Columbus Real Estate Market
August 21st, 2008 categories: Market Updates
While Normal is a relative term, this press release from the local Board of Realtors this morning calls it "pre-boom" levels, aka 2001ish. . . .
Low interest rates and high inventory added up to more homes going into contract in July. More homes in fact than any other month since August 2007 as new listings fell, according to the Columbus Board of REALTORS®.
Homes in contract continued to increase this summer to an 11-month high. There were 2,051 houses in contract in July, the highest amount since last August.
A drop in new listings in July helped contribute to declining inventory levels.
The number of homes on the market, 17,707, slid nearly 12 percent compared to July 2007. July was also central Ohio's second highest month for home sales, just slightly below the years' strongest month (June) with 2,242 home sales.
"With more homes in contract and fewer being listed, Columbus is continuing its trend of getting back to pre-boom sales and inventory levels," says Greg Hrabcak, President of the Columbus Board of REALTORS®.
"There is still a great selection of homes on the market, but as central Ohio continues its balancing act, the market will continue to be favorable for both buyers and sellers," says Hrabcak. "The fact that we saw more homes go into contract last month shows that homes in central Ohio are competitively priced and suggest consumers are taking advantage of low interest rates and assistance programs.
"Programs such as the first-time buyer tax credits in the recently passed Housing and Economic Recovery Act should motivate even more buyers in the coming months."
Hrabcak added, "I think people who don't take advantage of the favorable market conditions now are going to look back five years from now and say ‘What was I thinking?'"
Year to date sales of homes through July total 12,869, 13.8 percent behind the July 2007 total, but still in keeping with pre-boom levels. The average sale price of a home in central Ohio in July was $173,940.
The Columbus Board of REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Madison, Morrow and Union Counties and parts of Champagne, Clark, Hocking, Licking, Fairfield, Knox, Logan, Marion, Pickaway and Ross Counties.
Let's go find a home for you before they're all gone.
Old Post--Relevant Material
August 19th, 2008 categories: Bexley, Downtown, For Home Buyers, For Home Sellers, German Village, Grandview, Market Updates, Olde Towne East, Short North
I have a listing in Olde Towne East, nearly downtown, at 742 Oak Street. It is a fabulous 1710 sq foot brick home. 2 Bedrooms, an office, a fantastic master bath, half bath, great yard, walk to a million places, priced at $199,900. It is priced right. In fact, it's a screaming good deal because it is absolutely move-in ready. I consider the main competition for the home all of Olde Towne East and every downtown Condo because the price points and location are so similar. Of course the Oak Street home doesn't have any condo fees.
Tonight I'm talking to the owner about why we haven't had too many showings and no offers. I'll tell him that in the 109 days the home has been on the market, only TEN homes OR condos have sold between $150-250,000 on the entire Near East Side AND Downtown. Nine of those were, in fact, downtown condos and the other was a bank owned foreclosure steal of a deal on Bryden Road. Only 6 others are in contract currently, five of which are Downtown Columbus condos and one of which is a much bigger home on Franklin Avenue in Olde Towne East on the market for 575 days. Talk about Quiet.
Above that price point, it gets a little bit better, but not much. 12 condos downtown have been listed as sold in the MLS (remember, that doesn't include a few key projects like North Bank) and 3 Near East Homes, all very nice with huge square feet have sold since early May but that's it.
In the same time period, Greater Clintonville had roughly just over 100 homes sell between $150-250,000. It's been a brisk summer there for that price point, with an average days on market of 84.
While these inner-ring suburb markets don't generally conjure ideas of homes under $250,000, take a look at these markets since May 10 in this same price range:
The Short North and German Village are slow too but somewhat more stable markets with most homes priced above $250,000.
German Village/Schumacher Place had 10 homes sell since May 10 in that 150-$250,000 price range but 7 of them were likely already in contract in early May.
Greater Short North/Italian Village/Harrison West saw 32 homes sell since early May, most of which were condos or fixer uppers. As I looked through the lists from all over town, I realized that I had been in and seen many of them first hand. So, if you're looking in that price range inside I-270, I'm your guy.
In the meantime, Come on Columbus, rediscover the housing stock and location of Columbus' Near East side. Come visit 742 Oak St.
Of Possible Interest: Just in time for City Hop - April and May ‘08 Downtown Columbus Condo Sales
Franklin Park Conservatory - Even More Beautiful?
This entry was posted on Tuesday, August 19th, 2008 at 12:20 pm and is filed under Bexley, Downtown, For Home Buyers, For Home Sellers, German Village, Grandview, Market Updates, Olde Towne East, Short North. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
August 12th, 2008 categories: About Me?, Olde Towne East
Last Friday, Internationally renowned award-winning artist James Turrell followed a city council representative and a Franklin County Commissioners representative and Franklin Park Director Bruce Harkey, to the podium and gave a short speech while behind him the first ever illumination of the Conservatory’s 112 year-old historic glass Palm House glowed colorfully. This permanent installation will perform each evening beginning at dusk and can be viewed from the Grand Mallway west of the Palm House or as you crane your neck driving down East Broad Street.
This was a fantastic event with, I’d guess, maybe 1,000 people coming out and viewing the illumination and checking out the Conservatory’s newly opened rooftop decks, bridal garden and event space. I’m impressed with the event and with Franklin Park’s $20 Million Dollar Growth by Design expansion and renovation plans.
This park really is a jewel of a park and a great selling point for homes on Columbus’ near East side in neighborhoods like Olde Towne East and Woodland Park.
I’d like to see the City showcase it better than it has in the past. How about running the proposed East Broad Street Boulevard all the way to Nelson Road? Have you ever tried walking down Broad Street from I-71 to Franklin Park? I do it all the time and I can tell you that the sidewalks aren’t nearly wide enough and the entire trip is simply not pedestrian friendly—let alone crossing the Broad Street Bridge over I-71 into or out of downtown by foot. What about installing an East/West streetcar line so everyone downtown can quickly and easily get to the Park and enjoy it?
While we’re all waiting for that to happen, meet you at the Thursday rooftop Happy Hours from 5:30 -1 10 PM beginning on August 14th. Dubbed Cocktails at the Conservatory and running May through October, the happy hour will also feature appetizers by Cameron Mitchell Catering which runs the Conservatory’s cafe.
Here is my shaky 2.5 minute YouTube video of the event.
Authored by Joe |
In the State of Ohio, there are no regulations requiring the licensing of Home Inspectors. Some are certified by the American Society of Home Inspectors or have a bunch of designations after their name. Many others continually update their knowledge and education regarding home inspecting. Then there is the International Association of Certified Home Inspectors.
The fact is, though, you or your mother could be a home inspector. All that may be changing though. . . . Last week, a bill requiring licensing of home inspectors finally cleared its first major hurdle in the legislative process. HB 257, sponsored by Rep. Michelle Schneider (R) Cincinnati, was passed by the Ohio House of Representatives and sent to the Senate.
If the legislation is passed by the Senate and signed into law by the Governor, Ohio will become the 31st state to enact a statute addressing the performance of home inspections. Among the provisions included in HB 257 are the following: criminal penalties for performing home inspections without a license. creation of the Ohio Home Inspection Board to regulate the industry. a requirement that all inspections be performed pursuant to a written contract. creation of standards for performing inspections. creation of a process for investigating complaints filed against inspectors.
The Superintendent of the Division of Real Estate and Professional Licensing would have responsibility for administering the new law and providing staff support for the Home Inspection Board. Passage by the House was not unanimous. A handful of legislators disagreed with the bill for various reasons. Some felt it needed more teeth. More from OAR.
I don't want to sell The Most homes
November 30th, 2007 categories: About Me?
I don't want to sell the most Homes in Columbus.
I don't want to work with rude, harsh people.
I don't want to work outside of Franklin County.
I want to sell great homes to great people and great families. I want to be a trusted advisor through the home buying or selling process. I don't want to guide you through the ins and outs of purchasing just one home, I want to be your resource (and your friends and families) for all things Real Estate in the City of Columbus. For Life.
It's more important that I'm the most at what I do than it is to do the most. I'm educated, informed and ready to help any way I can. It's just one of those days when I realize how happy I am in this job, how good I am at doing this job, and how glad I am that I answer only to my clients.
November is Realtor Designation month. True, I've said many times that designations mean very little. I also think it's lazy and unprofessional to rest on your laurels. I always educate myself about my profession. I'm a Columbus Realtor, that's my job.
Possibly of Interest: After the Closing You'll Miss Me
Is your Realtor a Graduate of the Realtor Institute? I am
Columbus Homes Blog.com is a fantastic resource for buying and selling homes and for learning about the Columbus and Central Ohio markets. Joe is Broker/Owner of Delicious Real Estate in Columbus.
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