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Columbus home prices “largest drop of any city measured except Detroit”

by Maureen McCabe on August 7, 2011

Central Ohio home prices, not just city of Columbus home prices, a Columbus Dispatch column, ‘On the House’ written by Jim Weiker says:

“A study of home prices released this week concludes that central Ohio prices dropped 21.6 percent over the last year – the largest drop of any city measured except Detroit.”

Emphasis added….  That 21.6 drop is according to Clear Capital.    Larger than Cleveland?  Larger than California cities?  Florida cities?  Las Vegas?  Really?

According to the same Columbus Dispatch column:

  • The Columbus Board of REALTORS says prices dropped 5.9%
  • Federal Home Price Index says prices dropped 2.24%
  • Zillow “10.7 percent drop”

Confused about Columbus home prices?

Who do you think has the correct information on home prices in Columbus?

Columbus Board of REALTORS would be homes listed through the CBR mls (multiple listing service.)  Zillow includes homes not included in the Columbus Board of REALTORS mls.  Apples and oranges? More importantly Zillow estimates the value of all properties, unless Zillow did something different than usual, Zillow is not a measure of the prices of homes sold.

On the right side of ColumbusBestBlog.com  (this site) there are links to three real estate blogs if you ever need to know how things look closer to home.  I am no economist… what I see doesn’t even always jibe with the official word from the Columbus Board of REALTORS.

Columbus Ohio real estate -  including detailed information on Dublin, Worthington and Westerville as well as southern Delaware communities and the north side of Columbus.

S. Delaware County Ohio real estate -  Big Walnut schools, Buckeye Valley schools and Olentangy schools as well as Lewis Center, Powell and city of Columbus neighborhoods in the Polaris area.

Worthington Ohio real estate – the Worthington City School District

I concentrate on Columbus  home prices… quarterly. Actually it is home prices in selected communities in Central Ohio every three months.  I believe I did home prices in May 2011 (the data came out in June 2011) I am just comparing Columbus home prices this year to Columbus home prices last year in most cases, on a monthly basis.  August home prices market reports should be out in September.  Average active and sale price and median sale price is in the market reports each month even when I am looking at Columbus homes for sale (inventory) and Columbus home sales.   There is a pattern.

 

 

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{ 3 comments }

1 ArtHotes August 12, 2011 at 04:10 pm

Northeastern Ohio has had drops too! Our median home price sold this year is now just under $160k! Yuck!

2 MaureenMcCabe August 12, 2011 at 08:13 pm

I have a hard time believing NE Ohio is not greater price drop than Columbus! Not that I pay that close attention NE Ohio…

3 ArtHotes August 12, 2011 at 08:20 pm

@MaureenMcCabe Lorain County – down 15%

Medina County – down 3%

Cuyahoga County – down 8%

Summit County – down 12%

You got us beat… Either way, I’m not happy about it! :-)

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