Mount Vernon, Ohio Condo Listing and Sales Report
The Mount Vernon, Ohio condominium activity has been very active in 2009. So far this year there have already been 9 condo homes sold through the Knox County,Ohio MLS and other sales have taken place directly from the condominium builders and developers. From January 1, 2009 through October 20, 2009 the average sales price for a Mount Vernon, Ohio Condo was $117,778 and the median sales price was $120,000. The lowest priced condominium that sold in 2009 sold for $80,000, while the highest priced condo to sell this year sold for $195,000. Of the sales that were reported by the Knox County MLS, the sales were recorded in the following condo developments:
Highmeadows (Located between Wooster Road and Sychard Road)
Colony(Located on Historical East Gambier Street / State Route 229 East)
Maplewood (Located at corner of Eastern Star Road and Gambier Road)
Fairways (Vernonview Drive near Woodside and Upland Terrace)
Knolls (Located on South Main / Granville Road next to RE/MAX Stars)
I am aware of at least 2 pending sales in both the Fairways and also Woodberry developments. I am confident that there are other sales in the works because we have personally have tremendous buyer activity on 4 of our available condo homes. I predict there will be another 3 or more successful condo sales that will finalize and close by December 31, 2009.
There are 12 condominiums that are currently available in the Knox County MLS as I write this. The highest price for an available condo has a current asking price of $219,777 and the lowest listing price for an available condo in the Knox County MLS is only $110,000. The average listing price for the 12 available condominiums in the Knox County, Ohio MLS is $152,187. This average listing price is more than $30,000 higher than the average sales price so far this year.
Because there were so many more condo sales this year selling in the $80,000 to $120,000 range, the average sales price was pulled down for 2009 considerably. It is important that readers do not misunderstand these figures because this does NOT mean that the values of condominiums in Mount Vernon, Ohio dropped by more than $30,000. What this means is that there were a higher number of condo sales in the lower and mid price ranges while the upper end and more expensive condominiums were simply out sold by shear numbers this year. I believe this was the case because most purchasers interested in buying an $80,000 to $120,000 condo did not generally need to sell an existing home in order to purchase. The same is not generally the case true for condo listings that are priced between $150,000 to $250,000 in Mount Vernon, Ohio. In the upper price ranges the interested purchaser often needs to sell their current home before they can complete the purchase and this factor alone explains why the upper end condo units have not kept pace with the more affordable condo sales in 2009.
I created a some links below so that you could view details, color photos, virtual tours and additional information on our available condominiums in Mount Vernon, Ohio. As always, feel free to call or e-mail us at any time.
Thank you for taking the time to read our real estate report!
Sam Miller
