March 11, 2009

COLUMBUS OHIO, NORTH ARC, RESIDENTIAL REAL ESTATE TRENDS-TENDENCIES AS OF MARCH 1, 2009

Here (click on spreadsheet image) is the residential real estate update for the communities that make up the geographic north arc of the greater Columbus Ohio area. The North Arc, as we call it, is the area clockwise from approximately 9 to 2 on the face of a clock with mid city Broad and High being at the center. The information is obtained from the Columbus Board of Realtors® (CBR) Multiple Listing Service (MLS). All housing types including; attached and detached condominiums and single family residences are considered. The 10 areas include school districts: Bexley, Columbus, Dublin, Gahanna, Hilliard, Olentangy, Plain Local, Upper Arlington, Westerville and Worthington. The time line comparisons include December 1, 2008 through the end of February, 2009 and for the same quarter ending in February, 2008, 2007, 2006 and 2005. The numbers of Sales, Average Sales Price (ASP), and average Days On Market (DOM) are noted. A Supply/Absorption (S/A) yield is also recorded. (The supply/absorption information is especially interesting).

Highlighted in green are results that may be positive.

Highlighted in yellow are results that may be negative.

Comparing the most recent quarter to last year shows that Sales are down in all areas except for Gahanna which indicates a 20% increase. However, Gahanna also shows a 14% drop in ASP.

Average Sales Price is interesting intrinsic information especially as we consider the same time lines in previous years. Only Upper Arlington and Olentangy show a gain..

Days on Market is a figure that may have significance. DOM is derived from the listing Realtor’s® report to the MLS but only considers the last listing period. So for instance if the property was listed, expired and then relisted the DOM would be recorded only for the last listing. Therefore this may be the least reliable figure of those considered in this report.

A Supply/Absorption of 6 months is considered by most relocation management companies, appraisers and Realtors® as a healthy supply. Under 6 months indicates a sellers market or undersupply and higher suggests a buyers market or oversupply. Unknown and therefore not measured are the number of properties that have been taken off of the market for the holidays. The next quarter might find an increase of supply as owners choose to get their real estate on the market for the hopeful spring upswing. The S/A is not available for other than the current year. Worthington is the only single digit indicator.

Bottom line is that the residential real estate market in the North Arc of Columbus Ohio is okay, could be better and most certainly could be worse. We make this effort, not for fun, but to try to help the active or potential buyers and sellers understand the best and most current information and even look a bit into the future as much as our numbers permit.

This report has been created, if not in fact at least in thought, while I was enjoying a “day off” at the cottage. Crunching these numbers can be a bit tedious. So stealing away to the south shore of Lake Erie provides a relaxing atmosphere and environment for clear thoughts which helps with any spread sheet creation.

Posted By: Phil Giessler