Woods of Olentangy Market Report – Lewis Center, OH – 2014

Due in part to increased demand resulting from a loosening of mortgage underwriting guidelines making it easier for more buyers to get qualified for financing, as well as low interest rates and a decline in the inventory of distressed properties throughout Central Ohio, home values in the Woods of Olentangy have risen over the past 12 months, this while days on market for inventory has decreased dramatically. On average, the time to sell a home in  the Woods of Olentangy is now 46 days.

That said, mortgage interest rates are expected to rise above 5% in 2014 and average 5.3% by the end of 2015, this according to the Mortgage Banker’s Association’s forecast.  A 1% increase in mortgage interest rates is equivalent to a 10% increase in the purchase price of a home, or a 10% increase in their monthly mortgage payment. The treat of increasing mortgage interest rates is pushing buyer demand forward this year as buyers seek to identify a home to purchase so as to lock in today’s mortgage interest rates.  The MBA also indicated in it’s forecast that it expects home purchase applications for mortgages to rise 9% in 2014, as home sales and prices continue to post gains.

This is good news for sellers as it means that they can expect a rapid transaction for a well maintained, properly priced home. It is also good news for local property / real estate values in general as well as buyers who can rest assure they are buying into a stable community and that their investment is a sound one!

Looking for real estate in the Woods of Olentangy – Lewis Center, OH – Olentangy Schools? Look below or click to see active homes for sale in the Woods of Olentangy. Search the Columbus and Central OH MLS for Free.

ACTIVE LISTINGS	Sq Ft	Beds	Baths	Year Built	DOM	Current List Price	Original List Price
8488 Olenbrook Dr	1,261	3	2.0	1999	39	179,900	179,900
PENDING LISTINGS	Sq Ft	Beds	Baths	Year Built	DOM	Current List Price	Original List Price
8705 Olenbrook Dr	1,984	3	2.1	1999	125	207,500	209,900
SOLD LISTINGS	Sq Ft	Beds	Baths	Year Built	DOM	Final List Price	Sales Price
8578 Olenbrook Dr	1,442	3	2.0	1999	35	179,900	172,000
8627 Olenbrook Dr	1,287	3	2.1	1999	216	159,900	151,500
342 Holly Grove Rd	1,240	3	2.1	2000	13	162,000	161,000
316 Meadow Ash Dr	1,240	3	2.1	2000	12	164,900	169,000
8720 Woodwind Dr	1,422	3	2.1	2001	44	187,900	180,000
8698 Olenbrook Dr	1,500	3	2.1	1999	23	189,900	188,000
8603 Olenbrook Dr	1,594	3	2.1	1999	117	189,900	181,000
8687 Olenbrook Dr	1,872	3	2.1	2000	19	193,000	190,000
348 Holly Grove Rd	1,856	3	2.1	2000	49	195,000	190,000
8693 Olenbrook Dr	1,700	3	2.1	2000	72	197,800	196,500
292 Meadow Ash Dr	2,106	3	2.1	2000	5	199,000	196,000
8531 Olenbrook Dr	1,752	4	2.1	1999	68	209,900	202,500
8723 Olenbrook Dr	1,740	3	2.1	1999	2	105,250	105,250
368 Amber Wood Way	1,240	3	2.1	2001	15	180,000	180,000
8723 Olenbrook Dr	2,140	3	2.1	1999	2	204,000	210,000
AVG	1,523				46		178,190
AVG Sold Price Per/SF	119.02			Range	2-216

The information presented is deemed accurate but not reliable or guaranteed. Reasonable precautions were taking in the preparation of and presentation of this information to ensure accuracy, but the author assumed no liability for any actions taken based on this information. Safe harbor for forward looking statements; some opinions expressed represent forecasts of economic conditions as they impact real estate values. All such information is solely conjecture and should be regarded as opinion only and not serve as the sole basis for any financial decision.