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Columbus Housing Market October 2013

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Columbus Housing Market October 2013

The latest numbers for the Columbus housing market from Columbus Realtors.

LSD=Local school district
CSD=City school district

Top 15 Most Expensive Locations by Median Sales Price in October 2013
1. New Albany: $445,900
2. Upper Arlington CSD: $358,000
3. Downtown: $330,000
4. Powell: $305,000
5. Dublin: $302,125
6. Jefferson LSD: $292,500
7. Olentangy LSD: $288,500
8. Granville CSD: $272,000
9. New Albany Plain LSD: $262,500
10. Worthington: $249,900
11. Buckeye Valley LSD: $246,250
12. Big Walnut LSD: $238,500
13. Beechwold/Clintonville: $230,000
14. Bexley: $225,875
15. German Village: $217,500

Top 15 Least Expensive Locations by Median Sales Price in October 2013
1. Whitehall: $42,500
2. Lancaster CSD: $75,250
3. Hamilton LSD: $83,450
4. Columbus CSD: $84,200
5. Newark CSD: $87,450
6. Groveport Madison LSD: $90,150
7. London CSD: $94,500
8. South-Western CSD: $95,000
9. Columbus: $104,500
10. Circleville CSD: $110,250
11. Blacklick: $134,251
12. Obetz: $134,950
13. Canal Winchester CSD: $135,000
14. Grove City: $135,000
15. Reynoldsburg CSD: $136,200

Overall Metro Median Sales Price in October 2013: $149,302
Median Sales Price Change October 2012-October 2013: -$3,183

Top 15 Locations with the Highest Median Sales Price % Growth Between October 2012-October 2013
1. Hamilton LSD: +85.4%
2. Jefferson LSD: +69.8%
3. Downtown: +63.8%
4. Reynoldsburg CSD: +54.4%
5. Obetz: +51.8%
6. Jonathan Alder LSD: +50.4%
7. Sunbury: +36.5%
8. Beechwold/Clintonville: +28.6%
9. Westerville CSD: +20.2%
10. Minerva Park: +19.4%
11. Marysville CSD: +19.4%
12. Lithopolis: +19.0%
13. Northridge LSD: +17.4%
14. Circleville CSD: +16.7%
15. Granville CSD: +15.6%

Top 15 Locations with the Lowest Median Sales Price % Growth Between October 2012-October 2013
1. German Village: -16.3%
2. Lancaster CSD: -16.3%
4. Buckeye Valley LSD: -14.9%
5. New Albany Plain LSD: -14.6%
6. Canal Winchester CSD: -14.6%
7. Grandview Heights: -14.2%
8. Hilliard: -12.8%
9. South-Western CSD: -11.4%
10. London CSD: -11.3%
11. Dublin CSD: -10.8%
12. Dublin: -10.3%
13. Whitehall: -7.6%
14. Gahanna Jefferson CSD: -5.6%
15. Johnstown Monroe LSD: -3.7%

Overall Metro Median Price % Change October 2012-October 2013: -2.1%

Top 10 Locations with the Most New Listings in October 2013
1. Columbus: 1,107
2. Columbus CSD: 691
3. Westerville CSD: 177
4. South-Western CSD: 169
5. Hilliard CSD: 158
6. Olentangy LSD: 157
7. Dublin CSD: 123
8. Groveport Madison LSD: 91
9. Worthington CSD: 79
10. Dublin: 73

Top 10 Locations with the Fewest New Listings in October 2013
1. Valleyview: 0
2. Lithopolis: 0
3. Minerva Park: 2
4. Jefferson LSD: 5
5. Obetz: 5
6. Sunbury: 5
7. Northridge LSD: 9
8. Jonathan Alder LSD: 9
9. German Village: 9
10. Grandview Heights: 10

Overall Metro New Listings in October 2013: 2,693
New Listings % Change October 2012-October 2013: +5.9%

Top 10 Fastest-Selling Locations by # of Days Homes Remain on the Market Before Sale in October 2013
1. Johnstown Monroe LSD: 30
2. Powell: 31
3. Buckeye Valley LSD: 32
4. Grandview Heights: 39
5. Minerva Park: 42
6. Beechwold/Clintonville: 45
7. Northridge LSD: 45
8. Olentangy LSD: 46
9. Westerville: 46
10. Jonathan Alder LSD: 47

Top 10 Slowest-Selling Locations by # of Days Homes Remain on the Market Before Sale in March 2013
1. Circleville CSD: 118
2. London CSD: 107
3. Lancaster CSD: 106
4. Obetz: 105
5. Hamilton LSD: 96
6. New Albany CSD: 91
7. Granville CSD: 84
8. Jefferson LSD: 82
9. Big Walnut LSD: 81
10. Hilliard: 78
11. Reynoldsburg: CSD: 78

Overall Metro Average # of Days on Market Before Sale: 74.7

Top 10 Locations with the Best Change in # of Days on the Market Before Sale October 2012-October 2013
1. Lithopolis: +522.2%
2. Minerva Park: -77.25
3. Johnstown Monroe LSD: -74.6%
4. Buckeye Valley LSD: -71.7%
5. Jonathan Alder LSD: -69.1%
6. Grandview Heights: -64.2%
7. Powell: -62.7%
8. German Village: -61.2%
9. Northridge LSD: -54.5%
10. Pickerington LSD: -47.0%

Top 10 Locations with the Worst Change in the # of Days on the Market Before Sale October 2012-October 2013
1. Hamilton LSD: +190.9%
2. Obetz: +150.0%
3. Lancaster CSD: +86.0%
4. Sunbury: +50.0%
5. Circleville CSD: +45.7%
6. London CSD: +27.4%
7. New Albany: +14.6%
8. Worthington: +13.7%
9. Granville CSD: +9.1%
10. New Albany CSD: +8.3%

Overall Metro # of Days on Market Before Sale % Change October 2012-October 2013: -24.9%



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.