Due in part to increased demand resulting from rising consumer confidence and a healthy local jobs market, as well as low interest rates, and a decline in the inventory of properties throughout Central Ohio, home values in the Meadows at Lewis Center have risen over the past 12 months, this while days on market for inventory has decreased. On average, the time to sell a home in the community is now just 94 days, with the average home selling for approximately 97% of it’s list price!
The average price per square foot paid for a home in the Meadows at Lewis Center over the past 12 months is $131.05. The highest recent sale in the community was for $604,920 or $103.79 per square foot. The average price per square foot in Lewis Center is currently at $118.00 with an average list price of $264,164.
Phase 2 of the community has begun with lots currently priced between $125,900 and $149,900. Phase 2 includes 38 additional lots however, 8 of these have already sold.
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 Meadows at Lewis Center – Lewis Center, OH – Olentangy Schools? Look below or click to see active homes for sale in the Meadows at Lewis Center.
Sales Statistics – The Meadows at Lewis Center
|ACTIVE LISTINGS||Sq Ft||#Beds||#Baths||Year Built||DOM||Current List Price||Original List Price|
|2508 Koester Trace||3,711||4||3.1||2014||161||499,900||499,900|
|SOLD LISTINGS||Sq Ft||#Beds||#Baths||Year Built||DOM||Final List Price||Sales Price|
|2517 McCumber Ln||4,224||4||5.0||2013||100||469,900||459,000|
|2405 McCumber Ln||4,236||4||4.2||2013||95||528,500||528,500|
|2557 McCumber Ln||4,557||4||4.1||2012||45||599,700||567,000|
|5710 Delano Ave||5,828||6||4.1||2012||96||629,800||604,920|
|5716 Ludington Dr||4,505||4||4.2||2014||137||527,845||511,000|
|SOLD AVG Price Per/SF||131.05||AVG||107||AVG LP/SP 97%|
|AVG Sales Price||516,375|
If you, or someone you know is considering Buying or Selling a Home in Columbus, Ohio please contact The Opland Group. We offer professional real estate advice and look forward to helping you achieve your real estate goals!
The Opland Group Specializes in Real Estate Sales, Luxury Home Sales, Short Sales in; Bexley 43209 Columbus 43201 43206 43214 43215 Delaware 43015 Dublin 43016 43017 Gahanna 43219 43230 Grandview Heights 43212 Hilliard 43026 Lewis Center 43035 New Albany 43054 Pickerington Powell 43065 Upper Arlington 43220 43221 Westerville 43081 43082 Worthington 43235
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.