Try to Find a House for Sale in Powell, I Dare You
Houses Are Selling In Powell Like Its 2004
I wasn’t in real estate in 2004, so I honestly don’t know if that’s what is happening in Powell, Ohio, but I’ll be darned if it don’t feel like something is happening.
The sold numbers don’t really say much for February with only 27 single-family homes changing hands. But, wait, there it is, that glimmer we’ve been looking at there were 56 homes pended in Powell – or at least the 43065 zip code – during the month of February.
Powell Ohio Pended Inventory By Month
3.9 Months of Inventory = Low Inventory & Flocking Buyers
The market was primed for a run like this at some point. As the housing market’s woes have continued the number of traditional, those selling because they want to rather than because they need to, have decreased and we’ve seen the available number of homes continue to decline. For example in June 2010 the market was flush with nearly 350 active listings, in June 2011 it had shrunk to 300 and by January 2012 had retracted to 200 which is 50 less than the previous two Januarys.
The past two years, had been a pretty “predictable” trend in Powell with 20-30 homes selling per month in the first quarter, 40-60 per month in the second, 30-40 in the third quarter, and 30-40 in the fourth quarter. So now we toss this month where you have 56 homes pended in a single month, which is the most since 77 in April 2010 when the IRS tax credit was set to expire.
It has tossed the system out of balance, just like it did in 2007 when buyers’ stopped buying. Now the key question is…
Will the Buyers Keep Buying in Powell Ohio?
Of course they will, but at what levels is going to take some thought.
- 3.9 Months Inventory is Not Realistic. The first thing I expect is that there will be a spike to roughly 6-8 months pended inventory in March 2012. Why? If you’ve been sitting on your house in Powell and you just read this and not already listed your house, contact us today today.
- Quality Of Listings More Imporant Than Quantity The Powell name carries a lot and people love it. But, I’ve shown houses that were in the Olentangy School District in Delaware and Powell and people have chosen the Delaware home. Why? Because the house was better. So if the new listings are quality then the buyers will jump and Powell could see an amazing summer. If not, well then it was still a nice one-hit wonder.
It’s going to be a fun summer in Powell, Ohio.