My New Blog

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.