This link shows a time lapse of metros across the US from 1999 to 2014 and how total jobs changed over the months and years. You can click on a metro for more individual details.
Cool Link The Geography of Jobs
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Category Archives: Columbus Economy
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!
Cool Link The Columbus Land Bank
The Columbus Lank 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!
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%
May 2014 Jobs Data
May was generally a positive month for Columbus and Ohio according to the latest figures from the Bureau of Labor Statistics. 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, as shown below in the May 2014 jobs data.
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