Press Release GLOBAL INSIGHT, Inc. - 2008
84% of the Nation's Housing Market Declines in the First QuarterOnce Overvalued Markets Hardest Hit by Plunging Prices
Waltham, MA 2 June 2008 - Global Insight, the world's leading company for economic and financial analysis and forecasting, today released the first quarter 2008 update of the U.S. housing valuation analysis, House Prices in America, showing that single-family home prices fell for the third straight period, dropping at a steep 6.7 % annualized rate. Nationwide, 262 housing markets out of 330 in the study - the overwhelming majority of the nation's housing markets - experienced declines, accounting for 84% of all housing units and 89% of real estate value.
Read the entire article at:
http://www.globalinsight.com/PressRelease/PressReleaseDetail12748.htm
Locally:
We can find anything we want with statistics and you can view them as negative / positive / neutral.
Since Central Ohio has not seen major double digit “annual appreciation rates” we also don’t seem to be experiencing double digit declines. The inventory is large and number of days on market is above average, based on the past several years (some local market areas and price ranges are still performing much better than the Central Ohio average ie. Dublin $250-350,000).
Comparing 1st quarter 2008 to last quarter 2007 and to 1st quarter 2007:
Average sale price % change Average days on market
1Q 2008 $156,718 - 6.9 4Q 2007 110
- 7.4 1Q 2007
4Q 2007 $168,334 103
1Q 2007 $169,297 108
source: Columbus Board of Realtors MLS – single family detached homes as of June 5, 2008
The fallacy of the using average sale price to compare periods is that more “lower priced homes” may have sold in the most recent period making the average sale price lower, even if the true sale price of most homes sold did not decline. Most all indices and reported data is based on the “average sale price”.
The above are only indicators and should not to be taken as accurate representations of the change in your home’s value.
Jim Lubinsky
Angela Williams
Jackie Cautela
The Lubinsky Team
Re/Max Affiliates
614-766-5330 ext 119
Wednesday, June 11, 2008
Websites for MLS Search
Realty Viewpoint: Research Study Of Online Competitors Still Relevant
by Blanche Evans
In August 2007 a little known study by eVOC Insights was published that compared online real estate sites such as RealEstate.com, Realtor.com, Trulia.com and Yahoo! Real Estate, among others. While some findings might be outdated nearly nine months later, others are spot on -- namely that making it easier for consumers to find homes should be the goal of any real estate site.
Realtor.com came out on top in a number of key metrics -- site traffic, brand recognition, property selection, search results, and home descriptions. Over half of short-term buyers preferred Realtor.com and Trulia was second in popularity. When it came to name recognition, Zillow was number two among consumers.
Published April 29, 2008 in Realty Times
Read the entire article at:
http://realtytimes.com/rtpages/20080429_realtyviewpoint.htm
To search all homes and condos for sale in the Columbus Ohio market and see daily updated listings visit
REAFFILIATES.COM/JLUBINSKY
There you can search on many different criteria and the information is current, unlike most other sites which do not update daily.
If you want to receive daily email updates of new listings fitting your criteria, contact me by email or phone.
Jim Lubinsky & Angela Williams
The Lubinsky Team
Re/Max Affiliates
614-766-5330 ext 119
by Blanche Evans
In August 2007 a little known study by eVOC Insights was published that compared online real estate sites such as RealEstate.com, Realtor.com, Trulia.com and Yahoo! Real Estate, among others. While some findings might be outdated nearly nine months later, others are spot on -- namely that making it easier for consumers to find homes should be the goal of any real estate site.
Realtor.com came out on top in a number of key metrics -- site traffic, brand recognition, property selection, search results, and home descriptions. Over half of short-term buyers preferred Realtor.com and Trulia was second in popularity. When it came to name recognition, Zillow was number two among consumers.
Published April 29, 2008 in Realty Times
Read the entire article at:
http://realtytimes.com/rtpages/20080429_realtyviewpoint.htm
To search all homes and condos for sale in the Columbus Ohio market and see daily updated listings visit
REAFFILIATES.COM/JLUBINSKY
There you can search on many different criteria and the information is current, unlike most other sites which do not update daily.
If you want to receive daily email updates of new listings fitting your criteria, contact me by email or phone.
Jim Lubinsky & Angela Williams
The Lubinsky Team
Re/Max Affiliates
614-766-5330 ext 119
Current State of the Market 5-23-08
Realty Viewpoint: Real-time Housing Index Says Falling Prices Easing
by Blanche Evans
The Real-Time Housing Market Report shows an interesting trend. Housing prices are down a little over half a percent. That's no surprise, but out of 25 markets, only seven fell in asking price. That's a big improvement over March when listing prices fell 2.7 percent.
Read the entire article at:
http://realtytimes.com/rtpages/20080512_realtyviewpoint.htm
Locally:
The Columbus Board of Realtors MLS system as of May 21, 2008 shows “average days on market for single family detached” homes at 123 days. That is down from 129 DOM for prior months.
In addition, the Board reported that the first quarter of 2008 saw a slight decline in number of sold homes. In the month of April 2008 the number of closed sales was 1,548 vs 1,778 in 2007. Average sale price April 2008 was $162,005 vs $174,722 in 2007.
The spring and early summer of 2007 was still a very strong period. That made 2007 look like a good year. The second half of 2007 was very slow and that continued into early 2008.
Based on my recent conversations with other Realtors, title companies and lenders, the buying activity had picked up in April this year. We should see that activity reflected in closed sales for May and June.
We are all very optimistic that Central Ohio has turned the corner and will be improving throughout this year. Several specific market segments already show significant improvement. Dublin City for example has an average of 89 days on market for sold homes.
It’s a great time to buy a home!!
Jim Lubinsky & Angela Williams
The Lubinsky Team
Re/Max Affiliates
614-766-5330 ext 119
by Blanche Evans
The Real-Time Housing Market Report shows an interesting trend. Housing prices are down a little over half a percent. That's no surprise, but out of 25 markets, only seven fell in asking price. That's a big improvement over March when listing prices fell 2.7 percent.
Read the entire article at:
http://realtytimes.com/rtpages/20080512_realtyviewpoint.htm
Locally:
The Columbus Board of Realtors MLS system as of May 21, 2008 shows “average days on market for single family detached” homes at 123 days. That is down from 129 DOM for prior months.
In addition, the Board reported that the first quarter of 2008 saw a slight decline in number of sold homes. In the month of April 2008 the number of closed sales was 1,548 vs 1,778 in 2007. Average sale price April 2008 was $162,005 vs $174,722 in 2007.
The spring and early summer of 2007 was still a very strong period. That made 2007 look like a good year. The second half of 2007 was very slow and that continued into early 2008.
Based on my recent conversations with other Realtors, title companies and lenders, the buying activity had picked up in April this year. We should see that activity reflected in closed sales for May and June.
We are all very optimistic that Central Ohio has turned the corner and will be improving throughout this year. Several specific market segments already show significant improvement. Dublin City for example has an average of 89 days on market for sold homes.
It’s a great time to buy a home!!
Jim Lubinsky & Angela Williams
The Lubinsky Team
Re/Max Affiliates
614-766-5330 ext 119
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