Powell Ohio Real Estate Market Moves Under 3 Months Inventory
[media-credit id=1 align="alignleft" width="125"][/media-credit]The Powell area — which encompasses an area from Clark Shaw Road to just north of I-270 and from U.S. 23 to essentially the Union County line with lots of little wiggles and cuts for Dublin and Ostrander in there — saw 78 homes sell in August and currently has 225 active listings for an amazing 2.92 months of inventory. The sold market isn’t just moving them, it’s moving them fast with the average days on market down to 78 days.
The averge sales price is now $311,113, or $116.37 per square foot, which was 95.9 percent of the final listing price. The average home had 3 bedrooms, 2 bathrooms and 2,955 square feet under roof and had been listed for $324,280 when it went into contract. By comparison, the 225 active listings have 3 bedrooms and 2 bathrooms and 3,625 square foot under roof and are listed at $476,399 or $155.28 per square foot adn have been on the market for 100 days.
Historically speaking, 78 homes is the most sold in a single-month in at least the last five years in Powell by 13 homes with 65 in May 2010 being the former high-water mark. However, the biggest reason for the drop in months of inventory is the drastic reduction in inventory. In August 2007 and 2008 there would be 450 homes for sale, in 2009 and 2010 there was 350, in 2011 there was 300, in 2012 it was all the way down to 214. This has created a “problem” in the real estate market – I’m calling it Selleritis — in which buyers are still are still asking for the world while market stats attempt to tell sellers it is “their” market.
In the condominium market, Powell continued to show low inventory rates and higher-than expected sales resulting only 3.5 months worth of inventory. Hence, for every seven condominiums on the market this month two will go into contract – and with the current Central Ohio condominium market that’s a good number. In July there were 14 sold units average $221,468 or $101.26 per square foot (at a high of $153.58 and low of $55.56). The average sale was 2,221 sqare feet with 2 bedrooms and 2 bathrooms and had been on the market for 96 days. By comparison, there are currently 49 active condominiums in the Powell, Ohio, real estate market with an average price of $226,774 or an average price per foot of $122.75. The average square footage is 2,034 with 2 bedrooms and 2 bathrooms and has been on the market for 114 days.
The highest priced home in Powell is currently 13,330 square foot home priced “to move” at $3,950,000 while the highest priced condominium is a 5,300 square foot condominium at $725,000.
All listing and sold information is from the Columbus Board of REALTORS and sold are from August 1 through August 30 as reported to the Columbus Board of REALTORS by September 13, 2012.
Find Toby’s take on Powell, Ohio resale market monthly as a Market Expert on NewHomesDirectory.com.