Year in Review 2014: March-May

Development News
March
-Plans were announced to redevelop Poindexter Village with 350 residential units, as well as community center and park space.
http://www.columbusunderground.com/poindexter-plan-calls-for-350-multi-family-units-urban-farm-bw1
-A new brewery announced it would be moving into space on West Town Street in Franklinton.
http://www.bizjournals.com/columbus/blog/2014/03/land-grant-brewing-finally-finds-home.html
-A new 42-unit residential development was announced for Downtown Dublin.
http://www.bizjournals.com/columbus/blog/2014/03/crawford-hoying-planning-42-luxury.html
-101 residential units were proposed for 991 Dennison Avenue in Victorian Village.
http://www.columbusunderground.com/new-five-story-101-unit-apartment-building-proposed-for-victorian-village
-Columbus announced plans to use $2.5 billion to build infrastructure to reduce runoff and pollution issues, including creating water gardens and new parks across the city.
http://www.columbusunderground.com/green-infrastructure-and-neighborhood-pocket-parks-part-of-blueprint-columbus-plan-bw1
-Reeb Elementary on the South Side was announced to be turned into a community center.
http://www.dispatch.com/content/stories/local/2014/03/21/south-side-community-center-gets-go-ahead.html
-New caps, similar to the existing retail cap on High Street over I-670 were announced to be in the works as part of the 70/71 rebuild. The caps would replace the highway bridges on S. High and S. Third between Downtown and German Village.
http://www.columbusunderground.com/caps-planned-for-high-and-third-street-bridges-south-of-downtown-bw1

April
-A vacant 1880s building a 140 N. Grant was announced to be renovated into mixed-use and residential.
http://www.bizjournals.com/columbus/news/2014/04/10/former-inkling-printing-building-on-east-long-to.html
-40 units of affordable housing was proposed for vacant buildings at Long and Front Downtown.
http://www.columbusunderground.com/forums/topic/affordable-housing-development-proposed-at-long-front-downtown
-Plans to renovate the Citizens Building at the southwest corner of Gay and High Downtown were announced, as well as building a new mixed-use building on the northwest corner.
http://www.columbusunderground.com/edwards-communities-contemplates-infill-at-gay-and-high
-Plans were also announced to renovate hundreds of apartments in the Metro West complex behind Westland Mall.
http://www.bizjournals.com/columbus/blog/2014/04/mitt-romney-affiliate-buys-most-of-metro-west.html

May
-The Short North Donatos announced plans to rebuild into a new restaurant with 2nd floor patio and additional spaces for more retail.
http://www.columbusunderground.com/forums/topic/short-north-donatos-demolition-and-new-build
-The Byers Chevrolet site on West Broad Street in Franklinton was purchased by Nationwide Reality for a potential mixed-use project.
http://www.columbusunderground.com/nri-to-redevelop-byers-chevrolet-site-in-franklinton
-Casto announced plans for a 152-unit residential complex overlooking the Scioto River near Hayden Road.
http://www.bizjournals.com/columbus/blog/2014/05/casto-to-build-apartments-overlooking-scioto-river.html
-41 new homes were coming to N. Grant Avenue in Weinland Park.
http://www.bizjournals.com/columbus/blog/2014/05/wagenbrenner-adding-market-rate-homes-in-weinland.html
-A small condo development was proposed for Summit in Italian Village.
http://www.columbusunderground.com/condos-proposed-for-first-and-summit-in-italian-village-bw1
-Children’s Hospital announced plans for 2 new buildings on Livingston Avenue.
http://www.dispatch.com/content/stories/local/2014/05/28/Nationwide-Childrens-Hospital-plans-expansion.html
-The Stoddart Block, a historic residential building, would be renovated into micro apartments.
http://www.columbusunderground.com/forums/topic/stoddart-block-affordable-housing-downtown

Economic News
-Home sales declined in all 3 months of March-May, as demand far outpaced supply.
-The unemployment rate continued to fall to multi-year lows.
http://www.dispatch.com/content/stories/business/2014/05/20/regional-central-ohio-unemployment-falls-april.html
-Columbus was named the 6th most affordable metro in the nation.
http://www.bizjournals.com/columbus/blog/2014/05/ohio-cities-ranked-among-most-affordable-housing.html

Other News
-Columbus’ population was announced to have grown by more than 12,000 people between 2012-2013, and reached a population of 822,553 in 2013.
-Columbus was named one of the top cities for entrepreneurs.
http://www.bizjournals.com/columbus/blog/2014/05/columbus-tops-in-ohio-among-best-cities-for.html
-Columbus was named a top city where people could accomplish their dreams/goals.
http://www.columbusunderground.com/columbus-ranked-6th-on-list-of-american-dream-cities-jb1

May 2014 Jobs Data

May was generally a positive month for Columbus and Ohio. Unemployment rates did creep up a bit, but largely because more people came onto the market looking for jobs, which is considered a positive sign.

Also positive is that almost every industry saw decent growth in the metro.

Columbus City
Unemployment Rate: 4.4%
Unemployment Rate Change since May 2013: -1.7%
Unemployment Rate Change since January 2014: -1.4%
Civilian Labor Force: 435,500
Civilian Labor Force Change since May 2013: -2,000
Civilian Labor Force Change since January 2014: +1,800
Employment: 416,400
Employment Change since May 2013: +5,600
Employment Change since January 2014: +8,000
Unemployment: 19,100
Unemployment Change since May 2013: -7,500
Unemployment Change since January 2014: -6,300

Franklin County
Unemployment Rate: 4.4%
Unemployment Rate Change since May 2013: -1.7%
Unemployment Rate Change since January 2014: -1.5%
Civilian Labor Force: 636,400
Civilian Labor Force Change since May 2013: -2,600
Civilian Labor Force Change since January 2014: +2,800
Employment: 608,300
Employment Change since May 2013: +6,100
Employment Change since January 2014: +11,800
Unemployment: 28,100
Unemployment Change since May 2013: -10,700
Unemployment Change since January 2014: -9,000

Columbus Metro Area
Unemployment Rate: 4.4%
Unemployment Rate Change since May 2013: -1.6%
Unemployment Rate Change since January 2014: -1.6%
Civilian Labor Force: 982,412
Civilian Labor Force Change since May 2013: -4,512
Civilian Labor Force Change since January 2014: +2,216
Employment: 939,332
Employment Change since May 2013: +12,108
Employment Change since January 2014: +17,688
Unemployment: 43,080
Unemployment Change since May 2013: -16,620
Unemployment Change since January 2014: -15,472

Ohio Overall
Unemployment Rate: 5.5%
Unemployment Rate Change since May 2013: -1.9%
Unemployment Rate Change since January 2014 : -1.4%
Civilian Labor Force: 5,721,891
Civilian Labor Force Change since May 2013: -48,893
Civilian Labor Force Change since January 2014: -41,237
Employment: 5,406,014
Employment Change since May 2013: +60,405
Employment Change since January 2014: +38,259
Unemployment: 315,877
Unemployment Change since May 2013: -109,298
Unemployment Change since January 2014: -79,496

Metro Non-Farm Jobs
Total: 995,600
Change from May 2013: +11,100
Change from January 2014: +29,800

By Industry
Mining/Logging/Construction Total: 33,700
Change from May 2013: +1,900
Change from January 2014: +4,400

Manufacturing Total: 67,700
Change from May 2013: -100
Change from January 2014: +1,700

Trade/Transportation/Utilities Total: 187,900
Change from May, 2013: +3,900
Change from January 2014: +1,500

Information Total: 18,100
Change from May 2013: +100
Change from January 2014: +0

Financial Activities Total: 73,500
Change from May 2013: -2,000
Change from January 2014: -300

Professional and Business Services Total: 162,500
Change from May 2013: -700
Change from January 2014: +4,100

Education and Health Services Total: 142,500
Change from May 2013: +2,800
Change from January 2014: +5,300

Leisure and Hospitality Total: 103,00
Change from May 2013: +1,800
Change from January 2014: +9,100

Other Services Total: 38,900
Change from May 2013: +900
Change from January 2014: +600

Government Total: 167,800
Change from May 2013: +2,500
Change from January 2014: +3,400

Columbus Housing Market Update- May 2014

The May housing market in the Columbus area continued the 5-month long trend of sales being down. As with the previous 4 months, the main reason was high demand coupled with historically low supply.

As for when this situation may change seems hard to guess. The rate of construction for single family homes shows no real signs of improving anytime soon, while renting continues to be the dominant choice right now.

Top 10 May 2014 Sales Totals
1. Columbus: 1,008
2. Grove City: 81
3. Clintonville: 73
4. Dublin: 73
5. Westerville: 67
6. Reynoldsburg: 59
7. Hilliard: 58
8. Upper Arlington: 55
9. Gahanna: 45
10. Pickerington: 36

Top 10 May 2014 Sales Increases over May 2013
1. New Albany: +35.3%
2. Pataskala: +35.0%
3. Obetz: +33.0%
4. Downtown: +30.0%
5. Grove City: +20.9%
6. Westerville: +3.1%
7. Pickerington: -2.7%
8. Hilliard: -4.9%
9. Columbus: -11.6%
10. Reynoldsburg: -11.9%

Top 10 Year-to-Date Sales Through May 2014
1. Columbus: 3,716
2. Dublin: 261
3. Grove City: 258
4. Clintonville: 248
5. Westerville: 229
6. Upper Arlington: 220
7. Reynoldsburg: 209
8. Hilliard: 187
9. Gahanna: 150
10. Pickerington: 108

Top 10 Year-to-Date Increases Through May 2014 Over 2013
1. Obetz: +118.2%
2. New Albany: +11.3%
3. Pataskala: +8.7%
4. Grove City: +5.3%
5. Reynoldsburg: +1.0%
6. Westerville: -3.0%
7. Clintonville: -5.0%
8. Downtown: -8.0%
9. German Village: -8.8%
10. Worthington: -9.2%

Average Sales May 2014
Urban: 114
Suburban: 49.6
Urban without Columbus: 25

Average % Change May 2014 vs. May 2013
Urban: -13.1%
Suburban: +1.4%
Urban without Columbus: -13.3%

Average YTD Sales Through May 2014
Urban: 419
Suburban: 167
Urban without Columbus: 89

Average YTD % Change YTD Through May 2014
Urban: -1.7%
Suburban: -6.0%
Urban without Columbus: -1.1%

Top 10 Average Sales Price May 2014
1. New Albany: $549,217
2. Dublin: $400,121
3. Bexley: $355,732
4. Upper Arlington: $345,156
5. German Village: $290,299
6. Downtown: $272,927
7. Worthington: $258,483
8. Grandview Heights: $238,333
9. Hilliard: $231,340
10. Westerville: $214,817

Top 10 Average Sales Price % Change May 2014 vs. May 2013
1. Obetz: +42.2%
2. Upper Arlington: +22.1%
3. Dublin: +18.6%
4. Westerville: +15.3%
5. Minerva Park: +14.5%
6. Grandview Heights: +12.5%
7. Reynoldsburg: +11.3%
8. Clintonville: +10.7%
9. Columbus: +9.4%
10. Pickerington: +9.3%

Top 10 Average Sales Prices YTD Through May 2014
1. New Albany: $491,395
2. Dublin: $356,009
3. Upper Arlington: $334,705
4. Bexley: $322,383
5. Downtown: $303,479
6. German Village: $297,917
7. Worthington: $256,332
8. Grandview Heights: $245,403
9. Hilliard: $222,793
10. Westerville: $207,854

Top 10 Average YTD Sales Price % Change Through May 2014 vs. 2013
1. Obetz: +50.8%
2. Grandview Heights: +20.5%
3. Pataskala: +15.9%
4. Grove City: +11.7%
5. Dublin: +11.6%
6. Pickerington: +11.3%
7. Westerville: +10.7%
8. Columbus: +9.7%
9. Worthington: +9.6%
10. Reynoldsburg: +9.2%

Average Sales Price May 2014
Urban: $221,969
Suburban: $240,310
Urban without Columbus: $229,903

Average Sales Price Change May 2014 vs. May 2013
Urban: +3.9%
Suburban: +4.5%
Urban without Columbus: +3.3%

Average Sales Price YTD Through May 2014
Urban: $217,709
Suburban: $227,022
Urban without Columbus: $226,296

Average Sales Price % Change YTD Through May 2014
Urban: +9.4%
Suburban: +8.0%
Urban without Columbus: +9.3%

Top 10 Fastest Selling Markets May 2014 (Based on Average # of Days for Listings to Sell)
1. Minerva Park: 7
2. Grandview Heights: 12
3. Upper Arlington: 19
4. Worthington: 27
5. Bexley: 31
6. Clintonville: 41
7. Westerville: 41
8. Dublin: 42
9. Obetz: 50
10. Hilliard: 52

Top 10 Fastest Selling Markets YTD Through May 2014
1. Minerva Park: 42
2. Obetz: 44
3. Worthington: 44
4. Upper Arlington: 47
5. Grandview Heights: 49
6. Hilliard: 50
7. Westerville: 55
8. Clintonville: 56
9. Pickerington: 58
10. Dublin: 62

Average # of Days Before Sale, May 2014
Urban: 41.7
Suburban: 63.1
Urban without Columbus: 39.9

Average # of Days Before Sale YTD Through May 2014
Urban: 61.4
Suburban: 72.0
Urban without Columbus: 60.0

Top 10 Lowest Market Housing Supplies May 2014 (Based on # of Months to Sell all Listings)
1. Worthington: 1.3
2. German Village: 1.7
3. Grandview Heights: 1.7
4. Westerville: 1.9
5. Clintonville: 2.0
6. Minerva Park: 2.2
7. Gahanna: 2.3
8. Hilliard: 2.3
9. Obetz: 2.4
10. Upper Arlington: 2.5

A healthy housing supply is considered to be around 5-6 months. Anything less than 3 months is considered very low.

Average # of Months to Sell All Listings, May 2014
Urban: 2.5
Suburban: 3.2
Urban without Columbus: 2.5

Average % Change of Single-Family Home Sales May 2014 vs. May 2013
Urban: -18.4%
Suburban: +4.6%
Urban without Columbus: -18.8%

Average % Change of Single-Family Home Sales YTD Through May 2014 vs. YTD 2013
Urban: -8.0%
Suburban: -6.1%
Urban without Columbus: -7.8%


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

Urban: +26.3%
Suburban: -20.0%
Urban without Columbus: +29.0%

Average % Change of Condo Sales YTD Through May 2014 vs. YTD 2013
Urban: +22.0%
Suburban: -12.0%
Urban without Columbus: +24.0%

May Columbus Housing Market Update

May home sales set a record for the month.

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Through May, total sales are also way up, and were the 2nd highest for the 2000-2013 period.

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The average May home sales price was the highest since 2006.

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The average January-May sales price was also up.

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To me, all this shows is that after the Recession’s downturn, housing in the Columbus area is seeing a strong recovery. In some cases, the recovery is already surpassing the market that existed pre-Recession.

May Project Updates

Just a few project updates. These represent only a small fraction of what’s going on.

Downtown

1. Neighborhood Launch’s expansion with a pair of new 5-story buildings containing 260 apartments continues. Located on E. Long Street, the buildings’ foundation work has been mostly completed and elevator shafts and the first steel frames are now going up, which means construction should really get going now. The timetable for these to be complete is late fall or winter.
2. Over at Columbus Commons, the Highpoint 300-unit residential project continues and at least one of the buildings is now reaching towards its 6th and final floor.
3. The Liberty Place 200+ unit residential expansion in the Brewery District is getting closer to being done with the external work, as brick and finishes are going on.
4. The mess that is the reconstruction of 670/71 also continues, but we’re still a year or so away from that being done… before the next phase begins closer to the 70/71 section.
5. Work continues on the restoration of the LeVeque Tower, but more details have emerged. Up to 70 residential units will be created in the tower section, along with lower floors having a new boutique hotel and office space. The lobby will be restored to its original 2-story look, and the entrance outside will get new marble, planters and lighting. The terra cotta exterior of the building will take up to 5 more years to complete, as 80 years of grime and damage have to be fixed. The other improvements should be done late this year or early next year.
6. Columbia Gas’ new HQ building in the Arena District has reached it’s maximum 6-story height with steel, but no exterior work is done yet.
7. The Flats II 120-unit residential building next door to that project is seeing exterior work being done and should be done later this summer or early fall. Reports have been coming out showing this and other residential projects nearby have extremely high rental interest already.
8. 600 Goodale, the 5-story 174-unit residential building is seeing exterior work now and should be done by the end of summer or fall.

Short North

1. Aston Place, a new residential project on Hubbard Avenue, is moving along and the elevator shaft is just about done, so steel should be going up soon.
2. The Hubbard project continues to the east. The 5-story, 68-unit residential building is all framed out and exterior work is beginning. The adjoining parking garage is complete and the 4 concealing townhomes should begin construction soon.
3. The Out of the Closet development at 5th and High is well underway, now completely framed out.