Monday, February 10, 2014

Central Ohio Reat Estate in 2014, Gaining Momentum

The real estate recovery is predicted to gain momentum in 2014. Overall the trend has been much slower than what people are used to after a recession. In 2014 experts believe the market has progressed further through the economic and real estate cycles and we are now seeing real evidence that the trends have the momentum to finally make an impact on the real estate market.
The recovery has been slow in part to a slower recovery in the jobs market. Instead of seeing 250,000 new jobs a month, in 2013 we were seeing 100,000+ new jobs a month, which equated to a modest 2.5 percent gross domestic product (GDP).  Now in 2014, that 2013 growth wasn't huge, but it has created some new demand for housing and that combined with almost no new supply creates a good position for real estate recovery. 
So you can see the changes happening, I've compiled some stats from Trulia on the average prices for January of the 2014 year versus 2013. I've included a variety of popular Central Ohio communities (in alphabetical order below), as you review, you'll notice there is a difference based on location. I am always happy to help you review communities that are the best fit for you and your goals. Whether you are looking for your first home, a long-term home, or your empty nest home-whatever phase of life your are in, or changes that you need to accommodate, you have various needs and I can help you analyze and review your options while taking your investment into consideration so you can make the best possible decisions on your real estate transactions. 
If you don't see your community below it doesn't mean I can't help your review, I just tried to grab a wide variety of areas for you to get an idea of how different each community may be in terms of real estate recovery. I think you'll see why it is important to have a real estate professional help you when are selling and buying homes to maximize your investments, from your happiness to your money!
Bexley, Ohio, the average price per square foot for Bexley OH was $158, an increase of 33.9% compared to the same period last year. The median sales price for homes in Bexley OH for Oct 13 to Jan 14 was $290,500 based on 23 home sales. Compared to the same period one year ago, the median home sales price increased 40.5%, or $83,750, and the number of home sales decreased 36.1%. There are currently 39 resale and new homes in Bexley on Trulia. The average listing price for homes for sale in Bexley OH was $382,064 for the week ending Jan 29, which represents an increase of 5.4%, or $19,623, compared to the prior week. Popular neighborhoods in Bexley include Ardmore and Eastlawn, with average listing prices of $304,925 and $221,433.
Columbus, Ohio, the average price per square foot for Columbus OH was $90, an increase of 2.3% compared to the same period last year. The median sales price for homes in Columbus OH for Oct 13 to Jan 14 was $105,000 based on 665 home sales. Compared to the same period one year ago, the median home sales price increased 0%, or $0, and the number of home sales decreased 32.7%. There are currently 2,528 resale and new homes in Columbus on Trulia. The average listing price for homes for sale in Columbus OH was $135,966 for the week ending Jan 29, which represents a decrease of 1%, or $1,337, compared to the prior week. Popular neighborhoods in Columbus include German Village and North Linden, with average listing prices of $378,162 and $52,022.
Delaware, Ohio, the average price per square foot for Delaware OH was $85, a decrease of 4.5% compared to the same period last year. The median sales price for homes in Delaware OH for Oct 13 to Jan 14 was $156,000 based on 125 home sales. Compared to the same period one year ago, the median home sales price decreased 17.5%, or $33,200, and the number of home sales decreased 10.7%. There are currently 434 resale and new homes in Delaware on Trulia. The average listing price for homes for sale in Delaware OH was $300,352 for the week ending Jan 29, which represents a decrease of 1.3%, or $3,866, compared to the prior week.
Dublin, Ohio, the average price per square foot for Dublin OH was $119, a decrease of 51% compared to the same period last year. The median sales price for homes in Dublin OH for Oct 13 to Jan 14 was $268,000 based on 105 home sales. Compared to the same period one year ago, the median home sales price increased 7.2%, or $18,000, and the number of home sales decreased 36%. There are currently 392 resale and new homes in Dublin on Trulia. The average listing price for homes for sale in Dublin OH was $367,705 for the week ending Jan 29, which represents an increase of 0.8%, or $2,844, compared to the prior week.
Gahanna, Ohio, the average price per square foot for Gahanna OH was $97, a decrease of 2% compared to the same period last year. The median sales price for homes in Gahanna OH for Oct 13 to Jan 14 was $173,500 based on 46 home sales. Compared to the same period one year ago, the median home sales price increased 22.2%, or $31,500, and the number of home sales decreased 27%. There are currently 64 resale and new homes in Gahanna on Trulia. The average listing price for homes for sale in Gahanna OH was $217,206 for the week ending Jan 29, which represents a decrease of 1.2%, or $2,531, compared to the prior week. Popular neighborhoods in Gahanna include Woodside Green and Brentwood Estates, with average listing prices of $188,164 and $104,474.
Grove City, Ohio, the average price per square foot for Grove City OH was $105, an increase of 32.9% compared to the same period last year. The median sales price for homes in Grove City OH for Oct 13 to Jan 14 was $126,000 based on 72 home sales. Compared to the same period one year ago, the median home sales price decreased 14.4%, or $21,250, and the number of home sales decreased 50%. There are currently 366 resale and new homes in Grove City on Trulia. The average listing price for homes for sale in Grove City OH was $170,016 for the week ending Jan 29, which represents an increase of 1.8%, or $2,941, compared to the prior week. Popular neighborhoods in Grove City include Pinnacle Club and Brookgrove, with average listing prices of $184,010 and $121,744.
Hilliard, Ohio, the average price per square foot for Hilliard OH was $102, an increase of 14.6% compared to the same period last year. The median sales price for homes in Hilliard OH for Oct 13 to Jan 14 was $161,250 based on 70 home sales. Compared to the same period one year ago, the median home sales price increased 4.1%, or $6,350, and the number of home sales decreased 55.7%. There are currently 204 resale and new homes in Hilliard on Trulia The average listing price for homes for sale in Hilliard OH was $205,147 for the week ending Jan 29, which represents a decrease of 1%, or $2,154, compared to the prior week. Popular neighborhoods in Hilliard include Hoffman Farms and River Landings, with average listing prices of $304,213 and $288,100.
Marengo, Ohio, there are currently 28 resale and new homes in Marengo on Trulia. The average listing price for homes for sale in Marengo OH was $160,674 for the week ending Jan 29, which represents an increase of 7.6%, or $11,387, compared to the prior week.
New Albany, Ohio, the average price per square foot for New Albany OH was $196, an increase of 56.8% compared to the same period last year. The median sales price for homes in New Albany OH for Oct 13 to Jan 14 was $316,400 based on 36 home sales. Compared to the same period one year ago, the median home sales price increased 3.4%, or $10,400, and the number of home sales decreased 49.3%. There are currently 145 resale and new homes in New Albany on Trulia. The average listing price for homes for sale in New Albany OH was $514,960 for the week ending Jan 29, which represents an increase of 8.1%, or $38,436, compared to the prior week. Popular neighborhoods in New Albany include The New Albany Country Club and New Albany Links, with average listing prices of $753,469 and $411,228.
Pickerington, Ohio, the average price per square foot for Pickerington OH was $88, an increase of 0% compared to the same period last year. The median sales price for homes in Pickerington OH for Oct 13 to Jan 14 was $170,000 based on 85 home sales. Compared to the same period one year ago, the median home sales price decreased 5%, or $9,000, and the number of home sales decreased 27.4%. There are currently 310 resale and new homes in Pickerington on Trulia. The average listing price for homes for sale in Pickerington OH was $228,003 for the week ending Jan 29, which represents a decrease of 0.7%, or $1,654, compared to the prior week.
Plain City, Ohio, the average price per square foot for Plain City OH was $99, an increase of 17.9% compared to the same period last year. The median sales price for homes in Plain City OH for Oct 13 to Jan 14 was $222,800 based on 6 home sales. Compared to the same period one year ago, the median home sales price increased 48.5%, or $72,800, and the number of home sales decreased 68.4%. There are currently 77 resale and new homes in Plain City on Trulia. The average listing price for homes for sale in Plain City OH was $335,284 for the week ending Jan 29, which represents a decrease of 12.4%, or $47,327, compared to the prior week.
Powell, Ohio, the average price per square foot for Powell OH was $113, an increase of 2.7% compared to the same period last year. The median sales price for homes in Powell OH for Oct 13 to Jan 14 was $285,000 based on 109 home sales. Compared to the same period one year ago, the median home sales price increased 11.4%, or $29,150, and the number of home sales decreased 24.3%. There are currently 229 resale and new homes in Powell on Trulia. The average listing price for homes for sale in Powell OH was $414,767 for the week ending Jan 29, which represents a decrease of 1.8%, or $7,479, compared to the prior week.
Reynoldsburg, Ohio, the average price per square foot for Reynoldsburg OH was $83, an increase of 12.2% compared to the same period last year. The median sales price for homes in Reynoldsburg OH for Oct 13 to Jan 14 was $126,750 based on 68 home sales. Compared to the same period one year ago, the median home sales price increased 27.8%, or $27,550, and the number of home sales decreased 17.1%. There are currently 203 resale and new homes in Reynoldsburg on Trulia. The average listing price for homes for sale in Reynoldsburg OH was $135,706 for the week ending Jan 29, which represents a decrease of 0.3%, or $421, compared to the prior week. Popular neighborhoods in Reynoldsburg include Eastshire and Elmbrook Village, with average listing prices of $109,200 and $98,133.
South Bloomfield, Ohio, there are currently 11 resale and new homes in South Bloomfield on Trulia. The average listing price for homes for sale in South Bloomfield OH was $123,882 for the week ending Jan 29, which represents an increase of 1.3%, or $1,612, compared to the prior week.
Sunbury, Ohio, the average price per square foot for Lewis Center OH was $117, an increase of 20.6% compared to the same period last year. The median sales price for homes in Lewis Center OH for Oct 13 to Jan 14 was $238,600 based on 53 home sales. Compared to the same period one year ago, the median home sales price increased 3.6%, or $8,400, and the number of home sales decreased 43.6%. There are currently 163 resale and new homes in Lewis Center on Trulia. The average listing price for homes for sale in Lewis Center OH was $258,599 for the week ending Jan 29, which represents a decrease of 0.8%, or $2,091, compared to the prior week.
Upper Arlington, Ohio, the average price per square foot for Upper Arlington OH was $170, an increase of 11.1% compared to the same period last year. The median sales price for homes in Upper Arlington OH for Oct 13 to Jan 14 was $276,500 based on 72 home sales. Compared to the same period one year ago, the median home sales price decreased 3%, or $8,500, and the number of home sales decreased 30.1%. There are currently 48 resale and new homes in Upper Arlington on Trulia. The average listing price for homes for sale in Upper Arlington OH was $463,338 for the week ending Jan 29, which represents a decrease of 5.2%, or $25,305, compared to the prior week. Popular neighborhoods in Upper Arlington include Mountview Place and North Mountview, with average listing prices of $202,400 and $343,233.
Westerville, Ohio, the average price per square foot for Westerville OH was $104, an increase of 6.1% compared to the same period last year. The median sales price for homes in Westerville OH for Oct 13 to Jan 14 was $217,000 based on 163 home sales. Compared to the same period one year ago, the median home sales price increased 20.6%, or $37,000, and the number of home sales decreased 33.5%. There are currently 382 resale and new homes in Westerville on Trulia. The average listing price for homes for sale in Westerville OH was $267,787 for the week ending Jan 29, which represents an increase of 0.1%, or $167, compared to the prior week. Popular neighborhoods in Westerville include Spring Grove and Annehurst Village, with average listing prices of $215,286 and $184,233.
Worthington, Ohio, the average price per square foot for Worthington OH was $122, an increase of 8% compared to the same period last year. The median sales price for homes in Worthington OH for Oct 13 to Jan 14 was $199,000 based on 31 home sales. Compared to the same period one year ago, the median home sales price increased 7.1%, or $13,250, and the number of home sales decreased 38%. There are currently 57 resale and new homes in Worthington on Trulia. The average listing price for homes for sale in Worthington OH was $196,573 for the week ending Jan 29, which represents a decrease of 5.2%, or $10,803, compared to the prior week. Popular neighborhoods in Worthington include Colonial Hills and Worthington Park, with average listing prices of $220,960 and $173,450.

IF YOU HAVE QUESTIONS ABOUT SELLING YOUR HOME, BUYING OR BUILDING A NEW ONE, DON'T HESITATE TO CALL, TEXT OR EMAIL ME. 614-657-2005
My promise to my clients: I try to always remember what it is like to walk into this incredibly complex world of buying and selling with little or no knowledge of how the process works. I know that behind the door of your home and in your life there is much more going on than just your real estate transaction. I work with each person, not the house, and with the whole person, not just the issues surrounding the transaction. When I attempt to put myself in your shoes and contemplate what you are dealing with I am most effective.
The Benadum & Bumpus Team

Amy Bumpus

Straight Talk—Always

614-657-2005