Annual Report on the Columbus Region Housing Market

Transcription

1 Annual Report on the Columbus Region Housing Market FOR RESIDENTIAL REAL ESTATE ACTIVITY IN THE COLUMBUS REGION Columbus REALTORS Multiple Listing Service (MLS) serves all of Delaware, Fayette, Franklin, Licking, Madison, Morrow, Pickaway and Union Counties, as well as parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross Counties.

2 FOR RESIDENTIAL REAL ESTATE ACTIVITY IN THE COLUMBUS REGION While the 2017 housing market was marked by renewed optimism fueled by stock market strength, higher wages and a competitive environment for home sales, 2018 maintained the competitive housing market amid less than stellar stock market performance and rising interest rates while housing affordability dipped to a ten-year low. Yet the appetite for home buying remained strong enough to drive prices upward in virtually all markets across the country. In fact, national home prices have risen 53 percent from February 2012 to September That mark is a less dramatic but still sizable 40 percent increase when inflation is factored in. The national median household income was last reported with a year-over-year increase of 1.8 percent, while home prices have gone up 5.5 percent in roughly the same amount of time. That kind of gap can't be sustained indefinitely, but prices are still expected to rise in most areas, albeit at a much slower pace. Central Ohio Sales: In Contracts were down 3.3 percent, closing 2018 at 31,769. Closed sales decreased 2.2 percent to finish the year at 31,520. A booming economy would seem to indicate more sales, but fewer homes to choose from coupled with lower affordability made it tougher for buyers in Listings: Year-over-year, the number of homes available for sale was higher by 6.8 percent. There were 4,141 active listings at the end of New listings increased by 0.6 percent to finish the year at 37,365. Prices: Home prices were up compared to last year. The overall median sales price increased 7.4 percent to $195,000 for the year. Single-Family home prices were up 7.7 percent compared to last year, and Condo home prices were up 8.0 percent. List Price Received: Sellers received, on average, 98.7 percent of their last list price at sale, a year-over-year improvement of 0.3 percent. If demand shrinks in 2019, original list price received at sale could drop as well. Consumer optimism has been tested by four interest rate hikes by the Federal Reserve in Meanwhile, GDP growth was at 4.2 percent in Q2 2018, dropped to 3.4 percent in Q and is expected to be about 2.9 percent in Q when figures are released. Looking strictly at market fundamentals, recent Fed and GDP changes will not cause a dramatic shift away from the current state of the housing market. The booming sales at increased prices over the last several years may not be the same thrill ride to observe in 2019, but a long-awaited increase in inventory is something positive to consider, even if it arrives in the form of shrinking demand amidst rising mortgage rates. The biggest potential problem for residential real estate in 2019 might be a fear of buying at the height of the market which could create home purchase delays by a large pool of potential first-time buyers. The positive economic outlook coupled with responsible lending practices and more available homes for sale should create a more balanced housing market in Lender-Mediated Properties: The foreclosure market continues to be a hint of its former unhealthy peaks. In 2018, the percentage of closed sales that were either foreclosure or short sale decreased by 40.3 percent to end the year at 3.6 percent of the market. Table of Contents 3 Quick Facts 5 Property Type Review 6 Lender-Mediated Review 7 Price Range Review 8 Area Overviews 10 Area Historical Median Prices Current as of January 12, All data from Columbus REALTORS Multiple Listing Service (MLS). Report 2019 ShowingTime. 2

3 Quick Facts New Listings In Contracts 37,047 36,983 37,135 37,365 27,031 29,974 31,631 32,842 31,769 35, % - 0.2% + 0.4% + 0.6% % + 5.5% + 3.8% - 3.3% Top 5 Areas: Change in New Listings from 2017 Top 5 Areas: Change in Pending Sales from 2017 Lithopolis (Corp.) % Lithopolis (Corp.) % Grandview Heights (Corp.) % Grandview Heights (Corp.) % Valleyview (Corp.) % Valleyview (Corp.) % Buckeye Valley Local School District % Granville Exempted Village School District + 9.7% Miami Trace Local School District % Washington Court House City School District + 6.9% Bottom 5 Areas: Change in New Listings from 2017 Bottom 5 Areas: Change in Pending Sales from 2017 Marysville Exempted Village School District - 9.9% Jefferson Local School District (West Jefferson) % Jefferson Local School District (West Jefferson) % London City School District % Whitehall (Corp.) % Northridge Local School District % Canal Winchester City School District % Pataskala (Corp.) % Northridge Local School District % Canal Winchester City School District % Closed Sales 26,887 29,523 31,689 32,218 31,520 Inventory of Homes for Sale At the end of each year. 8,743 7,450 5,751 3,876 4, % + 7.3% + 1.7% - 2.2% % % % + 6.8% Top 5 Areas: Change in Closed Sales from 2017 Top 5 Areas: Change in Homes for Sale from 2017 Valleyview (Corp.) % Sunbury (Corp.) % Lithopolis (Corp.) % Obetz (Corp.) % Grandview Heights (Corp.) % Worthington City School District % Granville Exempted Village School District % Big Walnut Local School District % Washington Court House City School District % Hamilton Local School District % Bottom 5 Areas: Change in Closed Sales from 2017 Bottom 5 Areas: Change in Homes for Sale from 2017 Whitehall (Corp.) % Lancaster City School District % Pataskala (Corp.) % Delaware City School District % Bexley (Corp.) % Granville Exempted Village School District % Canal Winchester City School District % Jefferson Local School District (West Jefferson) % Northridge Local School District % Valleyview (Corp.) % Current as of January 12, All data from Columbus REALTORS Multiple Listing Service (MLS). Report 2019 ShowingTime. 3

4 Quick Facts Median Sold Price Average Sold Price Does not account for seller concessions and/or down payment assistance. Does not account for seller concessions and/or down payment assistance. $152,500 $159,900 $170,000 $181,500 $195,000 $182,674 $191,111 $202,023 $214,802 $227, % + 6.3% + 6.8% + 7.4% + 4.6% + 5.7% + 6.3% + 6.0% Top 5 Areas: Change in Median Sales Price from 2017 Top 5 Areas: Change in Avg. Sales Price from 2017 Whitehall (Corp.) % Sunbury (Corp.) % Gahanna (Corp.) % Grandview Heights (Corp.) % Downtown Columbus (43215) % Whitehall (Corp.) % Miami Trace Local School District % Obetz (Corp.) % Grandview Heights (Corp.) % Gahanna (Corp.) % Bottom 5 Areas: Change in Median Sales Price from 2017 Bottom 5 Areas: Change in Avg. Sales Price from 2017 German Village (43206 & German Village Subdivision) + 1.3% New Albany (Corp.) + 0.0% Lancaster City School District + 0.4% Northridge Local School District - 0.8% Valleyview (Corp.) - 1.4% Lithopolis (Corp.) - 0.8% Bexley (Corp.) - 3.7% Bexley (Corp.) - 4.5% New Albany (Corp.) - 6.8% Valleyview (Corp.) - 7.5% Percent of Sold Price to Original List Price Percent of Sold Price to Last List Price Does not account for seller concessions and/or down payment assistance. Does not account for seller concessions and/or down payment assistance. 96.4% 97.1% 97.3% 98.1% 98.4% 98.7% 94.0% 95.0% 96.8% 97.2% + 1.1% + 1.5% + 0.7% + 0.2% + 0.4% + 0.9% + 0.3% + 0.3% Top 5 Areas: Change in Pct. of Orig. Price Received from 2017 Top 5 Areas: Change in Pct. of List Price Received from 2017 Granville Exempted Village School District + 2.4% Miami Trace Local School District + 2.8% Miami Trace Local School District + 1.8% Jonathan Alder Local School District (Plain City) + 1.5% Jonathan Alder Local School District (Plain City) + 1.5% Granville Exempted Village School District + 1.2% Hamilton Local School District + 1.4% Hamilton Local School District + 0.9% Reynoldsburg City School District + 1.1% Washington Court House City School District + 0.9% Bottom 5 Areas: Change in Pct. of Orig. Price Received from 2017 Bottom 5 Areas: Change in Pct. of List Price Received from 2017 Beechwold / Clintonville (43214, 43202) - 0.9% Lithopolis (Corp.) - 0.6% Valleyview (Corp.) - 1.1% German Village (43206 & German Village Subdivision) - 0.7% Teays Valley Local School District - 1.3% Minerva Park (Corp.) - 0.8% Obetz (Corp.) - 2.0% Valleyview (Corp.) - 1.2% Minerva Park (Corp.) - 2.1% Obetz (Corp.) - 1.8% Current as of January 12, All data from Columbus REALTORS Multiple Listing Service (MLS). Report 2019 ShowingTime. 4

5 Property Type Review Average Total Days on Market Single-Family Days on Market Until Sale 100 Average Total Days on Market Condo This chart uses a rolling 12-month average for each data point Single-Family Condo Top Areas: Condo Market Share in 2018 Downtown Columbus (43215) 85.5% Grandview Heights (Corp.) 42.4% Blacklick (43004) 28.2% Dublin City School District 26.8% Dublin (Corp.) 23.7% Worthington City School District 23.5% Columbus (Corp.) 23.4% Columbus City School District 23.0% Hilliard City School District 21.4% Olentangy Local School District 19.8% Upper Arlington City School District 19.8% Powell (Corp.) 19.0% Grove City (Corp.) 18.3% Hilliard (Corp.) 15.8% Gahanna (Corp.) 14.8% Westerville City School District 14.1% Westerville (Corp.) 12.9% Pickerington (Corp.) 12.6% South-Western City School District (Grove City) 12.5% Worthington (Corp.) 12.4% Gahanna Jefferson City School District 12.4% German Village (43206 & German Village Subdivision) 11.6% Reynoldsburg City School District 10.0% Buckeye Valley Local School District 9.9% Sunbury (Corp.) 8.9% Groveport Madison Local School District 8.9% + 7.7% + 8.0% 26,822 4,508 One-Year Change in Price Single-Family One-Year Change in Price Condo Closed Sales Single-Family Closed Sales Condo Median Sold Price Does not account for seller concessions and/or down payment assistance. Closed Sales by Property Type Does not account for seller concessions and/or down payment assistance. $158K $176K $165K $190K $204K $127K $134K $140K $150K $162K 22,904 25,165 26,968 27,434 26,822 3,989 4,364 4,726 4,837 4,508 Single-Family Condo Single-Family Condo Current as of January 12, All data from Columbus REALTORS Multiple Listing Service (MLS). Report 2019 ShowingTime. 5

6 Lender-Mediated Review 3.6% % Top Areas: Lender-Mediated Market Share in 2018 Percent of Sales in 2018 that were Lender-Mediated One-Year Change in Sales that were Lender-Mediated Percent of Sales That Were Lender-Mediated 16.4% 13.7% Washington Court House City School District 8.1% Circleville City School District 6.8% Newark City School District 6.1% Lancaster City School District 5.9% Whitehall (Corp.) 5.9% Groveport Madison Local School District 5.7% Hamilton Local School District 5.4% Obetz (Corp.) 5.4% Johnstown-Monroe Local School District 5.2% Columbus City School District 5.0% London City School District 4.8% Marysville Exempted Village School District 4.5% Miami Trace Local School District 4.3% Pataskala (Corp.) 4.1% Columbus (Corp.) 3.8% South-Western City School District (Grove City) 3.5% Reynoldsburg City School District 3.1% Buckeye Valley Local School District 3.0% Canal Winchester City School District 3.0% Jefferson Local School District (West Jefferson) 2.6% Grove City (Corp.) 2.5% Delaware City School District 2.4% Blacklick (43004) 2.0% Pickerington (Corp.) 1.9% Jonathan Alder Local School District (Plain City) 1.8% Gahanna Jefferson City School District 1.7% % % % - 5.3% Four-Year Change in Price for All Properties 9.3% 5.9% 3.6% Four-Year Change in Price for Traditional Properties Four-Year Change in Price for REOs Four-Year Change in Price for Short Sales Median Sold Price Does not account for seller concessions and/or down payment assistance. $168,000 $172,981 $179,500 $187,500 $199,900 $63,501 $65,825 $65,100 $70,000 $77,000 $110,000 $106,700 $99,500 $107,500 $104,200 Traditional REO Short Sales A property is considered to be lender-mediated when any of the following criteria are found within the Columbus REALTORS Multiple Listing Service (MLS): The Additional Acceptance Conditions field notes Bank-Owned/REO (Deed Recorded), Bank-Owned/REO (Deed Not Recorded), HUD, Short Sale, VA; or, if any of the following terms are included in any of the remarks fields: bank owned, bank-owned, foreclosure, forclosure, reo, hud acquire, hud-acquire, hud-acquired, hud-owned, hud owned, hud-case, hud case, hud-owned-case, hud owned case, corporate owned, corporate-owned, corp owned, corp. owned, corp-owned, or, corp owner. This list may be adjusted at anytime. A property is considered to be "traditional" when the "Additional Acceptance Conditions" field is not marked or None Known is selected; or, if any of the following terms are included in any of the remarks fields: not a foreclosure, not a forclosure, no foreclosure, no forclosure, not foreclosure, not forclosure, not a short sale, not a shortsale, not a short-sale, not short sale, not shortsale, not short-sale, no short sale, no shortsale, no short-sale, not a bank, not bank, no bank, tired of short sale, tired of shortsale, tired of short-sale, tired of foreclosure, or, tired of forclosure. This list may be adjusted at anytime. Current as of January 12, All data from Columbus REALTORS Multiple Listing Service (MLS). Report 2019 ShowingTime. 6

7 Price Range Review $120,001 to $160,000 Sold Price Range with Shortest Average Days on Market Total Days on Market by Sold Price Range $250,001 and Above 13.5% Sold Price Range with Longest Average Days on Market of Active Listings in the Last List Price Range at Year End Priced $80,000 and Below % One-Year Change in Active Listings in the Last List Price Range at Year End Priced $80,000 and Below Share of Active Listings in the Last List Price Range $80,000 and Below $80,000 and Below 43 26% 24% $80,001 to $120, % 20% $120,001 to $160,000 $160,001 to $250, % 16% 14% $250,001 and Above 44 12% 10% $250,001 and Above % $80,000 and Below % Sold Price Range with the Most Sold Listings Sold Price Range with Strongest One-Year Change in Sold Listings: $250,001 and Above Sold Price Range with the Fewest Sold Listings Sold Price Range with Weakest One-Year Change in Sold Listings: $80,000 and Below Sold Listings by Sold Price Range ,068 9,723 9,728 7,946 9,134 10,165 4,440 4,297 3,826 3,842 3,166 3,397 5,938 5,693 5,064 $80,000 and Below $80,001 to $120,000 $120,001 to $160,000 $160,001 to $250,000 $250,001 and Above Current as of January 12, All data from Columbus REALTORS Multiple Listing Service (MLS). Report 2019 ShowingTime. 7

8 Area Overviews New Listings Closed Sales Percentage Change Percentage Change Entire MLS 37,135 37, % 32,218 31, % COUNTIES Champaign County % % Clark County % % Delaware County 3,897 3, % 3,359 3, % Fairfield County 2,552 2, % 2,240 2, % Fayette County % % Franklin County 21,513 21, % 19,123 18, % Hocking County % % Knox County % % Licking County 2,865 2, % 2,515 2, % Logan County % % Madison County % % Marion County % % Morrow County % % Muskingum County % % Perry County % % Pickaway County % % Ross County % % Union County 1, % % COMMUNITIES / SCHOOL DISTRICTS Beechwold / Clintonville (43214, 43202) % % Bexley (Corp.) % % Big Walnut Local School District % % Blacklick (43004) % % Buckeye Valley Local School District % % Canal Winchester City School District % % Circleville City School District % % Columbus (Corp.) 13,643 13, % 12,277 11, % Columbus City School District 8,604 9, % 7,401 7, % Delaware City School District % % Downtown Columbus (43215) % % Dublin (Corp.) % % Dublin City School District 1,476 1, % 1,254 1, % Gahanna (Corp.) % % Gahanna Jefferson City School District % % German Village (43206 & German Village Subdivision) % % Current as of January 12, All data from Columbus REALTORS Multiple Listing Service (MLS). Report 2019 ShowingTime. 8

9 Area Overviews New Listings Closed Sales COMMUNITIES / SCHOOL DISTRICTS Continued Percentage Change Percentage Change Grandview Heights (Corp.) % % Granville Exempted Village School District % % Grove City (Corp.) % % Groveport Madison Local School District % % Hamilton Local School District % % Hilliard (Corp.) % % Hilliard City School District 1,802 1, % 1,620 1, % Jefferson Local School District (West Jefferson) % % Johnstown-Monroe Local School District % % Jonathan Alder Local School District (Plain City) % % Lancaster City School District % % Lithopolis (Corp.) % % London City School District % % Marysville Exempted Village School District % % Miami Trace Local School District % % Minerva Park (Corp.) % % New Albany (Corp.) % % New Albany Plain Local School District % % Newark City School District % % Northridge Local School District % % Obetz (Corp.) % % Olentangy Local School District 1,984 1, % 1,684 1, % Pataskala (Corp.) % % Pickerington (Corp.) % % Pickerington Local School District 1, % % Powell (Corp.) % % Reynoldsburg City School District % % Short North Area (43201) % % South-Western City School District (Grove City) 2,339 2, % 2,188 2, % Sunbury (Corp.) % % Teays Valley Local School District % % Upper Arlington City School District % % Valleyview (Corp.) % % Washington Court House City School District % % Westerville (Corp.) % % Westerville City School District 1,765 1, % 1,621 1, % Whitehall (Corp.) % % Worthington (Corp.) % % Worthington City School District 1,082 1, % 1, % Current as of January 12, All data from Columbus REALTORS Multiple Listing Service (MLS). Report 2019 ShowingTime. 9

10 Area Historical Prices Median Sales Price Average Sales Price Percentage Change Percentage Change Entire MLS $181,500 $195, % $214,802 $227, % COUNTIES Champaign County $135,000 $152, % $142,683 $161, % Clark County $119,900 $127, % $136,478 $157, % Delaware County $305,000 $322, % $328,502 $346, % Fairfield County $187,251 $199, % $199,853 $212, % Fayette County $107,000 $114, % $121,980 $126, % Franklin County $173,000 $187, % $208,196 $222, % Hocking County $134,750 $139, % $165,359 $172, % Knox County $149,500 $155, % $180,695 $181, % Licking County $179,900 $190, % $194,432 $207, % Logan County $133,480 $149, % $171,690 $196, % Madison County $147,500 $165, % $173,048 $191, % Marion County $125,000 $125, % $134,746 $139, % Morrow County $144,500 $153, % $159,246 $171, % Muskingum County $141,950 $149, % $161,367 $167, % Perry County $139,500 $140, % $168,413 $165, % Pickaway County $160,000 $172, % $176,961 $187, % Ross County $133,688 $144, % $149,316 $160, % Union County $225,000 $240, % $264,437 $288, % COMMUNITIES / SCHOOL DISTRICTS Beechwold / Clintonville (43214, 43202) $245,000 $270, % $260,116 $279, % Bexley (Corp.) $375,000 $361, % $463,099 $442, % Big Walnut Local School District $284,500 $309, % $337,532 $347, % Blacklick (43004) $192,000 $209, % $209,853 $223, % Buckeye Valley Local School District $311,000 $320, % $312,073 $313, % Canal Winchester City School District $189,000 $200, % $208,759 $221, % Circleville City School District $125,900 $133, % $134,452 $138, % Columbus (Corp.) $156,000 $169, % $172,307 $185, % Columbus City School District $142,000 $154, % $166,368 $178, % Delaware City School District $189,450 $208, % $186,627 $204, % Downtown Columbus (43215) $270,000 $305, % $355,167 $368, % Dublin (Corp.) $375,000 $393, % $382,568 $408, % Dublin City School District $310,777 $325, % $332,537 $357, % Gahanna (Corp.) $210,000 $238, % $231,449 $256, % Gahanna Jefferson City School District $232,500 $246, % $259,880 $275, % German Village (43206 & German Village Subdivision) $380,125 $385, % $445,026 $482, % Current as of January 12, All data from Columbus REALTORS Multiple Listing Service (MLS). Report 2019 ShowingTime. 10

11 Area Historical Prices Median Sales Price Average Sales Price COMMUNITIES / SCHOOL DISTRICTS Continued Percentage Change Percentage Change Grandview Heights (Corp.) $330,000 $366, % $341,767 $383, % Granville Exempted Village School District $325,000 $353, % $370,954 $396, % Grove City (Corp.) $208,500 $224, % $213,710 $229, % Groveport Madison Local School District $127,700 $136, % $129,514 $139, % Hamilton Local School District $130,000 $141, % $123,875 $130, % Hilliard (Corp.) $256,000 $268, % $261,457 $275, % Hilliard City School District $212,000 $232, % $235,411 $251, % Jefferson Local School District (West Jefferson) $138,000 $143, % $169,949 $182, % Johnstown-Monroe Local School District $229,900 $250, % $236,407 $259, % Jonathan Alder Local School District (Plain City) $259,900 $269, % $263,092 $282, % Lancaster City School District $127,500 $128, % $136,926 $141, % Lithopolis (Corp.) $234,900 $242, % $233,773 $231, % London City School District $145,000 $159, % $160,261 $175, % Marysville Exempted Village School District $203,500 $215, % $215,004 $227, % Miami Trace Local School District $121,700 $135, % $138,470 $147, % Minerva Park (Corp.) $222,000 $240, % $227,372 $232, % New Albany (Corp.) $570,000 $531, % $618,476 $618, % New Albany Plain Local School District $403,000 $410, % $484,180 $500, % Newark City School District $110,000 $114, % $122,437 $123, % Northridge Local School District $225,000 $242, % $260,379 $258, % Obetz (Corp.) $144,000 $157, % $144,827 $161, % Olentangy Local School District $332,475 $353, % $361,173 $383, % Pataskala (Corp.) $195,000 $212, % $201,014 $213, % Pickerington (Corp.) $221,000 $239, % $223,907 $238, % Pickerington Local School District $222,250 $242, % $238,654 $254, % Powell (Corp.) $359,450 $385, % $376,998 $401, % Reynoldsburg City School District $162,500 $173, % $167,799 $179, % Short North Area (43201) $329,450 $309, % $323,464 $318, % South-Western City School District (Grove City) $155,000 $169, % $167,585 $184, % Sunbury (Corp.) $235,000 $260, % $221,435 $251, % Teays Valley Local School District $180,500 $197, % $198,985 $214, % Upper Arlington City School District $375,000 $391, % $429,876 $446, % Valleyview (Corp.) $106,000 $104, % $112,167 $103, % Washington Court House City School District $92,000 $102, % $105,304 $111, % Westerville (Corp.) $253,750 $262, % $250,701 $267, % Westerville City School District $215,500 $237, % $237,330 $253, % Whitehall (Corp.) $85,000 $97, % $89,511 $100, % Worthington (Corp.) $290,000 $294, % $319,916 $321, % Worthington City School District $235,000 $250, % $256,374 $264, % Current as of January 12, All data from Columbus REALTORS Multiple Listing Service (MLS). Report 2019 ShowingTime. 11