The warm February made it enticing to look at houses and spend some time at Delaware Lake State Park.
Don?t worry about the numbers. The optimism is in the air and with a warm February people are expecting some really good numbers from the month. Right? Well not so fast.
Remember that very rarely do buyers close within the same month as they began looking. I wanted to look in the spring, so I started in February and went in contract in February and will close in March or April. So we?ll see a bump to the late spring numbers thanks to this warm weather.
However, in an eery coincidence there were 124 homes listed as sold in the Central Ohio/Columbus Multiple Listing Service for February 2012 and 2011. While the volume remained constant the sales price slipped 4% from 2011 to 2012 for the couny as a whole.
Meaningless stat of the post is that the county currently has 6.04 months of inventory.
Single-Family Sales in Delaware County
| Time Period | Sales | Beds | Baths | Sq.Ft. | List Price | Sale Price |
|---|---|---|---|---|---|---|
| Active | 973 | 3 | 2 | 3,061 | $381,537 | ? |
| February 2012 | 124 | 3 | 2 | 2,765 | $268,914 | $258,006 |
| February 2011 | 124 | 3 | 2 | 2,703 | $273,508 | $261,469 |
| All 2011 | 2,010 | 3 | 2 | 2,769 | $291,800 | $279,493 |
While the information is ho-hum about the single-family market the Delaware County condominium market has seen a severe spike in price (up 16 percent) over last February. However, the quantity of condominiums changing hands was nearly half the 14-month average of just over 26. The housing market for the county remains in relative balance with just under eight months of inventory on hand for potential home buyers.
Condominium Sales in Delaware County
| Time Period | Sales | Beds | Baths | Sq.Ft. | List Price | Sale Price |
|---|---|---|---|---|---|---|
| Active | 206 | 2 | 2 | 1,894 | $203,919 | ? |
| February 2012 | 13 | 2 | 2 | 2,034 | $191,600 | $184,253 |
| February 2011 | 19 | 2 | 2 | 1,941 | $165,468 | $158,715 |
| All 2011 | 288 | 2 | 2 | 1,778 | $185,696 | $178,408 |
So what does this mean for me?
- Well as a buyer: It shows that the market is beginning to return to stability in central Ohio, through as the drop in price shows there are still some deals to be had in the market. However, be reminded that this to be viewed from a macro level and not looked at to make a decision on a particular home ? as the situation in Powell or Ashley or Lewis Center could vary greatly.
- Well as a seller: It shows that the market is returning to a sense of normalcy and that home buyers are beginning to gain a level of comfort with the market and purchasing homes. The market continues to have soft spots which is why you have to take this from a macroecnomic view as the opportunities in Olentangy or Delaware City or Buckeye Valley could be very different.
Delaware County is stabalizing the greater Central Ohio market.
Similar Posts:
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.