How can Columbus Ohio homes even be on Forbes - Where U.S. Homes are Most Overpriced list?
Columbus Ohio Average Sale Price $164,268 (year to date official average price per the Columbus Board of REALTORS® through October 2009) for the Columbus Ohio MLS (the multiple listing service, real estate agents are members.)
Columbus Ohio homes - Clues ...ah ha it is price not value...
My first clue? California cities are on the bottom of the list. Cities like San Francisco, Sacramento, San Jose... while I don't know their official average price or even their median home price, I know it costs more for homes in California than Columbus Ohio. Seeing those cities on the bottom of the list was puzzling.
Another clue Detroit and Cleveland are on the list above Columbus.... They rank higher for being overpriced than San Francisco? How can Detroit MI be over priced?
The top 40 metropolitan areas in the US made the list. All big US cities are on this list. Columbus is number 26 out of 40 on the list from Francesca Levy of Forbes.com
Overpriced has to do with list price vs. sale price NOT home value.
Whether the list price was reduced, if you look on the list Columbus Ohio homes were pretty consistant, but are 14 in the second column which is price reductions.
Home pricing. If at first you don't suceed try, try again?
I am still confused by the last column on the Forbes list. Case Schiller... Columbus is 25 in that ranking. Columbus is NOT on the Case Schiller index.
Most of the information comes from Altos Research which DOES not get their info from the MLS's or real estate associations... I don't really get that either... I like Altos but I don't get how their data can be accurate.
The Forbes ranking says:
"Properties in these cities stay on the market longest, and sell for less than asking price."
Or city number one in the ranking (Orlando Florida homes followed by Miami homes and Jacksonville homes) "stay on the market longest, and sell for less" than homes in the other top 40 metropolitan areas, including Columbus Ohio homes.
It doesn't tell you a thing about home prices in markets other than the top 40....
It doesn't tell you why homes in California are priced closer to sales price than Florida homes.
What does it tell you?
Central Ohio real estate agents and sellers price homes better than Florida real estate agents and sellers but not as good as California real estate agents and sellers.
California real estate agents play darts better than Florida real estate agents? Central Ohio real estate agents ....
More about Central Ohio real estate market updates:
Quarterly Homeowner Confidence Report Shows Levels Vary Across The Country - Zillow (home value)
Case Shiller Index - how Case Shiller numbers can be skewed
This post provided by Maureen McCabe HER Realtors*
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