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Columbus Housing Market July 2013

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Columbus housing market July 2013

In this edition of the Columbus Housing Market July 2013, we see from Columbus Realtorsthat the housing market has been pretty white hot, and metro area sales set monthly records in July with an increase over 28%. July also featured the 3rd highest sales of any month on record.

I looked at the 21 major areas of Franklin County (11 urban, 10 suburban). Here is what the July market looked like.

Top 10 July Sales Totals
1. Columbus: 1,055
2. Dublin: 95
3. Upper Arlington: 91
4. Clintonville: 85
5. Westerville: 68
6. Grove City: 66
7. Hilliard: 60
8. Reynoldsburg: 46
9. Gahanna: 42
10. Pickerington: 38

Top 10 July Sales Increases Over July 2012
1. Minerva Park: +300.0%
2. German Village: +154.5%
3. Grove City: +83.3%
4. Reynoldsburg: +70.4%
5. Canal Winchester: +60.0%
6. Whitehall: +55.6%
7. Pataskala: +41.2%
8. Clintonville: +37.1%
9. Columbus: +35.8%
10. New Albany: +32.0%

Top 10 Total YTD Sales Through July
1. Columbus: 6,072
2. Dublin: 480
3. Upper Arlington: 447
4. Clintonville: 423
5. Westerville: 375
6. Grove City: 363
7. Hilliard: 338
8. Gahanna: 315
9. Reynoldsburg: 310
10. Pickerington: 203

Top 10 YTD Sales Increases Through over July 2012
1. Whitehall: +42.7%
2. Hilliard: +42.0%
3. Bexley: +38.7%
4. Reynoldsburg: +36.6%
5. Pataskala: +35.9%
6. German Village: +34.7%
7. Pickerington: +34.4%
8. Minerva Park: +31.3%
9. Clintonville: +31.0%
10. Westerville: +29.8%

Average Sales July 2013
Urban: 124.7
Suburban: 50.4
Urban without Columbus: 31.7

Average % Change July 2013 vs. July 2012
Urban: +48.3%
Suburban: +35.0%
Urban without Columbus: +54.0%

Average Sales YTD Through July
Urban: 699.1
Suburban: 283.4
Urban without Columbus: 161.8

Average % Change YTD vs. YTD 2012 (Through July)
Urban: +19.7%
Suburban: +28.2%
Urban without Columbus: +18.8%

Top 10 Average Sales Price
1. New Albany: $563,891
2. Upper Arlington: $389,264
3. Bexley: $370,056
4. Dublin: $350,545
5. Downtown: $329,266
6. German Village: $325,721
7. Worthington: $272,706
8. Grandview Heights: $254,470
9. Hilliard: $240,506
10. Westerville: $209,706

Top 10 Average Sales Price % Increases vs. July 2012
1. Upper Arlington: +22.3%
2. Hilliard: +18.7%
3. Grandview Heights: +13.1%
4. Downtown: +12.5%
5. Pickerington: +12.4%
6. Pataskala: +11.6%
7. Canal Winchester: +11.3%
8. Worthington: +7.5%
9. Dublin: +6.7%
10. Columbus: +6.5%

Top 10 Average Sales Price YTD
1. New Albany: $545,545
2. Upper Arlington: $355,993
3. Bexley: $347,920
4. Dublin: $333,285
5. German Village: $310,179
6. Downtown: $285,807
7. Worthington: $243,009
8. Grandview Heights: $219,100
9. Hilliard: $218,104
10. Gahanna: $202,527

Top 10 Average YTD Sales Price % Change vs. YTD 2012
1. Whitehall: +33.5%
2. Downtown: +18.6%
3. Gahanna: +13.8%
4. Minerva Park: +13.0%
5. Upper Arlington: +12.4%
6. Reynoldsburg: +9.9%
7. New Albany: +9.1%
8. Hilliard: +5.5%
9. Gahanna: 5.0%
10. Canal Winchester: +4.9%

Average Price July 2013
Urban: $230,605
Suburban: $236,871
Urban without Columbus: $239,388

Average Price % Change vs. July 2012
Urban: +1.8%
Suburban: +6.3%
Urban without Columbus: +1.3%

Average Price YTD
Urban: $214,207
Suburban: $223,511
Urban without Columbus: $223,053

Average Price % Change YTD vs. YTD 2012
Urban: +6.3%
Suburban: +5.0%
Urban without Columbus: +6.6%

Top 10 Fastest Selling Markets July 2013 (based on # of Days listings sell)
1. Grandview Heights: 9
2. Obetz: 9
3. Hilliard: 25
4. Worthington: 26
5. Upper Arlington: 29
6. Bexley: 31
7. Westerville: 38
8. Reynoldsburg: 40
9. New Albany: 42
10. Clintonville: 44

Top 10 Fastest Selling Markets YTD
1. Worthington: 36
2. Grandview Heights: 47
3. Upper Arlington: 47
4. Clintonville: 56
5. Westerville: 56
6. Hilliard: 58
7. Dublin: 59
8. New Albany: 60
9. Gahanna: 62
10. Pataskala: 62

Average # of Days before Sale, July 2013
Urban: 49.8
Suburban: 48.7
Urban without Columbus: 48.8

Average # of Days before Sale, YTD
Urban: 64.6
Suburban: 62.3
Urban without Columbus: 64.4

Top 10 Lowest Housing Supplies (based on # of months to sell all listings), July 2013
1. Worthington: 1.9
2. Grandview Heights: 2.4
3. Upper Arlington: 2.4
4. Clintonville: 2.5
5. Hilliard: 2.7
6. Westerville: 2.8
7. Dublin: 3.1
8. Bexley: 3.2
9. Gahanna: 3.6
10. Downtown: 4.0

Average # of Months to Sell All Listings
Urban: 3.7
Suburban: 4.2
Urban without Columbus: 3.6

Average % Change of Single-Family Home Sales, July 2013 vs. July 2012
Urban: +55.0%
Suburban: +33.4%
Urban without Columbus: +58.0%

Average % Change of Condo Sales, July 2013 vs. July 2012
Urban: +78.4%
Suburban: +89.0%
Urban without Columbus: +82.3%

Average % Change of Single-Family Home Sales YTD vs. YTD 2012
Urban: +14.4%
Suburban: +28.5%
Urban without Columbus: +13.0%

Average % Change of Condo Sales YTD vs. YTD 2012
Urban: +42.8%
Suburban: +32.7%
Urban without Columbus: +44.0%

Seems like most areas are doing fairly well, including the urban core. Of course, these number do not measure rentals, which is what is really booming right now in the residential scene.



Columbus Residential Development Booming

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Columbus residential development booming

During and just after the recession’s housing crash, single-family home construction in the Columbus area seemed to fall apart, much like it did across the nation. Foreclosure rates soared, prices fell and builders were suddenly left with too many homes they couldn’t get rid of.

Out of the ashes of this market rose a surge in rental demand. It suddenly made more and more sense to rent rather than to own, especially for young professionals and empty nesters who wanted to downsize during tough economic times. Not only did what housing people wanted change, but so did where they wanted it to be located.

Columbus experienced a relative boom in rental housing during the late 1990s into the first few years of the 2000s, but almost all of that rental housing was constructed along and outside of I-270, where the suburbs were exploding with growth. Inside of 270 saw little of this, and the urban core neighborhoods around Downtown were almost completely ignored altogether. Single-family housing became popular again during the early 2000s mild recession, and the housing boom that would help lead to the Great Recession of 2007-2009 really began at that time. However, it was in 2002 that the City and Mayor Coleman came up with a 10-year plan to help bring more residents to Downtown. It began offering tax incentives to developers who would build there, in some cases 100% abatements, in a goal to have 10,000 residential units built in and around Downtown by 2012.

I’ve done a ton of research on the results of this move by the city, and it did have an impact. From what I’ve been able to find (so far), Downtown and the surrounding neighborhoods saw the addition of less than 200 residential units between 2000 and 2002. 2003 saw over 500 alone with the new incentives package in place. Between 2003 and 2006, the area added over 2,000 new residential units, most of them condos. As the Great Recession hit in 2007, the rate of new projects slowed to half of what it was, though still higher than it was prior to 2003.

As the Great Recession eased and more financing became available, construction began to pick up once more. With the new trends in favor of urban living and rentals, the rental market has exploded and overall Columbus residential development is booming across all parts of the city.