Submitted by Vicki Owens, ABR, RSD, RECS, Andy & Associates, Realtors
As of July 12, there are 200 homes available for sale. Prices range from $18,300 for a mobile home to $975,000 for a large estate on acreage. The averages are 2138 square feet for a list price of $203,070. There are currently 38 homes reported as in contract or contingent on sale. Inventories are down in the under $150K price range and these homes have been selling faster than other ranges. The $8000 first time buyer tax credit, low interest rates and special loans available in our area could be a good reason for that. The inventory is moving quickly which is an indication that we could have very well “bottomed out” and we will see prices begin to recover a bit. The market is showing about 35% of available homes are “challenged” sales, which means foreclosed or ’pre-foreclosure’ short sales. More of these homes will likely come available on the market soon now that the moratorium on foreclosures has been lifted by the government.
From January 1 thru July 12 of this year, there were 150 homes sold. The average days on the market was 97 days, the average square footage 1,810 with an average list price of $158,044 and average sale price of $151,262. Only 4 of those sold properties were over the $300,000 price range, and 25 sold between $200,000 & 299,999. So 121 of the homes were sold at $199,999 or less and within 96% of their listed price. The least sold price was a mobile home sold for $10,000, the most, a large home with acreage at $385,000. These statistics are taken from Tempo MLS service used by the Columbus Board of Realtors.
Historically, compared to the same time in 2008, there were 180 homes sold, 30 more than the same time this year. The average days on the market then was 118, the average square footage 1935, with the average list price being $176,637 and sold price of $169,879. 12 of those were sold for over $300,000, and 37 between $200,000 and $299,999. So 131 were sold at $199,999 or less. The least reported was a mobile home sold for $9,500, the most, a larger new home at $635,000. Again, these statistics are from the MLS as reported by real estate brokers in the Marysville School District only.
Overall, sales volume and prices are down. However, the good news is, days on the market are 97 vs’ 118 the same time last year. Again, less inventory and more buyers entering the market due to incentives is a good sign that the market is beginning to recover. Keep in mind, historically prior to 2006 appreciation rates in our area were only 2.5-3%. Also, our market has not been hit the hardest by the real estate downturn. Average prices in the Hilliard, Delaware and other Columbus areas have taken a larger hit and are now reported to be below $140K. Many of those areas enjoyed 5-8% appreciation back in the top end of the market 3-4 years ago.
Financing is available but has shown to be a longer closing time for buyers due to the lenders demands for documents and paperwork. There are still 0% down programs on low fixed rates available in Union County. FHA raised down payment requirements earlier this year to 3.5% down. PMI guidelines have also tightened and have caused some delay and even denial of some sales for programs where it is required. Appraisers are now under strict guidelines and must consider current market conditions closely adding additional work and sometimes delays with appraisals. Investors have been put under pressure with new guidelines limiting the number of homes they can purchase as investments and commanding 20% down payment. There are homes that need a lot of work at very low prices that are not finding buyers in part due to these rules. Homes with safety issues or in need of expensive mechanical systems (septic, well, HVAC, roof) are challenged to find an investor or bank that can or will finance them.
With questions, or help with buying or selling your home, contact Vicki Owens of Andy & Associates, Realtors locally by phone at 937-644-3385, cell: 614-440-5174, via email at vicki_owens@hotmail.com or visit her website www.movetomarysville.com. She is a native of Central Ohio and a 10 year resident of Marysville, operating her local office in the McCarthy Financial Advisors building at 127 W 5th Street uptown. Serving Marysville & Union County since 2003 and also selling into Franklin, Madison, Delaware, Logan and Champaign counties.