OK, here’s the last report to be updated with year-end data - I think!
This report shows the 5-Year Average Home Price comparison by central Ohio school district. It should be the final “nail-in-the-coffin” that shows that central Ohio DOES NOT have severe falling prices like California and Florida. (click on the thumbnail to view full size)
Our growth has been quite conservative over the years. There was some minor decline in 2007, caused by all the media hype and higher than normal inventories. Builders have cut back the number of specs and we’re getting some of the resale inventory sold, so things are improving.
We’re probably not out of the woods yet, but as I noted in yesterday’s post, the market is looking like it might improve a little over last year. For the economy’s sake nationwide, let’s hope so.
The percent change of the 2007 average home price versus the 2003 average home price for each of the school districts, is as follows:
-
Buckeye Valley +23%
-
Upper Arlington +22%
- Olentangy (Powell area) +19%
-
Worthington +17%
-
Dublin +14%
-
Olentangy (Lewis Center area) +12%
-
New Albany +10%
-
Marysville +8%
-
Gahanna +7%
-
Hilliard +7%
-
Delaware +5%
-
Westerville +4%
-
Big Walnut (2%)
One thing to keep in mind is that these are the average SALE PRICES for the school district. It does not represent the price increase a given home might experience. It only represents the prices that buyers are paying for a home in that district.
Regarding Buckeye Valley, most likely the increase reflects the new development that is occurring there. The newer homes would be more upscale than the older rural homes that are prevalent in the district. Big Walnut’s data is apt to also be skewed as to whether a new development was selling heavily during one of the years.
Copyright © 2008. Reproduction of any portion of this blog post or the images is prohibited by the Digital Millennium Copyright Act. If this post is being viewed on any site other than www.ReesesPiecesOfRealEstate.com then the material has been stolen without permission. Violators will be reported.
Elaine Reese
614-825-8860Real Living HER
0 responses so far ↓
There are no comments yet...Kick things off by filling out the form below.