March 11, 2009

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

Posted to Phil Giessler

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


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March 07, 2009

North Arc Columbus, Ohio

Posted to Phil Giessler

News from the North Arc of Columbus, Ohio:

Beechwold, Clintonville, Dublin, Gahanna, Grandview Heights, Hilliard, Lewis Center, Mid Town, New Albany, Powell, Short North, Upper Arlington, Westerville, and Worthington all have had a 1950’s type winter with sub-zero readings, and a good deal of ice and white stuff. I captured a picture of what High Street in Worthington looked like - covered in our most recent snow.

However, spring is in the air.

As I write this I am not in the North Arc but just 2 hours north of the Worthington I-270 and Route 23 intersection looking at the fast thawing waters on the south shore line of Lake Erie. Carol and I came up last night to sneak 24+ hours of rest and relaxation. I have the windows open here at the cottage and am listing and watching the lake gulls and other wildlife doing their morning activities. I have also included a view of the lake from a couple of weeks ago which our good friend, Bev, captured from her house. She is a year around resident and she says she especially enjoys the times when we “part timers” are back in our hometowns which she says doesn’t suggest that she dislikes us. Early this morning I picked up some supplies at Cornell’s grocery in Huron, Ohio just 4 miles down the road. I noticed real estate for sale signs along the lake front. It is probably a good time to pick up one of those properties? The Leading Real Estate Companies of the World® local independent brokerages, Howard Hanna Realtors® and Russell Realtors have a good share of signs as they are obvious market leaders in this area. We at the Cam Taylor Co. Realtors® highly value and respect the professional relationship we have with the Hanna and Russell Companies especially in their relocation division.

Today I hope to complete the Columbus North Arc real estate report. I will post it as completed. It should be interesting as the sale statistics for the last four months as compared to the same time period of 12 months will be reviewed. School districts for the North Arc of Columbus area are the geographic considerations.



Posted By: Phil Giessler


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