Nationwide Realty Investors, Inc. Moving Forward
Grandview Heights and Columbus real estate should enjoy continued stabilizing and a steady upward trend. This can be attributed to signs that the powers that be at companies like Nationwide Realty Investors, Inc. continue to develop and move forward.
The company recently filed plans for a 78,000 sq. ft. office building, with a convenient 505 space parking garage for the next phase of popular Grandview Yard. In fact, this well-known Columbus Developer has filed applications for a total of three major projects in the area, and will attend a planning commission meeting with Grandview, December 2013. Additionally, The Grandview Heights Planning Commission also will consider final development plans for the Hofbrauhaus restaurant.
Nationwide Realty Investors, Inc. also revealed their plans for a 28,000 sq. ft. ground-level offices topped by 120 apartments on three stories. That project is in the Grandview side of the mixed-use redevelopment while Giant Eagle is also building a 101,000-square-foot grocery store north of West Third Avenue in the city of Columbus.
Columbus Ohio Real Estate; Market Health
Central Ohio home sales are on track to be the second highest year ever, despite the decrease in inventory according to the Columbus Realtors Multiple Listing System (MLS). So far, there have been 23,292 homes and condos sold this year between January 1 and October 31. The current record for the first ten months of the year is 23,540 back in 2005. The 2,032 homes and condos sold in October fell 2.1 percent from the previous year (2,075).
"Sales dipped last month, not because we don't have the demand, but because we don't have the inventory," said Chris Pedon, 2013 president of Columbus Realtors. "We've been publishing the lack of inventory for the last several months. We have buyers. But we need more houses and condos to show them."
The number of residential homes on the market has dropped to just under 10,300, 1.4 percent less than a year ago and the lowest level of inventory at this time of year since 2002. Inventory has averaged almost 14,900 for the last five years, but has been dropping steadily over the last couple years. As a result, home prices are rising. The average price of a home sold in central Ohio last month was $171,355, up 5.5 percent in the last year. Year to date prices (January through October) are averaging $174,589, 3.8 percent above the same period in 2012.
According to the latest Housing Market Confidence Index (by the Ohio Association of Realtors), 89 percent of central Ohio Realtors describe the current housing market as moderate to strong, but 95 percent expect the housing market to be moderate to strong over the next six months. As for home prices, 79 percent expect home prices to rise over the next year.