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Powell Real Estate Market Doesn’t Turn Into October Pumpkin

Powell Real Estate Market Doesn’t Turn Into October Pumpkin

October weather has cooled down sales a bit, however Powell, Ohio, continues to be hot with 62 units changing hands in October and total inventory sitting at only 3.65 months.

However, the total sold units is “nice” but it is the pended units that has people talking and getting excited about real estate again. Sixty homes went into contract in October 2012 in the Powell zip code. That’s the most in October in the past five years by a long shot – the average for the past five years including 2012 is 41.8 – and shows that buyer’s haven’t gone into the winter hibernation that is often expected around Central Ohio this time of year.

Bank-Owned Market in Powell, Ohio?

Powell continues to defy the odds with only 4.8% of the October sales and on the year 10.5% of the sales being short sales or foreclosures based information reported to the Columbus / Central Ohio Multiple Listing Service for closings through October 31, 2012.

Single-Family Homes

Powell, Ohio, has been flying off the shelves the past few months and in October it slowed down compared to the rest of 2012 with only 42 homes selling. The average home sold in October was 3 bedrooms, 2 bathrooms, 3,083 square feet and sold for $320,561 (or $116.64 per square foot) and was on the market for 91 days. The largest sale in the Powell, Ohio zip code was $799,000 in October while the smallest was $124,500.

With 182 active listings there is currently 4.33 months worth of inventory in the 43065 zip code.

Those 182 homes currently on the market average 3 bedrooms, 2 bathrooms, 3,727 square feet, a list price of $486,608, a square-foot price of $155.71, and have been on the market for 111 days. The lowest listed is $49,900 and the highest is $3,950,000.

The challenge facing the Powell market moving forward is that the average active home is priced 28.9 percent higher than the active home that sold in October was listed for. There is always going to be a gap between the sold price per foot and the active price per foot, but pushing 30% is a little steep.

Condominium Resale Market

It was a nice month for condominiums in Powell, Ohio, with 18 changing hands at the marked price of $213,888 which was amazingly less than $1,000 difference from the average list price. Which tells us that a majority of the sales were new builds.

The average sale was 2 bedrooms, 2 bathrooms, sold for $109.89 per square foot and was on the market fork 114 days. The lowest-priced condominium to sell in October was $74,000 while the most expensive was $379,000.

In a major reversal over the beginning of the year, the inventory of condominiums in Powell, Ohio is down to 2.4 months.

There are 44 condominiums listed for sale in Powell, Ohio, averaging 2 bedroom, 2 bathrooms, 1,821 square feet, listed for $206,254, and been on the market for 85 days. The highest priced condominium on the market today is $399,900 and the cheapest is $69,900.

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