers · Central Ohio · Delaware County · Delaware Ohio · Galena Ohio · Home buying process · Home prices · Home selling process · Homes · Homes for sale · Housing stats · Lewis Center Ohio · Powell Ohio · Sellers
Tagged: Big Walnut school district, Buckeye Valley school district, central ohio real estate market news, Delaware school district, Olentangy school district
The luxury home market has had a tough year in 2009. With the economic stimulus favoring the lower end market, upscale homes have encountered slower than normal sales. This seems to be a nationwide problem as reported by other Realtors®.
The following graph reflects monthly sales by price range for just southern Delaware County. Also provided are the number of active listings currently for sale. The important take on this data is the absorption rate, which is how long it will take to sell the current listings based on the sales for the past nine months. For instance, there are 40 active listings priced in the $700,000 range. Between Jan-Sep, 15 such homes were sold. Based on that sales rate, it will take 2 years to sell the current inventory of 40 homes.
Normally, Realtors® will advise sellers to lower their price to the next lower bracket to attract a buyer. However, this chart would seem to indicate that for these upscale homes, that will not have the effect that it can have in lower priced homes. There are simply too few buyers in these upper ranges. Therefore, sellers need to make sure their home is priced at or slightly below the market to have it have maximum appeal to the few buyers that are shopping. Everyone wants to get a good deal, and that applies to the upscale buyer as well as the first-time buyer.
Click to enlarge chart
Copyright © 2009. 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.
Categories: Buyers · Central Ohio · Delaware County · Home prices · Homes · Homes for sale · Housing stats · Sellers
Tagged: central ohio real estate market news, luxury homes in central ohio
Elaine Reese
614-825-8860Real Living HER379 W Olentangy StPowell Ohio 43065
Assisting home sellers and buyers throughout Central Ohio in achieving their dreams.
