New Albany Indiana Market Report - October 1, 2007

By
Real Estate Agent with RE/MAX First AB21301874

October 1, 2007

Residential - Active

2 BR

3 BR

4 BR

5 BR

All BR

# of Units

160

262

93

24

539

Average List Price

$85,102

$146,325

$243,880

$264,600

$150,250

Average Market Time

83

82

79

118

84

Average Square Ft.

1070

1554

2223

3131

1596

 

 

 

 

 

 

Residential - Pending

2 BR

3 BR

4 BR

5 BR

All BR

# of Units

11

30

10

2

53

Average List Price

$102,887

$128,911

$194,320

$283,200

$141,673

Average Market Time

62

75

57

117

71

Average Square Ft.

1027

1459

2102

5387

1639

 

 

 

 

 

 

Residential - Sold September 2007

2 BR

3 BR

4 BR

5 BR

All BR

# of Units

11

25

9

3

48

Dollar Value

$782,121

$2,883,285

$1,312,391

$715,100

$5,692,897

Average List Price

$77,045

$118,014

$147,661

$251,267

$122,513

Average Sold Price

$71,102

$115,331

$145,821

$238,367

$118,602

Average Market Time

86

110

86

108

100

Average Square Ft.

1058

1418

1768

2706

1481

% of List Price

92.29%

97.73%

98.75%

94.87%

96.81%

 

Using the stats above, the monthly absorption rate for New Albany is just over 1 year.  The monthly absorption rate is the time it would take to sell the entire inventory that's on the market currently.  Typically, anything over 6 months is considered a "buyer's market" and anything under 6 months is considered a "seller's market".  As you can see, we are in a buyer's market at the moment.  Couple that with the fact that interest rates are still low, and you will see that now is a great time to move.

 

If you are on the fence or you have questions, please contact me via cell (502) 641-1677 or email bmumaw@semonin.com.  I’d love to sit down and answer any questions you may have.

 

Equal Opportunity Housing.  All information deemed reliable, but not guaranteed.  All information herein has not been verified and is not guaranteed.

Posted by

Your Best Move for Southern Indiana Real Estate

Brett Mumaw REALTOR®

Semonin Realtors

3707 Charletown Rd. Suite 1A

New Albany, IN 47150

(812) 542-9057 Office

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