Market OverviewMarket Reports

Market Update [June 2017]

How you view today’s real estate market is entirely dependent upon whether you’re a buyer or a seller. If you’re looking to purchase a home in this market, you’re competing against many qualified buyers over a relatively few number of homes for sale. If you’re a seller, you’ve likely built up a decent amount of equity (even factoring in the Great Recession), and are enjoying multiple offers with great prices, terms and conditions.

Nationally vs. Columbus

What’s Driving the Market?

Local Conditions for Select Neighborhoods

(Year-to-Date Through June 2017)

  • Clintonville/Beechwold
    • Median List Price = $258,400 (+7.7%%)
    • Median Sales Price = $244,450 (+4%)
    • Percent of List Price Received = 100%
    • Days on Market = 25 (-16.7%)
    • Homes for Sale
  • Upper Arlington
    • Median List Price = $399,000 (+5%)
    • Median Sales Price = $380,000 (+4.7%)
    • Percent of List Price Received = 98.8% (.7%)
    • Days on Market = 34 (-8.1%)
    • Homes for Sale
  • Grandview Heights
    • Median List Price = $359,900 (-2.3%)
    • Median Sales Price = $325,000 (-3.8%)
    • Percent of List Price Received = 98.4% (+1%)
    • Days on Market = 40 (+73.9%)
    • Homes for Sale
  • Dublin
    • Median List Price = $359,450 (+13.4%)
    • Median Sales Price = $311,500 (+10.5%)
    • Percent of List Price Received = 97.9% (+1.5%)
    • Days on Market = 48 (-18.6%)
    • Homes for Sale
  • Worthington
    • Median List Price = $249,900 (+5%)
    • Median Sales Price = $232,000 (+1%)
    • Percent of List Price Received = 98.8% (+1.5%)
    • Days on Market = 24 (-27.3%)
    • Homes for Sale
  • Westerville
    • Median List Price = $260,000 (+10.4%)
    • Median Sales Price = $256,400 (+14%)
    • Percent of List Price Received = 98.8% (+1.1%)
    • Days on Market = 27 (-6.9%)
    • Homes for Sale
  • Gahanna
    • Median List Price = $229,950 (+9.6%)
    • Median Sales Price = $208,000 (+4.8%)
    • Percent of List Price Received = 99.5% (+2.1%)
    • Days on Market = 24 (-29.4%)
    • Homes for Sale
  • New Albany
    • Median List Price = $609,450 (+1.8%)
    • Median Sales Price = $539,900 (+9%)
    • Percent of List Price Received = 95.6% (+0.6%)
    • Days on Market = 66 (-23.3%)
    • Homes for Sale
  • Downtown Columbus
    • Median List Price = $318,750 (+1.2%)
    • Median Sales Price = $260,250 (+15.2%)
    • Percent of List Price Received = 98.7% (+0.9%)
    • Days on Market = 49 (-14%)
    • Homes for Sale
  • German & Merion Villages/Schumacher Place/Brewery District
    • Median List Price = $416,000 (+14.8%)
    • Median Sales Price = $378,750 (+12.9%)
    • Percent of List Price Received = 95.5% (1.7%)
    • Days on Market = 49 (+36.1%)
    • Homes for Sale

Franklin County Multifamily Snapshot

June 2017 (vs. June 2016)

Will Market Conditions Persist?

I’ve expanded on this in another blog post, but because of central Ohio’s robust economy, growing population (especially the millennial population), and the lack of construction of new homes for sale, I’m preparing for a 13 year real estate bull market (yes, through 2030) for the region, and others around the country are taking notice. I’ve yet to come across any supporting evidence that contradicts this prediction.

If you’re considering buying a home, purchasing a home at market price, with the right terms and conditions will likely be a solid decision, and the sooner you do so, the better the long-term benefits.

If you’re considering selling your home, pricing it right, ensuring it’s marketed to 2017 standards (professional photos, 3D virtual tours, robust social media marketing…etc), and hiring the right agent will ensure you’re in the driver’s seat to obtain maximum results. I call it my “Price Right + Show Right + Hire Right” formula.

If you’re in either of these situations and think I could be helpful, then let’s chat!

Lastly, I started a show calling #SellingCbus, where I chat with local business owners and operators about their businesses and neighborhoods. I’d be grateful if you’d take a look and let me know what you think.

 

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