Top Housing Markets of 2015

The 2015 housing market was one of the strongest since before the recession, and 2016 looks to do even better. An ongoing problem, especially within the more urban markets, is a historically low inventory of available homes for sale. This has been a problem for several years now, as construction has failed to match demand.

That lack of inventory really shows up in the yearly % change chart. Few urban markets have increased year over year, as they have a much more limited supply of housing, even as demand for urban housing has increased.

Let’s see how this impacted prices.

While urban markets were not necessarily the most expensive compared to suburban, more of them were generally towards the top half of price increases last year.

Columbus Housing Market Update- August 2014

For this update, I’m going to do things a bit differently. In previous updates, I have done long ranking lists and it got to be a bit overwhelming. So starting with this update, I’m going to do more charts instead.

In any case, August continued the year-long trend of home sales being down, with the month coming in at more than 11% off from the same time last year. Prices, however, were up more than 6% to reach a monthly record. There continues to be a supply problem, which is the main mechanism driving both lower sales and higher prices.

Now on to the charts!

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Link of the Day: The Columbus Land Bank

The Columbus Land Bank got started back in 1994 to address vacant land and properties, but more specifically, the worst of the worst. Over the years, the number of properties on the list has grown into the hundreds as the city bought the properties to either renovate what could be renovated, or to demolish those that could not be saved and were contributing to the decline of surrounding neighborhoods.

The city provides a few links where these properties can be searched for and purchased. The properties are in various stages of decline and are being sold only to those qualified to renovate the properties or replace them with new development. Many of them are in urban locations, and most of the houses are old, with many retaining elements of their original architecture. In most cases, they need major to moderate rehabs, however. Given the rise of urban living lately and the rapid pace of revitalization happening throughout urban Columbus, these properties maintain some inherent value despite what their overall condition may be.

The first link is an interactive map where you can search for properties. It’s a great resource where you can search by address, street or area. You can also apply to buy properties if you are so inclined.
https://public-cbus.epropertyplus.com/landmgmtpub/app/base/propertySearch

The second link is a list of for-sale property highlights. This list is updated through the last 90 days.
http://columbus.gov/landredevelopment/listings/

Take a look!

Columbus Housing Market Update- June 2014

June’s housing data for the Columbus region was just released. The month continued the same story as the previous 5 months, with home sales down due to a lack of inventory. Prices continued to rise and the number of days to sell a home continued to fall in relation to this problem. As always, I looked at 21 major areas of the Columbus region, both urban and suburban. Here is how those areas performed.

Top 10 June 2014 Sales Totals
1. Columbus: 1,045
2. Upper Arlington: 109
3. Dublin: 108
4. Clintonville: 83
5. Westerville: 77
6. Gahanna: 63
7. Grove City: 62
8. Reynoldsburg: 59
9. New Albany: 38

Top 10 June 2014 Sales Increases over June 2013
1. Downtown: +72.0%
2. Grove City: +14.5%
3. Gahanna: +12.7%
4. German Village: +10.5%
5. Grandview Heights: +6.3%
6. Canal Winchester: +3.8%
7. Hilliard: 0.0%
8. Minerva Park: 0.0%
9. Columbus: -1.8%
10. Reynoldsburg: -5.1%

Top 10 Year-to-Date Sales Through June 2014
1. Columbus: 4,803
2. Dublin: 362
3. Grove City: 332
4. Clintonville: 323
5. Westerville: 299
6. Upper Arlington: 294
7. Reynoldsburg: 265
8. Hilliard: 258
9. Gahanna: 221
10. Pickerington: 136

Top 10 Year-to-Date Increases Through June 2014 Over 2013
1. Obetz: +42.1%
2. Downtown: +13.4%
3. Grove City: +11.0%
4. New Albany: +2.8%
5. Reynoldsburg: -0.4%
6. Westerville: -3.2%
7. Pataskala: -3.4%
8. German Village: -3.9%
9. Columbus: -5.3%
10. Clintonville: -5.8%

Average Sales June 2014
Urban: 122.3
Suburban: 55.1
Urban without Columbus: 30

Average % Change June 2014 vs. June 2013
Urban: -5.8%
Suburban: -5.1%
Urban without Columbus: -6.0%

Average YTD Sales Through June 2014
Urban: 545
Suburban: 222.6
Urban without Columbus: 119.2

Average YTD % Change YTD Through June 2014
Urban: -4.8%
Suburban: -5.3%
Urban without Columbus: -4.7%

Top 10 Average Sales Price June 2014
1. New Albany: $659,186
2. Upper Arlington: $389,575
3. Bexley: $382,496
4. Dublin: $377,541
5. German Village: $307,753
6. Downtown: $300,582
7. Worthington: $283,209
8. Grandview Heights: $246,271
9. Hilliard: $230,396
10. Gahanna: $229,845

Top 10 Average Sales Price % Change June 2014 vs. June 2013
1. Whitehall: +55.6%
2. Worthington: +17.7%
3. New Albany: +15.8%
4. Bexley: +15.6%
5. Columbus: +12.2%
6. Clintonville: +9.3%
7. Hilliard: +8.5%
8. Canal Winchester: +7.4%
9. Pickerington: +6.7%
10. Gahanna: +6.4%

Top 10 Average Sales Prices YTD Through June 2014
1. New Albany: $541,077
2. Dublin: $360,202
3. Upper Arlington: $348,160
4. Bexley: $334,491
5. Downtown: $305,215
6. German Village: $302,117
7. Worthington: $261,659
8. Grandview Heights: $245,946
9. Hilliard: $225,849
10. Gahanna: $213,782

Top 10 Average YTD Sales Price % Change Through June 2014 vs. 2013
1. Obetz: +24.7%
2. Grandview Heights: +15.5%
3. Worthington: +11.3%
4. Pataskala: +10.8%
5. Columbus: +10.6%
6. Pickerington: +9.9%
7. Canal Winchester: +9.5%
8. Downtown: +9.5%
9. Dublin: +9.2%
10. Westerville: +8.5%

Average Sales Price June 2014
Urban: $232,965
Suburban: $253,488
Urban without Columbus: $240,917

Average Sales Price Change June 2014 vs. June 2013
Urban: +7.6%
Suburban: +5.0%
Urban without Columbus: +7.1%

Average Sales Price YTD Through June 2014
Urban: $220,893
Suburban: $234,492
Urban without Columbus: $229,327

Average Sales Price % Change YTD Through June 2014
Urban: +6.6%
Suburban: +7.5%
Urban without Columbus: +6.2%

Top 10 Fastest Selling Markets June 2014 (Based on Average # of Days for Listings to Sell)
1. Worthington: 21
2. Upper Arlington: 36
3. Clintonville: 38
4. Gahanna: 39
5. Hilliard: 39
6. Dublin: 40
7. German Village: 42
8. Obetz: 45
9. Bexley: 46
10. Pataskala, Westerville: 47

Top 10 Fastest Selling Markets YTD Through June 2014
1. Worthington: 39
2. Minerva Park: 44
3. Upper Arlington: 44
4. Obetz: 46
5. Hilliard: 47
6. Clintonville: 52
7. Westerville: 53
8. Grandview Heights: 54
9. Dublin: 57
10. Bexley: 59

Average # of Days Before Sale, June 2014
Urban: 47.8
Suburban: 54.3
Urban without Columbus: 47.3

Average # of Days Before Sale YTD Through June 2014
Urban: 58.6
Suburban: 67.8
Urban without Columbus: 57.4

Top 10 Lowest Market Housing Supplies June 2014 (Based on # of Months to Sell all Listings)
1. Grandview Heights: 1.0
2. Worthington: 1.4
3. Westerville: 2.0
4. Clintonville: 2.1
5. German Village: 2.1
6. Gahanna: 2.3
7. Hilliard: 2.5
8. Minerva Park: 2.7
9. Obetz: 2.7
10. Upper Arlington: 2.7

A healthy housing supply is considered to be around 5-6 months. Anything less than 3 months is considered very low. Grandview’s 1 month is ridiculously low and the lowest reading I’ve seen for any area.

Average # of Months to Sell All Listings, June 2014
Urban: 2.7
Suburban: 3.5
Urban without Columbus: 2.6

Average % Change of Single-Family Home Sales June 2014 vs. June 2013
Urban: +33.2%
Suburban: -5.4%
Urban without Columbus: +36.8%

Average % Change of Single-Family Home Sales YTD Through June 2014 vs. YTD 2013
Urban: -8.8%
Suburban: -5.4%
Urban without Columbus: -8.9%


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

Urban: -4.0%
Suburban: +41.0%
Urban without Columbus: -5.0%

Average % Change of Condo Sales YTD Through June 2014 vs. YTD 2013
Urban: +19.3%
Suburban: +7.0%
Urban without Columbus: +21.0%

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%