Residential Construction Trends of Columbus In One Graph

We’ve been hearing a lot the last few years about how residential construction has largely turned toward the rental variety, and no more so than in the urban areas. I have tried to document the level of activity in the city in my development page, but it doesn’t quite show what’s going on in the city overall. I did a little research and found some surprising realities that fully support the rental boom.

Here is a graph of annual housing construction permits from 2004-2013 broken down by multi-family and single-family types.

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The chart above is based on the # of units, not the number of overall projects.

So what do the numbers say? Well, it raises some interesting questions. First, was the amount of single-family home construction on the decline before 2004 given the downward trend from that year through 2005? And was multi-family construction on the rise during the same period? Did the recession merely interrupt a trend that began more than a decade ago and resurfaced strongly in recent years? It’s hard to say for sure as I don’t have information before 2004, but regardless, it is clear that multi-family construction is the preferred residential preference right now by builders. Single-family home construction, however, has remained steady and well below its previous peak of the last decade.

This continued low level of single-family construction has likely contributed to the fact that area sales in that market have been down for several months now due to a lack of inventory. Prices, however, have risen.

Columbus Area Housing Market- February 2014

Unfortunately, I have been unable to update this site for about a month, but I am back now and have quite a bit to add. First, I have the numbers for the local housing market for February. Due to changes in the way the numbers were gotten, January’s were not available. I still do them for 21 major areas of Franklin County, however, and here they are.

Top 10 February 2014 Sales Totals
1. Columbus: 535
2. Grove City: 39
3. Westerville: 36
4. Upper Arlington: 33
5. Dublin: 31
6. Hilliard: 30
7. Reynoldsburg: 29
8. Clintonville: 28
9. Gahanna: 23
10. Downtown: 14

Top 10 February 2014 Sales Increases over February 2013
1. Obetz: +200.0%
2. Westerville: +38.5%
3. Grove City: +14.7%
4. German Village: +10.0%
5. Hilliard: +7.1%
6. Gahanna: +0.0%
7. New Albany: +0.0%
8. Upper Arlington: +0.0%
9. Whitehall: +0.0%
10. Downtown: -6.7%

Top 10 Year-to-Date Sales Through February 2014
1. Columbus: 1,076
2. Dublin: 72
3. Grove City: 65
4. Clintonville: 62
5. Reynoldsburg: 59
6. Westerville: 59
7. Upper Arlington: 55
8. Hilliard: 54
9. Gahanna: 40
10. Canal Winchester: 29

Top 10 Year-to-Date Increases Through February 2014 Over 2013
1. Obetz: +300.0%
2. Pataskala: +20.8%
3. Worthington: +8.0%
4. German Village: +6.7%
5. Reynoldsburg: +3.5%
6. Grove City: +3.2%
7. Westerville: -1.7%
8. Hilliard: -1.8%
9. Clintonville: -6.1%
10. Columbus: -6.8%

Average Sales February 2014
Urban: 60.1
Suburban: 22.9
Urban without Columbus: 12.6

Average % Change February 2014 vs. February 2013
Urban: -1.1%
Suburban: -7.1%
Urban without Columbus: -0.2%

Average YTD Sales Through February 2014
Urban: 120
Suburban: 45.1
Urban without Columbus: 24.4

Average YTD % Change YTD Through February 2014
Urban: +11.8%
Suburban: -9.4%
Urban without Columbus: +13.7%

Top 10 Average Sales Price February 2014
1. New Albany: $641,524
2. Bexley: $460,307
3. Upper Arlington: $378,852
4. Dublin: $334,967
5. Grandview: $318,667
6. Downtown: $302,720
7. German Village: $232,014
8. Worthington: $227,422
9. Westerville: $209,149
10. Hilliard: $199,724

Top 10 Average Sales Price % Change February 2014 vs. February 2013
1. Grandview: +68.6%
2. Pataskala: +47.1%
3. Upper Arlington: +46.5%
4. Bexley: +46.1%
5. Pickerington: +28.6%
6. Westerville: +25.9%
7. Obetz: +25.0%
8. Reynoldsburg: +19.9%
9. Canal Winchester: +17.6%
10. Hilliard: +13.1%

Top 10 Average Sales Prices YTD Through February 2014
1. New Albany: $515,036
2. Bexley: $418,680
3. Upper Arlington: $343,026
4. Dublin: $326,231
5. Downtown: $314,042
6. German Village: $309,343
7. Grandview: $251,136
8. Worthington: $231,133
9. Westerville: $205,636
10. Hilliard: $200,965

Top 10 Average YTD Sales Price % Change Through February 2014 vs. 2013
1. Pataskala: +36.2%
2. Whitehall: +35.5%
3. Bexley: +31.7%
4. Grandview: +26.1%
5. German Village: +22.2%
6. Downtown: +20.0%
7. Pickerington: +18.3%
8. Westerville: +15.8%
9. Canal Winchester: +15.2%
10. Reynoldsburg: +15.1%

Average Sales Price February 2014
Urban: $228,596
Suburban: $235,812
Urban without Columbus: $239,422

Average Sales Price Change February 2014 vs. February 2013
Urban: +15.9%
Suburban: +17.1%
Urban without Columbus: +16.9%

Average Sales Price YTD
Urban: $222,639
Suburban: $220,917
Urban without Columbus: $232,886

Average Sales Price % Change YTD
Urban: +13.0%
Suburban: +13.3%
Urban without Columbus: +13.0%

Top 10 Fastest Selling Markets February 2014 (Based on Average # of Days for Listings to Sell)
1. Grandview: 39
2. Clintonville: 57
3. Obetz: 62
4. Worthington: 70
5. Pataskala: 74
6. Hilliard: 78
7. Upper Arlington: 83
8. Westerville: 88
9. Pickerington: 89
10. Columbus: 91

Top 10 Fastest Selling Markets YTD
1. Worthington: 50
2. Grandview: 58
3. Pickerington: 60
4. Clintonville: 64
5. Obetz: 64
6. Hilliard: 66
7. Whitehall: 66
8. Upper Arlington: 73
9. Gahanna: 85
10. Westerville: 87

Average # of Days Before Sale, February 2014
Urban: 86.2
Suburban: 104.4
Urban without Columbus: 85.7

Average # of Days Before Sale YTD
Urban: 81.1
Suburban: 89.1
Urban without Columbus: 80.4

Top 10 Lowest Market Housing Supplies (Based on # of Months to Sell all Listings)
1. Worthington: 1.0
2. Hilliard: 1.6
3. Upper Arlington: 1.7
4. Westerville: 1.7
5. Clintonville: 1.8
6. Gahanna: 1.9
7. German Village: 1.9
8. Grandview: 2.0
9. Obetz: 2.2
10. Bexley and Dublin: 2.4

A healthy housing supply is considered to be around 5 months. Anything less than 3 months is considered very low.

Average # of Months to Sell All Listings, February 2014
Urban: 2.3
Suburban: 2.9
Urban without Columbus: 2.3

Average % Change of Single-Family Home Sales February 2014 vs. February 2013
Urban: +15.0%
Suburban: -7.7%
Urban without Columbus: +17.0%

Average % Change of Single-Family Home Sales YTD vs. YTD 2013
Urban: +3.0%
Suburban: -10.3%
Urban without Columbus: +4.0%


Average % Change of Condo Sales February 2014 vs. February 2013

Urban: -21.0%
Suburban: +7.0%
Urban without Columbus: -21.8%

Average % Change of Condo Sales YTD vs. YTD 2013
Urban: +20.6%
Suburban: +23.7%
Urban without Columbus: +23.0%