Sunday, April 20, 2014

Market HEATING UP in Gahanna

We're nearly 1/3 of the way through 2014 and the real estate market in Gahanna is heating up.  Yes, I purposefully used "heating up" because of the deep freeze that brought the market along slowly to begin 2014.

The sub-zero temperatures did the real estate business zero favors.  A close business friend of mine, Jason Kiley of Great American Title, told me that the January market was the worst month that he had seen in over 15 years.  Who can blame the consumer?… it was ZERO degrees outside!

So, how do we know it is heating up?

Closed volume is down because anything that closed in March likely went into contract during the frigid February weather.  Closed transactions decreased by a little over 10% for the first quarter of 2014 compared to 2013.

Spring breakers brought back a little sun with them and April has seen 105 single family homes go into contract in it's first 20 days.  105 is a huge number when you see that only 129 total sales were completed in the first 90 days of the year.  Compare this to last year and the first 20 days of April saw only 90 homes go into contract, an increase of over 16%.

It seems like the market is healthy, what's available and when should I list my home? 
Photo taken from the Columbus Board of Realtors MLS system on 4/20/2014
Each green mark on the picture above is a home that is currently for sale in the Gahanna area (email me for a full report).  The picture makes it seem like there are a large number available, but the truth is that inventory is low and there are buyers eagerly awaiting new properties to hit the market.  The average sale price of homes sold in 2014 is around $220,000.  The lowest sale went for $68,000 and the highest for $527,500.  Gahanna's real estate market is strong so the sooner you can get your home onto the market the better.

Helpful links:
Home Value Analysis
Homes for Sale in Gahanna
Free Real Estate Mobile App with GPS technology so that you can find the list price of any home you drive by

Take care,
Scott Morrison

** All statistics were computed using a search on the Columbus Board of Realtors MLS.  Search was completed on 4/20/2014 and does not include all transactions, only those entered properly into the MLS**

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