More than $43 million in real estate transfers were processed in Delaware County (Ohio) last week, putting the first full week in December more than $23 million ahead of the previous week.
It was a huge week for real estate transactions in Delaware County as the County was well above its four-week average for:
- Number of Transactions: 210 last week, 113.5 four-week average.
- Real Estate Volume Sold: $43,292,066 last week, $18,897,782 four-week average.
- Average Transaction Value: $208,248 last week, $166,500 four-week average.
Breaking down the week by communities in Delaware County. Communities that are located in multiple counties only property located in Delaware County is included in this report.
|City||Total Sales||Valid Sales||Sold For||Market Total|
Total Sales are the total number of transfers recorded by the Auditor’s Office while the Valid Sales column removes all sales that were classified as “not-valid” sales which are non-arm’s length transactions.
So What Made the Difference?
There were two key components that made an important difference in the real estate factors that shaped this past week and make it so busy.
- Thanksgiving Hangover. The week of Thanksgiving created a slow-down as everyone scurried to get those loans closed you saw many of them being bounced back by a week-or-more-often-two and voila here we go.
- Business Condominiums Floating The Price. One major transaction stood out this past week when Mount Caramel Health System sold its business condominiums at 444 N. Cleveland Avenue in Westerville, Ohio, to Health Care REIT Inc. for the tidy sum of $7,516,000. That one transaction skewed the per unit values by roughly $35,000.
Are these isolated instances? Well that depends on whom you talk to in Washington, D.C., or the rest of the real estate industry …
What to Expect This Week in Delaware County Real Estate?
The week begins with not much happening so expect interest rates and other information to stay relatively stable. However, as the week moves on a few key reports are coming out that could make a key difference.
I expect we’ll see a few more deals like the Mount Caramel – REIT transfer coming down the pike before the December 31 deadline. With the very real concern of the Fiscal Cliff and its implications on big business there will be many looking at options to limit taxable burden heading into 2013 and that might include spinning off some real estate as we close out 2012.
On the residential side, if you are looking to sell and are reasonable about your price the market is your for the picking. Buyers are lining up for well priced houses for the condition and location. Over-priced houses are just sitting and not even getting showings.