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.
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.
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
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%
Unfortunately, I have been unable to update this site for about a month, but I am back now and have quite a bit to add. First, I have the numbers for the local Housing Market Update February 2014. Due to changes in the way the numbers were gotten, January’s were not available. I still do them for 21 major areas of Franklin County, however, and here they are. As always, the data is from Columbus Realtors.
December ended a 2-month decline in home sales for the area, with overall sales up 2.5% according to the Housing Market Update December 2013 data from Columbus Realtors.
Here are the stats for the 21 major areas of Franklin County that I look at housing stats for.
Top 10 December 2013 Sales Increases over December 2012 1. Minerva Park: +200.0% 2. Obetz: +200.0% 3. Reynoldsburg: +72.7% 4. Clintonville: +55.6% 5. Gahanna: +55.0% 6. Pataskala: +27.3% 7. Dublin: +15.4% 8. German Village: +10.0% 9. Worthington: +6.3% 10. Columbus: +3.8%
Top 10 Year-to-Date Sales Through December 2013 1. Columbus: 10,267 2. Dublin: 797 3. Upper Arlington: 719 4. Clintonville: 701 5. Westerville: 630 6. Grove City: 609 7. Hilliard: 556 8. Gahanna: 526 9. Reynoldsburg: 505 10. Pickerington: 312
Top 10 Year-to-Date Increases Through December 2013 Over 2012 1. Minerva Park: +51.9% 2. Gahanna: +31.8% 3. Pataskala: +31.0% 4. Reynoldsburg: +30.8% 5. Whitehall: +27.3% 6. Clintonville: +26.3% 7. Hilliard: +23.6% 8. Whitehall: +23.4% 9. Westerville: +21.9% 10. Bexley: +21.5%
Average Sales December 2013 Urban: 74.5 Suburban: 28.2 Urban without Columbus: 14.7
Average % Change December 2013 vs. December 2012 Urban: +40.5% Suburban: +6.4% Urban without Columbus: +44.2%
Average YTD Sales Through December 2013 Urban: 1,177.1 Suburban: 466.5 Urban without Columbus: 268.1
Average YTD % Change YTD Through December 2013 Urban: +15.7% Suburban: +19.4% Urban without Columbus: +15.3%
Top 10 Average Sales Price December 2013 1. New Albany: $563,187 2. Upper Arlington: $377,943 3. Bexley: $376,592 4. Dublin: $351,279 5. Downtown: $314,583 6. German Village: $303,136 7. German Village: $271,656 8. Hilliard: $249,811 9. Worthington: $232,741 10. Clintonville: $223,250
Top 10 Average Sales Price % Change December 2013 Over December 2012 1. Whitehall: +37.3% 2. New Albany: +32.8% 3. Pataskala: +29.6% 4. Reynoldsburg: +26.3% 5. Upper Arlington: +25.8% 6. Clintonville: +25.3% 7. Bexley: +23.7% 8. Hilliard: +21.9% 9. Gahanna: +19.6% 10. Dublin: +13.1%
Top 10 Average Sales Prices YTD Through December 2013 1. New Albany: $542,634 2. Upper Arlington: $365,143 3. Bexley: $352,214 4. Dublin: $336,048 5. German Village: $298,199 6. Downtown: $287,976 7. Worthington: $248,857 8. Grandview Heights: $223,185 9. Hilliard: $217,078 10. Gahanna: $199,546
Top 10 Average YTD Sales Price % Change Through December 2013 vs. 2012 1. Whitehall: +18.9% 2. Downtown: +14.0% 3. Minerva Park: +14.0% 4. Upper Arlington: +13.8% 5. Gahanna: +12.1% 6. New Albany: +9.8% 7. Reynoldsburg: +9.6% 8. Obetz: +9.0% 9. Worthington: +7.5% 10. Bexley: +5.8%
Average Sales Price December 2013 Urban: $218,764 Suburban: $233,048 Urban without Columbus: $227,832
Average Sales Price Change December 2012 vs. December 2012 Urban: -1.6% Suburban: +15.5% Urban without Columbus: -2.9%
Average Sales Price YTD Urban: $217,056 Suburban: $224,060 Urban without Columbus: $226,017
Average Sales Price % Change YTD Urban: +5.6% Suburban: +5.6% Urban without Columbus: +5.7%
Top 10 Fastest Selling Markets December 2013 (Based on Average # of Days for Listings to Sell) 1. Bexley: 26 2. Obetz: 42 3. New Albany: 47 4. Hilliard: 50 5. Clintonville: 51 6. Pataskala: 57 7. Gahanna: 58 8. Upper Arlington: 58 9. Reynoldsburg: 61 10. Grove City: 63
Average # of Days Before Sale, December 2013 Urban: 73.4 Suburban: 63.9 Urban without Columbus: 73.8
Average # of Days Before Sale YTD Urban: 61.3 Suburban: 62.9 Urban without Columbus: 60.9
Top 10 Lowest Market Housing Supplies (Based on # of Months to Sell all Listings) 1. Worthington: 1.2 2. Bexley: 1.8 3. Clintonville: 1.9 4. Hilliard: 1.9 5. Upper Arlington: 1.9 6. Grandview Heights: 2.1 7. Westerville: 2.1 8. Gahanna: 2.2 9. Minerva Park: 2.2 10. German Village: 2.3
A healthy housing supply is considered to be around 5 months. Anything less than 3 months is considered very low. All of the 21 areas I looked at were below 5 months, indicating a county-wide shortage. This shortage has only deepened over the last year, with December having the lowest number of available homes in nearly 15 years.
Average # of Months to Sell All Listings, December 2013 Urban: 2.7 Suburban: 3.2 Urban without Columbus: 2.6
Average % Change of Single-Family Home Sales December 2013 vs. December 2012 Urban: +28.5% Suburban: +14.3% Urban without Columbus: +30.8%
Average % Change of Single-Family Home Sales YTD vs. YTD 2012 Urban: +9.8% Suburban: +19.0% Urban without Columbus: +8.8%
Average % Change of Condo Sales December 2013 vs. December 2012 Urban: +20.5% Suburban: -4.2% Urban without Columbus: +20.5%
Average % Change of Condo Sales YTD vs. YTD 2012 Urban: +29.0% Suburban: +23.5% Urban without Columbus: +29.9%
