Dennis Swartz

Reynoldsburg, Ohio numbers are in for the month of January 2008. Let's see how they stack up, and then compare them for 2007 to see the change in the market.

There were 19 sold properties in January 2008, as reported by the Central Ohio Regional Multiple Listing Service. The average home sold was 1,695 square feet and was on the market for 108 days before they found a buyer. The average home was listed at $ 128,590 when it went into contract, which does not take into consideration price changes while it was listed, and the average selling price was $121,663. Some important stats to also keep in mind were that the average home in January 2008 received 94.6 % of their asking price, and the average home sold for $71.78 per square foot.

The highest price home that sold in January 2008 was at 7087 White Butterfly for $172,500.

Compared to January 2007, there were some surprising changes. In January 2006, 25 homes were reported sold at an average asking price of $154,208 with an average sold price of $149,961. The average home was sold in 154 days and was 1,743 square feet. This translates into $86.04 per square foot, and the average home seller was receiving 97% of their asking price.

So what does this mean? In addition to the prices coming down a little, it appears that the smaller homes are selling, and the average sales price per square foot is declining by about 16.5 %, a huge decline from 2007.My opinion is this is due to many foreclosures hitting the market in 2008, which is driving down the cost. Another key indicator is the median (or middle) sold price was $147,000 in January 2007, and this has declined to $126,900 for January 2008.

To wrap up the report, let's look at the current market. There are currently 50 homes that went on the market in January 2008 in Reynoldsburg at an average price of $170,515 with an average price of $91.97 per square foot, which shows an increase in the price of new listings as optimism is starting to return to the market, a good sign.

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 low $80's per square foot with the selling price at about $75 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 Reynoldsburg as it has been many years since we have seen these prices.

Pickerington, Ohio numbers are in for the month of January 2008. Let's see how they stack up, and then compare them for 2007 to see the change in the market.

There were 21 sold properties in January 2008, as reported by the Central Ohio Regional Multiple Listing Service. The average home sold was 2,582 square feet and was on the market for 142 days before they found a buyer. The average home was listed at $ 234,921 when it went into contract, which does not take into consideration price changes while it was listed, and the average selling price was $224,391. Some important stats to also keep in mind were that the average home in January 2008 received 95.5% of their asking price, and the average home sold for $86.91 per square foot. The median sold price for January 2008 was $189,000.

The highest price home that sold in January was at 13931 Whispering Court, in the Ravines at Tollgate, for $ 954,000.

Compared to January 2007, there were some surprising changes. In January 2006, 37 homes were reported sold at an average asking price of $226,221 with an average sold price of $219,741. The average home was sold in 124 days and was 2,287 square feet. This translates into $96.08 per square foot, and the average home seller was receiving 97% of their asking price. The median sold price for January 2007 was $193,000.

So what does this mean? It appears on the surface that there was an increase in the prices for 2008, but that is not true. In 2007 the smaller homes were selling, while in 2008 the larger homes were selling, and they were getting less in their asking versus selling prices (97 to 95.5%). 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 10.5% when comparing 2006 to 2007. Another true indicator of value, the median price, was down for January 2008 as well.

To wrap up the report, let's look at the current market. There are currently 86 homes that went on the market in January 2008 in Pickerington at an average price of $244,551 at a price of $100.97 per square foot. Those people that have decided to sell in 2008 are asking more for their home this month.

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 $86 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. If January is an indication for 2008 there will be a lot of homes to pick from on the market.

Stay tuned for more reports.

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.

Reynoldsburg, 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 24 sold properties in December 2007, as reported by the Central Ohio Regional Multiple Listing Service. The average home sold was 1,806 square feet and was on the market for 80 days before they found a buyer. The average home was listed at $ 148,616 when it went into contract, which does not take into consideration price changes while it was listed, and the average selling price was $144,437. Some important stats to also keep in mind were that the average home in December 2007 received 97% of their asking price, and the average home sold for $79.98 per square foot.

The highest price home that sold in December was at 968 Mahle for $ 237,500.

Compared to December 2006, there were some surprising changes. In December 2006, 25 homes were reported sold at an average asking price of $143,232 with an average sold price of $137,551. The average home was sold in 87 days and was 1,632 square feet. This translates into $84.28 per square foot, and the average home seller was receiving 96% 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 more in their asking versus selling prices (97 to 96%). But the big difference was in the price per square foot where this was down 5.1% over 2006, meaning that home prices have receded 5.1% when comparing 2006 to 2007.

To wrap up the report, let's look at the current market. There are currently 26 homes that went on the market in December 2007 in Reynoldsburg at an average price of $157,923 at a price of $92.95 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 low $80's per square foot with the selling price at about $79 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 Reynoldsburg as it has been many years since we have seen these prices.

Important announcement that Countrywide, who was in financial trouble due to this whole lending sub-prime mess, was purchased by Bank of America. So what? If you have a loan with Countrywide, your terms will not change. The only thing that will change is who you make your checks to and where you mail them.

The interesting thing to me is now Bank of America is alive and well in Columbus as a mortgage loan originator, but they have no local branches here. Columbus is too big to not have a BofA presence here, so I look for them to enter this market as a bank.

They could enter the market by building new branches all over town, or they could enter all at once by buying someone local and converting them. Hmmm, lets see who might be available. Well, JP Morgan/Chase (Bank One) is probably too big to swallow. However, there is a local bank here that just bought another bank, Sky Bank, and is having a real tough time getting it to stay down. See, Huntington bought Sky and claims they did not know that Sky Bank had so many bad loans, which now belong to Huntington. Huntington is taking on water fast and they are suffering severe losses. This is a perfect time for a huge bank, like BofA, to step in and buy them up as their stock price and value is way down.

Now, that will be interesting around here. Can you imagine the new ballpark will be Bank of America Park, or the Huntington Club seats will be the BofA seats. Of course, I made all this up, but stay tuned!