Feb. 14, 2008 - Columbus on Zillow's Zindex

Tuesday I listened to a conference call about 4th Quarter Home Values from Zillow.  Dr. Stan Humphries (Humphries is ”Zillow’s chief Zestimator” according to a post about the conference call on ActiveRain.  The press release refers to Humphries as “Zillow vice president of data and analytics.”)  Humphries ran through a lot of numbers and a lot of slides on the Zillow site…

A Zestimate is a homes value.  Those Zestimates make up a Zindex.

Zillow 4th Quarter Report

“Home Values Continued Decline in Fourth Quarter, Leaving Approximately One in Three New Homeowners With Negative Equity”

If you look at the national map…(on the Zillow site in the report) there are diamonds in various colors  to represent the increase and decrease in value by market (MSA.) The red color is the highest appreciation in value and the darkest blue is the most depreciation in value of homes in the market.

On the national map, Central Ohio (Columbus) is a yellow diamond meaning the value is even, unchanged. A number California and Florida communities have values that have declined, lots of blue, deep, deep blue in California and Florida.  Nationally there are not a lot of red area,  Junction City Colorado, a market in western New York state, a market in Oklahoma. 

Zoom in closer to home in Ohio and you can see Central Ohio cities, Delaware, Dublin, Gahanna, Galena, Powell, Sunbury, Upper Arlington, Westerville, Worthington…

The diamonds are red (good, value up) to Navy (bad value down) on the map. I have tried to replicate that in the list below... my apologies that it makes it hard to read in the yellow range... 

The Red of this spectrum Home Values are Up 9%+   Hot?

Powell + 11.6%
Sunbury + 9.7%

A Reddish Orange ....Tangerine Home Values are Up 4% to 8%

Galena +4.3%
Delaware +5.5%
Westerville +4.9%

The Color of OJ or Squash.... Home Values are Up 1% to 3%

Grove City + 2.3%

Yellow Home Values are Unchanged 

Upper Arlington +.1
Worthington -.2
Gahanna -.8

If you can't read the yellow... Home Values are Unchanged.  Homes in the market are virtually unchanged.

Chartreuse Home Values are Down 1% to 2 %

Columbus -1.2%
Dublin - 1.7 %

Green Home Values are Down 5%-6%

New Albany -4.1%

Aqua Home Values are Down 7 to 9%

No Central Ohio
Turquoise* Home Values are Down 7% to 9%

Reynoldsburg - 7.1%

Blue Home Values are Down 10% to 12%

No Central Ohio

Bluer Home Values are Down 13% to 16%

No Central Ohio

Bluer than Blue Home Values are Down 16-19%

No Central Ohio

The Deepest Darkest Navy Blue - Home Values are Down 20% +

No Central Ohio

If you can't read the yellow... Home Values are Unchanged. 

Zillow's Zindex is the value of all homes in a market... not just those that have sold. 

Maureen McCabe Real Living HER Worthington

I'd love to hear from you if you have a comment on the topic of home values in our market or elsewhere. All comments are moderated so you will not see your comment immediately. Thanks. Copyright 2008 Discover Columbus and Maureen McCabe