The Clintonville / Beechwold area is looking good!  Yes there are 8.1 month supply of housing available so it is still a buyers market (varies by price range too... I can break this out via price range... I just do the whole area for my blog....) Clintonville is doing good in comparison to other Central Ohio markets. It is all relative.  The area statistics that I pulled to do this report is mainly Clintonville / Beechwold but there are other areas.  Geographically the MLS (multiple listing service, a member to member service for real estate agents)  area is east of the Olentangy River, west of I-71, north of campus... and south of Worthington. Thus it includes, the Graceland area, Salem Village, the Chaseland area,  Chaseland Manor and a couple of other small neighborhoods in addition to the Clintonville / Beechwold neighborhood. 

There are only 250 homes on the market vs. 256 in January 2006.  Average sold price is virtually the same as a year ago.. $200,000 vs. $204,000...  

Comparing this to other Central Ohio neighborhoods the  Clintonville neighborhood is doing well.

Days on market is up 11 days from a year ago (second row from the bottom.)

The graph above (and the table below) reflect the  Columbus Board of REALTORS®  Multiple Listing Service statistics for the Clintonville area.  The sales represented are residential properties (single family and condominium) but there are not a lot of condos in the Clintonville area.   I wish Trendgraphix would not lump condos and single family together... but they do...  Trendgraphix reports are only available from HER Real Living in Central Ohio.

Copyright 2007 Discover Columbus and Maureen McCabe

I've done blog entries before about whether Worthington, Clintonville and Upper Arlington neighborhoods  etc. are "unzillowable" and about communities being  "Zillowed."   

Maybe Zillow just needs some warning labels about what Zillow is and what Zillow isn't. 

"Don't try this at home!" ? 

NOT blue book value.... 

Zillow does have  " Zestimate: A Zestimate home valuation is Zillow's estimated market value. It is not an appraisal. Use it as a starting point to determine a home's value."

The neighborhoods I've Zillowed in the past are just the tip of the iceberg in Central Ohio's diverse neighborhoods and communities.  The complaint yesterday from the NCRC to the FTC made me wonder how many less afluent areas of Central Ohio are valued by Zillow. 

The National Community Reinvestment Coalition's   Mission:   

"NCRC’s mission is to increase fair & equal access to credit, capital, and banking services/products because discrimination is illegal, unjust, and detrimental to the economic growth and well-being of our society. NCRC seeks to support and provide long-term solutions which include providing tools to building community and individual net worth."

 "Zestimate $xxx,xxx  (What's this?):

Zestimate
A Zestimate home valuation is Zillow's estimated market value. It is not an appraisal. Use it as a starting point to determine a home's value

The Value Range is the high and low estimated market value for which Zillow values a home. The more information, the smaller the range, and the more accurate the Zestimate."

Some info from October 2006 sales the first value after Zillow is the "Zestimate"  obviously followed by the Value Range....looks like the  Value Range is broad in most cases and every home in this random sample fell in the value range.  I did not include HUD sales, Bank sales, Fannie Mae sales etc. but that is the only thing I ruled out as I randomly pulled some sales.   

Maybe some of us have been too literal about the Zestimate all along.  Maybe all of the price ranges are broad and really don't tell consumers much of anything about the relative value of their property.  Is Zillow just a fun place on the world wide web to pick up some consumers with inquiring minds about property values?  Or is it the Blue Book of real estate value?   

Market value below is the auditor's value on the property:

Forest Park

MLS -  Forest Park  3  Bedroom 2/0 bath   1 STORY  1 CAR  List $119,900 Sale $111,000

Market Total Value   136,000 

Zillow -  $124,257  (Value Range: $106,861 - $154,079)

MLS -  Forest Park West  3 Bedroom  2/0 bath SPLIT - 4 LEVEL  2 CAR  List $125,900 Sale $127,000

Market Total Value   140,000 

Zillow -  $129,173  (Value Range: $111,089 - $160,175 )

MLS -   Forest Park  5 Bedroom  3/1 bath 2 STORY  2 CAR List $166,400 Sale $164,800

Market Total Value   163,500 

Zillow -  $167,988  (Value Range: $144,470 - $208,305)

Galloway Ridge

MLS -  Galloway Ridge  3 Bedroom  2/0 Bath  2 STORY  2 CAR  List $139,500 Sale $140,000

 Market Total Value   130,900 

Zillow  Can't find the house

 
Merion Village

MLS -   MERION VILLAGE  3 Bedroom  1/0 Bath  CAPE COD  1 CAR List  $147,000  Sale $141,500

Market Total Value   109,600 

Zillow $114,613 (ooops missed the range.. sorry)

MLS -  Merion Village  1 Bedroom  1/0 Bath CAPE COD  ON STREET  List  $74,200 Sale $75,900  

Market Total Value   69,300 

Zillow -  $67,062  ( Value Range: $57,673 - $83,157)

Walnut Creek

MLS -   Walnut Creek  3 Bedroom  2/0 Bath   SPLIT - 3 LEVEL   2 CAR  List  $133,900 Sale  $135,900

Market Total Value   114,100 

Zillow -  $122,267 ( Value Range: $105,150 - $151,611)

 
Kenmore Park

MLS -   Kenmore Park  3 Bedroom  1/1 Bath  1 STORY  OFF STREET  List $112,900  Sale $112,900

Market Total Value   114,100 

Zillow  117,018  (Value Range: $100,635 - $145,102 )

N. Linden

North Linden  2  Bedroom 1/1 Bath  2 STORY  OFF STREET  List $68,999 Sale$58,000

Market Total Value   54,700 

Zillow  ZESTIMATE™: $65,237 (Value Range: $56,104 - $80, 000)

Northridge Manor

Northridge Manor  3 Bedroom   1/1 Bath  1 STORY  2 CAR  List  $107,000 Sale $99,000

Market Total Value   96,700

Zillow $98,104 (Value Range: $84,369 - $121,649)

I wanted a house in Galloway Ridge since that neighborhood  was in the Dispatch often earlier this year... regarding value issues.  A question at a Columbus Board of REALTORS® function to the Franklin County Auditor about the tax appraisals in one of other the neighborhoods above made me look at that neighborhood.  

Are Worthington home prices falling?  Average price per square foot in the City of Worthington was $142 in June and July and fell to $118 in August.  Are Worthington home prices falling?  

Colonial Hills

Months of Inventory based on Closed Sales
6/05	7/05	8/05	9/05	10/05	11/05	12/05	1/06	2/06	3/06	4/06	5/06	6/06	7/06	8/06
4.1	3.4	3.3	4.6	4.4	6.6	14.4	3.8	8.7	11.0	7.1	7.1	3.8	6.0	7.4

Months of Inventory Based on Pended Sales
6/05	7/05	8/05	9/05	10/05	11/05	12/05	1/06	2/06	3/06	4/06	5/06	6/06	7/06	8/06
3.8	3.6	4.2	4.3	5.4	7.2	8.0	6.6	5.6	5.5	7.1	4.8	5.0	7.5	11.8

The lower price per square foot in Worthington in August probably has more to do with what neighborhoods homes are selling in than prices falling, although homes sold for 96% of list price . 

Colonial Hills -

Average 150 days on market,    Average SF  1,339 Average List Price $187,800,  Average Sold Price $183,000  
Number of Properties: 3                 Average SalePrice / SqFt = $ 136.67 

Worthington Estates - both sides of High Street

Average 44d days on market ,  Average SF 1,958 Average List Price $238,166 Average Sold Price $235,650  
Number of Properties: 6                 Average SalePrice / SqFt = $ 120.35 

Worthingway - no sales

Old Worthington - 1 sale

Olentanngy Hills - no sales

Rush Creek - no sales

Davis Estates - 2 sales 

Worthington Park - 2 sales

Other City of Worthington neighborhoods where homes  sold in August included lPerry Higlands, Worthington West, Hickory Grove, Strathaven, Village 17 Condos. 

There are neighborhoods with inventory in Worthington where a smart buyer can get a good deal now. Work with a good agent who can identify the areas where there are some good deals in the Worthington area! Me?

Average price per square foot active Worthington listings

Colonial Hills $147.93

Worthington Estates (both sides) $120.51

Worthingway - $147.67

Olentangy Hills -$119.65 but there is a home priced under $96.00 per square foot! Sale prices in June and July 2006 were $125.88 per square foot....    

Wilson Hills - $114.96

The smallest house in an area is going to sell for more per square foot than the largest in most cases.   The main things that add value to a home are the location, the kitchen and  baths.  If every home in a neighborhood is 4 bedroom, 2 1/2 baths each one has one kitchen, and the same 2 1/2 baths...  an 1800 square foot home in the neighborhood is probably going to have a higher price per square foot than a 2500 square foot home in the area.  One sure way to over price a home is to price the largest home in the area based on the  price per square foot of the neighborhood, in most cases....   Improvements like Granite counters, gleaming hardwood floors and spectacular lots can mess this price per square foot thing up though...

c. 2006 Columbus Best Blog 

Manhattan Loft Guy Sandy Mattingly shared:   “What You Can Get for $750,000 in …”  a slide show including a residence in Columbus Ohio's...German Village... from the New York Times on the web. Also homes for the same amount of money in  Boston, Santa Fe, San Francisco, Boise, Nashville, Honolulu and more...

What else can you get for $750,000 in Central Ohio? There are 39 other Central Ohio propeties priced between $748,000 and $750,000 in neighborhoods including Wedgewood Park, Wedgewood, Wedgewood Glen, Wedgewood Hills, Ballantrae, Fenway in New Albany, Tidewater at New Albany, Highland Lakes. Woodland Glen, Loch Lomand, Tartan Fields, Colts Neck, Willowcreek, Chanticleer, Creekwood Estates,  Summerwood, Victorian Village, Bexley, a house on E. Cooke Rd. and some rural properties with acreage..........

c. 2006 Columbus Best Blog and Maureen McCabe