Market Conditions for Powell, Ohio Reported by Roberta Kayne, REALTOR, CRS, ABR Updated May 22, 2012.

Current Market Rating: 2 1 2 3 4 5 Buyer's Seller's

Current Price Trend: 2 1 2 3 4 5 Falling Rising

Powell: There are approximately 308 single family and condominium properties for sale. Average list price for homes currently for sale is $380,023 with an average of 105 days on market for the active properties. There are 175 homes in contract or contingent status.

CENTRAL OHIO BUYERS HUNGRY FOR GOOD HOMES

The number of homes listed for sale over the past two months is lower than the previous year suggesting the market may be beginning to adjust itself. The 3,629 homes added to the market in April were 7.0 percent lower than April, 2011 and the 3,466 new listings in March were 10.4 percent lower than the previous year.

The number of new listings January through April (12,588) is now 4.2 percent lower than the same period last year.

The number of residential homes for sale continues to decline - which is what the market needs. The inflated inventory we experienced after the housing boom of the mid 2000's caused home prices to decrease. But 2011 saw a real stabilization of those inventory levels. As a result, home sale prices are rising.

The average sale price of a central Ohio home in April was $165,324 - up 8.4 percent from last year and 7.7 over the previous month. Although inventory levels are down and sale prices are up, there appears to be no shortage of buyers.

Central Ohio home closings in April outpaced the previous month as well as the previous year. The number of April home sales (1,748) was up 5.7 percent over March of this year (1,653) and was 2.6 percent higher than homes closed in April of 2011.

Home sales this year (January through April) now exceed 2011 by 6.6 percent.

Even though inventory is down and prices are up, there's a solid market of motivated buyers out there right now. If a house comes on the market that is in good condition and is realistically priced, it's sold within days - and sometimes within hours.

ZIP Code: 43065

Location Characteristics: The City of Powell was first settled around 1801 and was named Middlebury because the first settlers came from the Middlebury, Connecticut area. In 1857, Judge Thomas Powell was influential in establishing the first Powell Post Office, and the townspeople decided to rename the Village after him. Powell was incorporated as a municipality in February 1947. The population remained stable at approximately 400 until the early 1980's when residential development in the northern parts of the Greater Columbus metropolitan area reached Powell.

Population growth within the City has been explosive over the past decade. Based on a current resident list, the City population is approximately 11,500.

Powell's population is family oriented and consists primarily of professional workers. Residents enjoy living in planned neighborhoods that are interconnected and have access to public facilities such as parks and bikepaths.

The City of Powell, encompassing approximately 4.8 square miles, is located on rolling highlands between the Scioto and Olentangy River valleys, approximately fourteen miles north of downtown Columbus, the capital of Ohio.

The city is located near the intersection of scenic State Route 315 and State Route 750, with State Route 750 bisecting the City. Commercial passenger air service is available at Port Columbus International Airport, approximately 30 minutes away. The City's strategic location in southern Delaware county has promoted its development as a semi-rural, suburban, greenbelt town. Residential developments, combined with open space preservation and minimized commercial and industrial development, has made Powell one of the premier residential communities within Central Ohio.

The City Council adopted in December, 1995, a Comprehensive Plan Update aiming to preserve and enhance the character of the City through the implementation of six primary goals: establishment of an identity as a rural greenbelt town; redevelopment of the town center; establishment of an access management program; achievement of a balanced land use mix; creation of a small town economic development program; and provision of limited City services.

A number of recreational areas are also located within commuting distance of the City, including the 8,600 Alum Creek State Park, the 1,050-acre Highbanks Metro Park, and the Columbus Zoo/Wyandot Lake complex consisting of a 20-acre amusement and water park and 100 acres of gardens and naturalistic habitats for over 6,000 animals.

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