What happened to the Columbus Ohio Condo Market
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Learn more about Columbus - Columbus is the capital and the largest city of the U.S. state of Ohio. Located near the geographic center of the state, Columbus is the county seat of Franklin County, although parts of the city also extend into Delaware and Fairfield counties.
History of Columbus
Columbus, Ohio ha sa rich and diverse historical background, from Native American Mounds to the revitalized Downtown.
City-Data.com: Statistics on Columbus, Ohio
Population (year 2000): 711,470. Estimated population in July 2006: 733,203 (+3.1% change), Males: 345,878 (48.6%), Females: 365,592 (51.4%)
Franklin County median resident age: 30.6 years, Ohio median age: 36.2 years
What happened to the Columbus Ohio Condo Market
I get this question all the time! As a local realtor it is my job to be up to date onColumbus Ohiocondos for sale. My clients who have condos listed are very frustrated and I need to look to the numbers sold in the last year for the answers. According to my calculations, there were just over 2500 condos sold in the last twelve months in the Columbus metro area per the local MLS. Determining how to break the number down further provides a challenge. It is difficult to look at specific locations such as Powell or Dublin. To look at condos for sale in these areas would not provide the snapshot needed. This leads me to look at condos sold by zip codes in the Columbus area. And oh the enlightenment starts! Condos for sale in the Columbus area are on the increase…duh! The reason we notice more and more signs is that we are not burning through the condos for sale in the area. They are sitting on the market longer and then the inevitable price reductions start to happen when people have to sell for job transfers etc. Condos are sometimes a more short term living environment for many people. On our team, we find that people live in condos for a period of five years or less and then move on to a home or another location. This is one of the reasons the condo market has taken such a big hit in Columbus in my opinion. Another reason is the builders went crazy about four years ago and built thousands of condos locally. Yes, thousands, you heard me. When a city only sells between two thousand and three thousand condos annually, adding thousands is just crazy. Okay, I got off on a tangent there didn’t I? I promised numbers and I will get to them now..these numbers make sense to me, I hope I can articulate them well. In the last twelve months, there were 2500 condos sold in the Columbus metro area. In the twelve months prior to that, 3300 were sold.. That is a pretty big difference, about a 25% difference. Think what that does to the market. It justs slams the pricing capability. I already discussed how condo living is a more transient lifestyle for a lot of people. So, you get people who want or need to move. You have an oversupply and bingo…prices head south, way south.. Okay back to the numbers…Locally, the area hit the hardest was downtown Columbus. With 249 condos sold between June 2007 and June 2008, and only 101 sold between the same period in 2008 and 2009. What is good is the average square foot price did not drop significantly. That was the only encouraging point here. I was shocked at the 2nd largest drop. It is the Dublin zip codes of 43016 and 43017. There were 355 condos sold same period 2007-2008, but only 206 same period 2008-2009. When I dug deeper, I found the reason. Lifestyle built a huge complex and there were other new builds as well as a condo conversion in that zip code. There are some areas which are holding in very well. Mainly these areas were not inundated with new construction. Grandview for one is doing the best and Worthington has held up well down only 10%. This snapshot gives a clear indication of why we are where we are with condos for sale in Columbus. There is just too much supply. Currently there are approximately 3000 condos for sale inColumbus Ohio. That is a year’s supply and condos are not moving. Last year until this date, over 1090 condos had sold in our area, this year there have been less than 800. That is 30% less. The market is not improving, it is actually getting worse. While the housing market seems to be stabilizing, I don’t see the same for the condo market. That is just my opinion, but I live in a condo and there are eight for sale on my street. As an owner, that concerns me; as a realtor, I need to figure out how to sell the condos I have listed for clients.….now what happens…I will address that in my next article….stay tuned for my next article on condo financing, another negative for this market!
As always, call me if you would like specific information on any condo complex. 614-425-7676…or email me at Charlene@thegoldkeyexperts.com
This article is an opinion of the realtor. The statistics were compiled to the best of this realtor’s ability via the local MLS and the results are not warranted. Information outside of the MLS was not used. That could have an impact on the numbers as well.
What happened to the Columbus Ohio Condo Market
I get this question all the time! As a local realtor it is my job to be up to date onColumbus Ohio condos for sale. My clients who have condos listed are very frustrated and I need to look to the numbers sold in the last year for the answers. According to my calculations, there were just over 2500 condos sold in the last twelve months in the Columbus metro area per the local MLS. Determining how to break the number down further provides a challenge. It is difficult to look at specific locations such as Powell or Dublin . To look at condos for sale in these areas would not provide the snapshot needed. This leads me to look at condos sold by zip codes in the Columbus area. And oh the enlightenment starts! Condos for sale in the Columbus area are on the increase…duh! The reason we notice more and more signs is that we are not burning through the condos for sale in the area. They are sitting on the market longer and then the inevitable price reductions start to happen when people have to sell for job transfers etc. Condos are sometimes a more short term living environment for many people. On our team, we find that people live in condos for a period of five years or less and then move on to a home or another location. This is one of the reasons the condo market has taken such a big hit in Columbus in my opinion. Another reason is the builders went crazy about four years ago and built thousands of condos locally. Yes, thousands, you heard me. When a city only sells between two thousand and three thousand condos annually, adding thousands is just crazy. Okay, I got off on a tangent there didn’t I? I promised numbers and I will get to them now..these numbers make sense to me, I hope I can articulate them well. In the last twelve months, there were 2500 condos sold in the Columbus metro area. In the twelve months prior to that, 3300 were sold.. That is a pretty big difference, about a 25% difference. Think what that does to the market. It justs slams the pricing capability. I already discussed how condo living is a more transient lifestyle for a lot of people. So, you get people who want or need to move. You have an oversupply and bingo…prices head south, way south.. Okay back to the numbers…Locally, the area hit the hardest was downtown Columbus . With 249 condos sold between June 2007 and June 2008, and only 101 sold between the same period in 2008 and 2009. What is good is the average square foot price did not drop significantly. That was the only encouraging point here. I was shocked at the 2nd largest drop. It is the Dublin zip codes of 43016 and 43017. There were 355 condos sold same period 2007-2008, but only 206 same period 2008-2009. When I dug deeper, I found the reason. Lifestyle built a huge complex and there were other new builds as well as a condo conversion in that zip code. There are some areas which are holding in very well. Mainly these areas were not inundated with new construction. Grandview for one is doing the best and Worthington has held up well down only 10%. This snapshot gives a clear indication of why we are where we are with condos for sale in Columbus . There is just too much supply. Currently there are approximately 3000 condos for sale inColumbus Ohio . That is a year’s supply and condos are not moving. Last year until this date, over 1090 condos had sold in our area, this year there have been less than 800. That is 30% less. The market is not improving, it is actually getting worse. While the housing market seems to be stabilizing, I don’t see the same for the condo market. That is just my opinion, but I live in a condo and there are eight for sale on my street. As an owner, that concerns me; as a realtor, I need to figure out how to sell the condos I have listed for clients.….now what happens…I will address that in my next article….stay tuned for my next article on condo financing, another negative for this market!
As always, call me if you would like specific information on any condo complex. 614-425-7676…or email me at Charlene@thegoldkeyexperts.com
This article is an opinion of the realtor. The statistics were compiled to the best of this realtor’s ability via the local MLS and the results are not warranted. Information outside of the MLS was not used. That could have an impact on the numbers as well.
What Happened to the Condo Market
There are multiple influences affecting today's condo market. The following article addresses multiple influences on today's condo market and explains their potential effects.
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