State of the Market Report for Pickerington, Ohio-December 2007

Pickerington, Ohio numbers are in for the month of December 2007. Let's see how they stack up, and then compare them for 2006 to see the change in the market.

There were 32 sold properties in December 2007, as reported by the Central Ohio Regional Multiple Listing Service. The average home sold was 2,456 square feet and was on the market for 121 days before they found a buyer. The average home was listed at $ 211,104 when it went into contract, which does not take into consideration price changes while it was listed, and the average selling price was $200,696. Some important stats to also keep in mind were that the average home in December 2007 received 95% of their asking price, and the average home sold for $81.72 per square foot.

The highest price home that sold in December was at 7103 Optimara, in Violet Meadows, for $ 515,000.

Compared to December 2006, there were some surprising changes. In December 2006, 43 homes were reported sold at an average asking price of $202,554 with an average sold price of $196,969. The average home was sold in 119 days and was 2,180 square feet. This translates into $90.35 per square foot, and the average home seller was receiving 97% of their asking price.

So what does this mean? It appears on the surface that there was little change in the prices, but that is not true. In 2006 the smaller homes were selling, while in 2007 the larger homes were selling, and they were getting less in their asking versus selling prices (97 to 95%). But the big difference was in the price per square foot where this was down 9.5% over 2006, meaning that home prices have receded 9.5% when comparing 2006 to 2007.

To wrap up the report, let's look at the current market. There are currently 45 homes that went on the market in December 2007 in Pickerington at an average price of $214,403 at a price of $91.78 per square foot. 4 homes went for sale in December and found a buyer already, at an average price of $85.62 per square foot.

Your strategy for 2008 is to make your home as sharp as you can as the market is very competitive, and maybe prepare for a little less price for your home than you might expect. It appears as though the average home that is selling right now is priced in the mid $80's per square foot with the selling price at about $82 per square foot. If you are then going to buy a home, this might be the year that you can get quite a deal on a home in Pickerington as it has been many years since we have seen these prices.