Official Central Ohio August Home Sale numbers in…fewer homes sold, but higher prices
Click to enlarge August Real Estate Numbers
Central Ohio home sales last month were down from the previous year but the average sale price of a home sold is again on the upswing. The 1,605 homes sold in August was 19.5 percent lower than the previous year, but thanks to the tax credit earlier this year, sales are still 9.2 percent higher than the first eight months of 2009.
“Not only did we see a lull in housing activity after the tax credit expired, we experienced some pretty high temperatures this summer which kept many buyers inside or by a pool,” said Sue Lusk-Gleich, President of the Columbus Board of REALTORS®. “That kind of heat will have a real affect on showings and subsequent contracts.”
The average sale price of a home has been inching back up this year from $145,993 in January to $169,959 in August. The average sale price year to date (January through August) is $161,645, which is 2,2 percent higher than one year ago.
There were 3,700 homes listed for sale last month bringing the total number of homes for sale in central Ohio to nearly 17,000 which is 16,5 percent more homes than were on the market at the end of last summer.
“With interest rates still so low and the selection of homes for sale so plentiful, any one who has an interest in buying a home should take a look at what’s available right now,” adds Lusk-Gleich.
The Columbus Board of REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Madison, Morrow, Pickaway and Union Counties and parts of Champagne, Clark, Hocking, Licking, Fairfield, Knox, Logan, Marion, and Ross Counties.
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Homeownership is not for everyone. Here are 10 Reasons To Buy a Home
Enough with the doom and gloom about homeownership.
Sure, maybe there’s more pain to come in the housing market. But when Time magazine starts running covers that declare “Owning a home may no longer make economic sense,” it’s time to say: Enough is enough. This is what “capitulation” looks like. Everyone has given up.
The Sept. 6 cover of Time magazine: This is what capitulation looks like.
After all, at the peak of the bubble five years ago, Time had a different take. “Home Sweet Home,” declared its cover then, as it celebrated the boom and asked: “Will your house make you rich?”
But it’s not enough just to be contrarian. So here are 10 reasons why it’s good to buy a home.
1. You can get a good deal. Especially if you play hardball. This is a buyer’s market. Most of the other buyers have now vanished, as the tax credits on purchases have just expired. We’re four to five years into the biggest housing bust in modern history. And prices have come down a long way– about 30% from their peak, according to Standard & Poor’s Case-Shiller Index, which tracks home prices in 20 big cities. Yes, it’s mixed. New York is only down 20%. Arizona has halved. Will prices fall further? Sure, they could. You’ll never catch the bottom. It doesn’t really matter so much in the long haul.
Where is fair value? Fund manager Jeremy Grantham at GMO, who predicted the bust with remarkable accuracy, said two years ago that home prices needed to fall another 17% to reach fair value in relation to household incomes. Case-Shiller since then: Down 18%.
2. Mortgages are cheap. You can get a 30-year loan for around 4.3%. What’s not to like? These are the lowest rates on record. As recently as two years ago they were about 6.3%. That drop slashes your monthly repayment by a fifth. If inflation picks up, you won’t see these mortgage rates again in your lifetime. And if we get deflation, and rates fall further, you can refi.
3. You’ll save on taxes. You can deduct the mortgage interest from your income taxes. You can deduct your real estate taxes. And you’ll get a tax break on capital gains–if any–when you sell. Sure, you’ll need to do your math. You’ll only get the income tax break if you itemize your deductions, and many people may be better off taking the standard deduction instead. The breaks are more valuable the more you earn, and the bigger your mortgage. But many people will find that these tax breaks mean owning costs them less, often a lot less, than renting.
The June 13, 2005 cover of Time.
5. You’ll get a better home. In many parts of the country it can be really hard to find a good rental. All the best places are sold as condos. Money talks. Once again, this is a case by case issue: In Miami right now there are so many vacant luxury condos that owners will rent them out for a fraction of the cost of owning. But few places are so favored. Generally speaking, if you want the best home in the best neighborhood, you’re better off buying.
6. It offers some inflation protection. No, it’s not perfect. But studies by Professor Karl “Chip” Case (of Case-Shiller), and others, suggest that over the long-term housing has tended to beat inflation by Read the rest of this entry »
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The Olde Towne East Real Estate Market Right Now
It’s been a sometimes tough couple of year’s for real estate in and around Olde Towne East. Let’s take a look at what happened in Olde Towne East, Woodland Park, and Franklin Park Real Estate this Summer from June 1 – Today.
Mt Vernon to Main Street, I-71 to Neslon Road….
This gorgeous 3 bed, 2 bath 2576 sf home on Wilson ave, listed at $249,900 is currently in contract.
As usual, glean what you can from these market statistics. Olde Towne East is still a hit and miss neighborhood so when you start averaging sales together for varying degrees of homes for sale and varying levels of move-in readiness, it begins to mean very little. Your best bet? Come over to Olde Towne East, get out of your car, walk around and marvel at what was once home to Columbus’ richest and most powerful families.
Homes on the market: As of today there are 121 Active Near East Columbus homes for sale.
- Averaging 2,160 sf,
- $136,707 list price
- $59.35 $/sf and
- 149 days on market.
Currently, there are 21 Near East side Homes in Contract
–contingent on financing/inspections as of today: 12 Including the beautiful 39 West Franklin Park last listed at $299,900 as well as three condos a few foreclosures…
- Averaging 2239 sf
- $89,431 list price
- $37.12/sf
- 185 days on market
Olde Towne East Homes Firmly In Contract passed inspection period as of today: 9
- Averaging 1752 sf
- $90,233 list price
- $55.39 $/sf
- 59 days on market
Olde Towne East area Homes Closed from June 1 – Sept 15: 32
- Averaging 2004 sf
- $85,746 avg List but a $82,252 Sale price or 96%
- $31.67 $/sf
- 89 days on market – these numbers would seem to indicate a mere 4 month supply of homes, not really indicative of the true market place.
- 5 New Builds in the North of Broad project on North 20th and 21st sold this summer with two others currently in contract.
Olde Towne East area Homes in contract with escape clausesthat a prospective buyer could conceivably swoop in and buy : 0
Olde Towne East area Homes Closed Second quarter 2010 (April-June 30): 46
- 18 of which sold for less than $70,000, many of those foreclosures. Of the rest…
- $154,672 avg List but a $149,258 Sale price or 96%
- 2299 square feet and $70.79 $/sf
- 79 days on market
Olde Towne East area Homes Closed first quarter 2010 (Jan-March 31): 15
- most were foreclosures, mainly on the fringe or, most prominently, 1031 East Broad — One time National headquarters of a prominent insurance company, having sold for $460,000 five years ago, 6354 square feet and a brilliant location for a mere $262,000
Joe Peffer is a Realtor who works in Olde Towne East, Franklin Park, Woodland Park, King Lincoln and other Neighborhoods.
Would you like me to break it down by 43203 vs 43205 or Woodland Park vs Franklin Park? email me and I will be glad to
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The Clintonville Real Estate Market Right Now
This home at 419 Fallis was one of 3 homes to sell on the street this summer. It has 3 bedrooms, 1.5 baths, 1908 sf of living space and sold for $283,000 in only 8 days.
This home at 419 Fallis was one of 3 homes to sell on the street this summer. It has 3 bedrooms, 1.5 baths, 1908 sf of living space and sold for $283,000 in only 8 days.
With Summer waning, Let’s take a look at what happened in Clintonville Real Estate this Summer from June 1 – Today.
Homes on the market: As of today there are 201 Active Clintonville homes for sale.
Averaging 1,604 sf,
- $227,792 list price
- $155.37/sf and
- 99 days on market.
Currently, there are Clintonville Homes in Contract
–contingent on financing/inspections as of today: 22
- Averaging 1545 sf
- $191,200 list price
- $133.36/sf
- 46 days on market
Clintonville Homes Firmly In Contract passed inspection period as of today: 3
- Averaging 1449 sf
- $189,466
- $133/sf
- 41 days on market
Clintonville Homes Closed from June 1 – Sept 15: 106
- Averaging 1622 sf
- $222,327 avg List but a $215,162 Sale price or 97%
- $134.42/sf
- 64 days on market – still a pretty hot market with a less than 4 month supply of homes
Clintonville Homes in contract with escape clausesthat a prospective buyer could conceivably swoop in and buy : 5
(skewing these numbers is 286 W Weisheimer Rd, the fabulous 2.2 acre Weisheimer estate listed at $895,000 and in contract contingent on a home sale since August 5)
Clintonville Homes Closed Second quarter 2010 (April-June 30): 116
- Averaging 1486 sf
- $211,797 avg List but a $205,226 Sale price or 97%
- $138.47 $/sf
- 51 days on market
Clintonville Homes Closed first quarter 2010 (Jan-March 31): 61
- Averaging 1453 sf
- $205,218 avg List but a $197,820 Sale price or 96%
- $146/sf
- 81 days on market
Clintonville, like many parts of town, saw a busier than normal first half market, thanks to the tax credits and remains a solid Columbus housing market neighborhood. While Clintonville almost always does well year round, the expiring tax credit had more homes sell than would have been normal, note that of the Summer’s 106 sold homes, 35% of them were in June, suggesting that it was just another month and not full of leftover tax credit buyers.
The days on market continue to be lower than many other local neighborhoods. I had two listings in Clintonville go in contract in less than a week this summer, both to buyers who were the first to see them.
Joe Peffer is a Realtor who works in Clintonville, Beechwold and other Columbus Neighborhoods.
Would you like me to break it down by 43214 vs 43202 or Northmoor vs Beechwold? email me and I will be glad to
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Important news on FHA changes and a mortgage rate prediction for Columbus
If you’re considering putting your hat in the ring to purchase a home in Central Ohio, you’ll appreciate this quick update on FHA mortgage happenings and a prediction of higher interest rates to come from Dan Green of Mortgage Reports….
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