Home Prices Setting Records – Caveat

Home Prices Setting Records – Caveat

Ladies and Gentleman, I am a data geek.  Looking deeper into the stats is what gives me my cheap thrills.  Data is a historical look into the market.  Historical data is relevant because it can predict future events especially if you start seeing the patterns that they create.

Let’s start with Columbus Realtor’s latest Central Ohio Housing Report – June 2017.  This report gives a general overview of the 5 counties that comprise of Central Ohio.  It’s a good general report to give you a general bead of the Central Ohio’s health.

However, let’s take this a bit further and analyze on specific community – Worthington, Ohio.  The information below is going to focus on Single Family Homes in the Worthington school district; however, this can be recreated for any location within Central Ohio, which includes homes in Franklin, Delaware, Union, Madison, Pickaway, Fairfield, and Licking Counties.

Worthington Schools Under 30 Cumulative Days on the Market

In the last 6 months as of July 14, 2017, there are 324 homes that sold Under 30 Cumulative Days on Market and of them 219 sold over original list price, and 256 where listed under $350k.

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Worthington Schools Over 30 Cumulative Days on the Market

The over 30 cumulative Days on the market has a much different story to tell.  66 of the homes sold for less than the original asking price.  Yikes!  That to me says did not price the home well.  Majority of them were on the market once and then re-listed, which goes to show that pricing it right the first time is crucial.  Finally, 46 of the homes were under $350k.

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Summary

Pretty simple as a seller, you will sit in this market if you don’t price it right.  If you think you can get more, you cannot.  You will sit, wait, and receive less in the end.  As for the higher, end market being more difficult to sell, debunked in Worthington Schools.  68 homes that sold above $350k sold in under 30 days and 20 took over 30 days.