Clintonville - “beware of sliding home prices?
Sunday’s Columbus Dispatch article entitled “Housing market seen as stable” is subtitled “Central Ohio’s history makes huge price drop unlikely, analysts say” said:
“Even so, all neighborhoods are not equal. Some pockets of central Ohio, such as Clintonville, Upper Arlington and Powell, saw swift price increases during the earlier part of this decade and have since watched prices slide.”
Clintonville average sale price residential properties* since the beginning of the decade:
2007 $195,357 (YTD)
2006 $191,072
2005 $187,999
2004 $177,027
2003 $172,218
2002 $162,067
2001 $150,712
2000 $145,399
Slide as in decrease? Slide as in they are no longer increasing as they once were? Does that equate to “What goes up must come down?” YTD sales show that is not happening.
I can’t tell from the way the article is written if the paragraph is from an OSU economics and expert who is quoted or if the reporter is saying the prices in Clintonville (and UA and Powell) are sliding.
I think sliding prices would mean a slanting line on the graph… like the side of a triangle. I looked and found stats for a few areas that the graphs looked kinda like something you’d find on a playground but more swings though than slides.
Click on the graph below to make it larger. It matches the stats in the table. The graph is sales price vs. list price.
| Date | 6/06 | 7/06 | 8/06 | 9/06 | 10/06 | 11/06 | 12/06 | 1/07 | 2/07 | 3/07 | 4/07 | 5/07 | 6/07 |
| For Sale | 374 | 374 | 355 | 332 | 321 | 289 | 233 | 250 | 264 | 303 | 350 | 353 | 335 |
| Sold | 75 | 70 | 80 | 52 | 36 | 43 | 40 | 31 | 26 | 34 | 47 | 58 | 69 |
| Pended | 69 | 81 | 68 | 39 | 39 | 41 | 30 | 35 | 32 | 40 | 56 | 72 | 52 |
| Months of Inventory based on Closed Sales | 5.0 | 5.3 | 4.4 | 6.4 | 8.9 | 6.7 | 5.8 | 8.1 | 10.2 | 8.9 | 7.4 | 6.1 | 4.9 |
| Months of Inventory based on Pended Sales | 5.4 | 4.6 | 5.2 | 8.5 | 8.2 | 7.0 | 7.8 | 7.1 | 8.3 | 7.6 | 6.3 | 4.9 | 6.4 |
| Avg. Active Price | 203 | 201 | 208 | 207 | 207 | 204 | 203 | 204 | 203 | 205 | 212 | 210 | 205 |
| Avg. Sld Price | 188 | 187 | 187 | 194 | 187 | 180 | 200 | 200 | 229 | 178 | 182 | 202 | 217 |
| Avg. Sq. Ft. Price | 131 | 138 | 144 | 136 | 140 | 128 | 139 | 134 | 145 | 131 | 134 | 133 | 137 |
| Sold/List Diff. % | 97 | 98 | 97 | 97 | 97 | 96 | 96 | 96 | 96 | 98 | 97 | 98 | 97 |
| Days on Market | 71 | 73 | 77 | 78 | 105 | 108 | 138 | 122 | 130 | 135 | 87 | 79 | 89 |
| Median Price | 183 | 186 | 174 | 161 | 176 | 156 | 178 | 190 | 202 | 167 | 177 | 190 | 206 |
The Clintonville home prices look kind of stable to me… almost kinda stagnant … in the way Central Ohio prices have usually been…
What are prices doing in Upper Arlington and Powell? Stay tuned!
These numbers are old news… another two weeks and July stats and graphs can be created. It’s OK though I had the PMI study that shows Central Ohio is considered low risk for falling prices on my blog in the end of June. Central Ohio is not just a low risk area… Columbus is on the list of the top 10 lowest risk markets in the US.
The green graph above shows inventory vs. sold and pended properties. There is less than 6 months supply of homes for the first time in a long time. It’s a normal market in Clintonville… not a buyers market (by a hair.) It could swing back. The graphs represent single family and condominium sales (residential properties*) in the multiple listing area that contains the Clintonville and Beechwold areas and a few miscellaneous neighborhoods. The sales by year above include single family and condominium (redidential properties*) as well for the same geographic area.