Real Estate Continues to Move in Powell Ohio
The real estate market in Powell, Ohio, continues to be “neutral“with just over 6 months of inventory currently available on the market. However, that could be a misleading statistic because …
- It’s Good For Buyers – The number is based upon the fact that there are currently 244 homes for sale in Powell, Ohio. We are just entering into May and the prime time to be putting your home on the market in Powell. It would only take a net gain of 40 homes being added to the market for the inventory to push up to 8 months. Which begins to edge back into buyer’s territory.
- It’s Good For Sellers – The number is based upon the average number of sales over the past six months which features several of the traditionally slowest months of the year. So a high-volume of buyers in May could very easily push the inventory down even further and end up with bidding wars on well-priced properties. (I don’t think we need to put a maybe on that one, well-priced properties are already seeing this in certain areas.)
The biggest challenge facing Powell, Ohio, real estate market today is when will the over-improved home market recover?
Single-Family Market Report
In April 2012, there were 26 homes sold in Powell, Ohio, with an average price of $304,907 ($114.42 per square foot) down from an average list price of $318,411 ($119.55 per square foot). Those 26 homes average price was a stunning 30.91 percent less than the average price of the remaining active listings in Powell, Ohio.
The 244 active listings had an average price of $418,196 and an average price per square foot of $149.79.
There are 111 homes in contract in Powell, Ohio, but none of them break the $130.00 per square foot barrier on average.
|Financing & Inspection||90||3,332||$370,153||$127.45|
One key point is that it doesn’t appear to be a true price issue. For example, there are 46 homes currently active in Powell, Ohio, with a price tag over $600,000. The average days on market for those homes is a respectable 136 days despite having a price per square foot pushing $201.
The Powell, Ohio, Condominium Market
The Powell, Ohio, condominium market continues to lag behind the single-family market but not by as much as it has in the past. There is currently 7.2 months of inventory putting it into a neutral / buyer category in April, however with only 66 active listings it is even more voltile than the single-family market.
The condominium market has 66 active listings with an average price of $228,723 or $114.12 per square foot. Which is 8.11 percent higher than the average selling price of the eight condominiums that sold for an average of $191,496 or $104.84. Those condominiums started on the market for $195,500 or $106.63 per square foot which was well below the market average.
While, the numbers appear to be down for the Powell, Ohio, condominium market compared to single-family market in the Most Realist Market Price Analysis 45% of the inventory turned over in the month of April which is 10 percentage points better than the single-family market. (The April evaluation combined single-family and condominiums.)