SALES PRICE TRENDS
COLUMBIA, MARYLAND RESIDENTIAL and NON-RESIDENTIAL SALES 2000-2010
April 2013
COLUMBIA, MARYLAND RESIDENTIAL and NON-RESIDENTIAL SALES PRICE TRENDS: 2000 - 2010
Acknowledgments Phillip L. Nelson, Columbia Association President/CEO Columbia Association Project Team Jane Dembner, Director, Community Building and Sustainability Bureau Scott Templin, Assistant Community Planner Consultant Chesapeake Group Inc.; Howard Kohn, President Responsible for analysis and report development
COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL and NON-RESIDENTIAL SALES PRICE TRENDS: 2000 - 2010
Contents EXECUTIVE SUMMARY ................................................................... 1 INTRODUCTION ............................................................................... 6 STUDY METHODOLOGY ................................................................. 8 RESIDENTIAL SALES TRENDS ..................................................... 11 RESIDENTIAL SALES PRICES TRENDS – COMPOSITE ............. 53 NON-RESIDENTIAL VALUE TRENDS ........................................... 59 CONCLUSION ................................................................................ 65
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COLUMBIA, MARYLAND RESIDENTIAL and NON-RESIDENTIAL SALES PRICE TRENDS: 2000 - 2010
Tables Table 1 – Columbia and Howard County, Average Residential Sales Price per Year, 2000 through 2010 ..................................... 11 Table 2 – Columbia and Howard County, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 ... 12 Table 3 – Dorsey Search, Average Residential Sales Price per Year, 2000 through 2010 ............................................................. 13 Table 4 – Dorsey Search, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 ........................... 14 Table 5 – Harper’s Choice, Average Residential Sales Price per Year, 2000 through 2010 ........................................................... 17 Table 6 – Harper’s Choice, Change in Average Residential Sale Price from Previous Year, 2000 through 2010 ........................... 18 Table 7 – Hickory Ridge, Average Residential Sales Price per Year, 2000 through 2010 .............................................................. 21 Table 8 – Hickory Ridge, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 ............................ 22 Table 9 – Kings Contrivance, Average Residential Sales Price per Year, 2000 through 2010 ........................................................ 25 Table 10 – Kings Contrivance, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 .................... 26 Table 11 – Long Reach, Average Residential Sales Price per Year, 2000 through 2010................................................................ 29 Table 12 – Long Reach, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 .............................. 30 Table 13 – Oakland Mills, Average Residential Sales Price per Year, 2000 through 2010 ............................................................. 33 Table 14 – Oakland Mills, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 ........................... 34 Table 15 – Owen Brown, Average Residential Sales Price per Year, 2000 through 2010............................................................... 37 Table 16 – Owen Brown, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 ............................. 38 Table 17 – River Hill, Average Residential Sales Price per Year, 2000 through 2010 ..................................................................... 41 Table 18 – River Hill, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 ................................... 42
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COLUMBIA, MARYLAND RESIDENTIAL and NON-RESIDENTIAL SALES PRICE TRENDS: 2000 - 2010
Table 19 – Town Center, Average Residential Sales Price per Year, 2000 through 2010 ............................................................... 45 Table 20 – Town Center, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 ............................. 46 Table 21 – Wilde Lake, Average Residential Sales Price per Year, 2000 through 2010 ................................................................. 49 Table 22 – Wilde Lake, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 ............................... 50 Table 23 – Village Comparison, Average Residential Sales Price per Year, 2000 through 2010 .................................................... 53 Table 24 – Village Comparison, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 .................. 55 Table 25 – Village Comparison, Residential Number of Sales per Year, 2000 through 2010 .......................................................... 57 Table 26 – Village Comparison, Non-Residential Number of Sales per Year, 2000 through 2010 .................................................. 59 Table 27 – Village Comparison, Non-Residential Average Price per Square Foot of Building Area, 2000 through 2010 ............... 61 Table 28 – Village Comparison, Non-Residential: Annual Change in Average Price per Square Foot, 2000 through 2010 ........... 62 Table 29 – Village Comparison, Sales Volume for Non-residential Property per Year, 2000 through 2010 .................................... 63
Figures Figure 1 – Dorsey Search, Average Residential Sales Price for Residential Units per Year, 2000 through 2010 ........................... 15 Figure 2 – Dorsey Search, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 .......................... 16 Figure 3 – Harper’s Choice, Average Residential Sales Price per Year, 2000 through 2010 .......................................................... 19 Figure 4 – Harper’s Choice, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 ........................ 20 Figure 5 – Hickory Ridge, Average Sales Prices for Residential Units per Year, 2000 through 2010 ............................................. 23 Figure 6 – Hickory Ridge, Change in Average Sales Prices from Previous Year, 2000 through 2010 ............................................ 24
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COLUMBIA, MARYLAND RESIDENTIAL and NON-RESIDENTIAL SALES PRICE TRENDS: 2000 - 2010
Figure 7 – Kings Contrivance, Average Residential Sales Price per Year, 2000 through 2010 ...................................................... 27 Figure 8 – Kings Contrivance, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 .................... 28 Figure 9 – Long Reach, Average Residential Sales Price for Residential Units per Year, 2000 through 2010 ............................... 31 Figure 10 – Long Reach, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 ............................ 32 Figure 11 – Oakland Mills, Average Residential Sales Price Per Year, 2000 through 2010 ............................................................ 35 Figure 12 – Oakland Mills, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 .......................... 36 Figure 13 – Owen Brown, Average Residential Sales Price per Year, 2000 through 2010 ............................................................. 39 Figure 14 – Owen Brown, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 ........................... 40 Figure 15 – River Hill, Average Residential Sales Price per Year, 2000 through 2010 .................................................................... 43 Figure 16 – River Hill, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 .................................. 44 Figure 17– Town Center, Average Residential Sales Price per Year, 2000 through 2010 ............................................................... 47 Figure 18 – Town Center, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 ............................ 48 Figure 19 – Wilde Lake, Average Residential Sales Price per Year, 2000 through 2010 ................................................................ 51 Figure 20 – Wilde Lake, Change in Average Residential Sales Prices from Previous Year, 2000 through 2010 ............................ 52 Figure 21 – Village Comparison, Average Residential Sales Price Change Per Year, 2000 to 2010 Timeframe ............................ 54 Figure 22 – Village Comparison, Percent Change in Average Residential Sales Price, 2000 through 2010................................... 56 Figure 23 – Village Comparison, Non-Residential Number of Sales per Year, 2000 through 2010 ................................................. 60 Figure 24 – Sales Volume for Non-residential Property per Year, 2000 through 2010 .................................................................... 64
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COLUMBIA, MARYLAND RESIDENTIAL and NON-RESIDENTIAL SALES PRICE TRENDS: 2000 - 2010
Executive Summary Residential sales prices in Columbia’s villages have fared well in the past decade even with the “great recession” of 2008 to 2009. The greatest proportional increases in the average residential sales price for Columbia villages are associated with 2003 through 2006, while, not surprisingly, the largest decline occurred from 2008 to 2009. In general, the percentage increase in average sales prices for the Columbia villages were equivalent or exceeded those for Howard County for the years between 2001 and 2007 and fell less steeply than those in the county in 2008 and 2009.
All villages experienced increases in average residential sales prices. River Hill had the highest average sales price of all Columbia villages in 2000 and maintained that standing for most of the study period.
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COLUMBIA, MARYLAND RESIDENTIAL and NON-RESIDENTIAL SALES PRICE TRENDS: 2000 - 2010
Oakland Mills and Hickory Ridge had the highest percentage increases of any village from 2000 to 2010.
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COLUMBIA, MARYLAND RESIDENTIAL and NON-RESIDENTIAL SALES PRICE TRENDS: 2000 - 2010
The largest villages—Long Reach and Hickory Ridge—had the largest number of sales. All villages combined had more than 11,000 sales.
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COLUMBIA, MARYLAND RESIDENTIAL and NON-RESIDENTIAL SALES PRICE TRENDS: 2000 - 2010
In 2010, Hickory Ridge and River Hill had the highest average residential sale price of all the villages. The average sale price for Howard County (other than Columbia) was only slightly higher.
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COLUMBIA, MARYLAND RESIDENTIAL and NON-RESIDENTIAL SALES PRICE TRENDS: 2000 - 2010
The Columbia Association commissioned research and analysis on residential and non-residential real estate sales in Columbia, Maryland for the period from 2000 to 2010. This report entitled “Sales Price Trends, Columbia, Maryland: Residential and NonResidential Sales, 2000-2010” examines the trends for each of Columbia’s villages and Town Center and compares the villages, Columbia and Howard County. It also includes information on non-residential sales. The average sales prices presented in the report are derived from the calculated square foot price, based on the size of the unit sold. This allows for the comparison of sale prices that also account for the mix of unit types and sizes. The Columbia Association undertook this analysis to better understand Columbia real estate price trends, particularly home price trends, given the significant market changes and redevelopment activity occurring. The report provides important datasets that can be used to better understand Columbia and where further study, follow-up investigation or action might be warranted.
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COLUMBIA, MARYLAND RESIDENTIAL and NON-RESIDENTIAL SALES PRICE TRENDS: 2000 - 2010
Introduction This report documents an analysis of residential and non-residential real estate sales in Columbia, Maryland for the period from 2000 to 2010. The average sales prices presented in this report are derived from the calculated square foot price, based on the size of the unit sold. This allows for the comparison of sale prices that also account for the mix of unit types and sizes. The methodology on page 2 explains how this analysis was completed. The report compares overall Columbia sales to those of Howard County as a whole, then examines the trends for each of Columbia’s villages and Town Center, and then is followed by a composite look at trends for all the villages, Columbia and Howard County. Residential trends are presented first followed by non-residential trends. This research and analysis was undertaken at the request of the Columbia Association to better understand Columbia real estate sales trends, particularly home sales trends, given the significant market changes and redevelopment activity occurring. As with Columbia Association’s recent analysis of Census Bureau data (“Characteristics of Columbia: a Demographic and Socio-economic Profile” http://bit.ly/columbiacharacteristics), this report provides important datasets that can be used to better understand Columbia and where further study, follow-up investigation or action might be warranted. Columbia, as a whole, and the individual villages have fared well in the past decade even with the “great recession” of 2008 to 2009, following national and regional patterns for established communities. The findings in this analysis are significant in the sense that few negative trends are discernible. Sometimes the inability to not find issues or problems is as or more important than the identification of negatives or issues.
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COLUMBIA, MARYLAND RESIDENTIAL and NON-RESIDENTIAL SALES PRICE TRENDS: 2000 - 2010
Study Methodology A series of analysis steps were performed by consultant Chesapeake Group Inc. to create the datasets analyzed in this study of sale prices for the period 2000 through 2010. These included: 1. Obtaining property sales data from the Maryland’s Real Estate Information datasets as compiled by the state’s contractor SpecPrint. 2. Identifying sales of residential units for each calendar year from 2000 through 2010 for Columbia’s Town Center and villages (for Columbia Association assessed properties) and Howard County. 3. Identification within those sales of “arms-length” improved property transactions. This type of transaction is one in which the improved property was exposed for sale in the open market and the transaction involved a non-family member willing seller and willing buyer. 4. Defining the improved property as building area having an “enclosed area.” The enclosed area for residential property is one with a dwelling above ground level. Calculations of square footage therefore exclude the area of the basement (if any) even if it is finished. (For non-residential it is generally the square footage of the building and excludes parking structures and out buildings.) 5. Defining land area is defined in square feet, with acreage converted to square feet, employing the definition of 43,560 square feet per acre. 6. Since units vary in size, evaluation of units is performed on a “sale price” per square foot. 7. Determining the average (mean) sale price by taking the price of each unit sold, dividing each by the square footage of the unit, totaling the values and dividing the total by the number of units sold and multiplying this figure by the average sized unit. Whether residential or non-residential, there are many factors that impact the resulting trends. These range from national economic issues to data furnished by the State of Maryland’s contractor SpecPrint and its Maryland Real Estate Information DVD. These include but are not necessarily limited to: 8 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL and NON-RESIDENTIAL SALES PRICE TRENDS: 2000 - 2010
National housing and finance market issues, most notably those associated with the “great recession” of 2008 to 2009.
Small numbers of units sold in any given year or geographic area.
The timing and number of new buildings constructed, which can significantly alter the composition in any geographic area.
The types of housing units sold.
Inconsistencies in data for a composite of units or for any one unit over time, which results from issues with recordation, changes/additions to units made by ownership and other factors.
The following is a synopsis of the average sales price study for Columbia conducted by Chesapeake Group Inc. on behalf of the Columbia Association. The residential properties are analyzed separately from the non-residential properties.
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COLUMBIA, MARYLAND RESIDENTIAL and NON-RESIDENTIAL SALES PRICE TRENDS: 2000 - 2010
Residential Sales Trends The analysis begins with a comparison of residential sales between Columbia and Howard County, then delves deeper to examine sales prices in each village for each year in the study period, and concludes with a tabular summary of the villages as compared to Columbia and Howard County. As shown in Table 1, in general, the average sales price for housing in Columbia and Howard County rose from 2000 through 2007. The average sales price of a home in the Columbia Association-assessed area rose from roughly $177,000 in 2000 to more than $374,000 in 2007. The average sales price for a home in 2010 was about $326,000 ($326,516), a lower number that reflects the loss of home values during the national “great recession” of 2008 and 2009. This recession was linked to the housing market and had its impact on both Columbia and Howard County. Housing values fell less in Columbia’s villages overall than in other parts of Howard County for 2008 and 2009. Table 1 – Columbia and Howard County, Average Residential Sales Price per Year, 2000 through 2010
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Total Change
% Change
Columbia Villages
$177,376
$189,589
$208,187
$238,760
$288,273
$344,309
$365,456
$374,600
$357,303
$328,048
$326,516
$149,140
84%
Howard County (Other than Columbia)
$240,953
$266,850
$292,697
$314,163
$382,364
$442,395
$469,989
$481,074
$441,406
$401,345
$437,573
$196,620
82%
Source: Developed by the Chesapeake Group, Inc., 2012. Average sale prices are based on the average square footage of the units and the price per square foot.
The greatest proportional increases in the average residential sales price for Columbia villages are associated with 2003 through 2006, while, not surprisingly, the largest decline occurred from 2008 to 2009. In general, the percent increase in average sales prices for the
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COLUMBIA, MARYLAND RESIDENTIAL and NON-RESIDENTIAL SALES PRICE TRENDS: 2000 - 2010
Columbia villages was equivalent or exceeded those for Howard County for the years between 2001 and 2007 and fell less steeply than those in the county in 2008 and 2009. Details are shown Table 2. Table 2 – Columbia and Howard County, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 2001
2002
2003
2004
2005
2006
Columbia Villages
$12,213
$18,598
$30,573
$49,512
$56,036
$21,147
Howard County (Other than Columbia)
$25,897
$25,847
$21,467
$68,201
$60,031
$27,595
7%
10%
15%
21%
19%
6%
11%
10%
7%
22%
16%
6%
Columbia Villages % Change Howard County (Other than Columbia) % Change
2007
2008
2009
2010
$9,143
($17,297)
($29,255)
($1,531)
$11,085
($39,668)
($40,061)
$36,228
3%
-5%
-8%
0%
2%
-8%
-9%
9%
Source: Developed by the Chesapeake Group, Inc., 2012. Average sale prices are based on the average square footage of the units and the price per square foot.
The following is a synopsis of the sales trends for each of the sections and villages of Columbia for which the analysis was performed.
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COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
DORSEY SEARCH In the early years of the previous decade (2000 to 2002), the average price of housing in Dorsey Search did not increase. However, between 2000 and 2010 overall, the average price of a home in Dorsey Search rose by 109 percent as compared to the average rise of 84 percent for Columbia villages and 82 percent for Howard County. Dorsey Search has consistently seen lower levels of sales activity than the other villages of Columbia. Residential sales activity for all villages is presented towards the end of this report in Table 25. Table 3 shows the average sales prices during the study period. Table 3 – Dorsey Search, Average Residential Sales Price per Year, 2000 through 2010
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Total Change
% Change
Dorsey Search
$154,567
$148,925
$133,177
$231,354
$262,840
$279,386
$291,406
$330,918
$300,678
$289,032
$322,608
$168,041
109%
Columbia Villages
$177,376
$189,589
$208,187
$238,760
$288,273
$344,309
$365,456
$374,600
$357,303
$328,048
$326,516
$149,140
84%
Howard County (Other than Columbia)
$240,953
$266,850
$292,697
$314,163
$382,364
$442,395
$469,989
$481,074
$441,406
$401,345
$437,573
$196,620
82%
Source: Developed by the Chesapeake Group, Inc., 2012. Average sale prices are based on the average square footage of the units and the price per square foot.
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COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
DORSEY SEARCH Table 4 shows the average change from the previous year and compares Dorsey Search to the villages overall and to Howard County (other than Columbia). Table 4 – Dorsey Search, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Dorsey Search
($5,642)
($15,748)
$98,177
$31,486
$16,547
$12,020
$39,512
($30,240)
($11,646)
$33,577
Columbia Villages
$12,213
$18,598
$30,573
$49,512
$56,036
$21,147
$9,143
($17,297)
($29,255)
($1,531)
Howard County (Other than Columbia)
$25,897
$25,847
$21,467
$68,201
$60,031
$27,595
$11,085
($39,668)
($40,061)
$36,228
-4%
-11%
74%
14%
6%
4%
14%
-9%
-4%
12%
7%
10%
15%
21%
19%
6%
3%
-5%
-8%
0%
11%
10%
7%
22%
16%
6%
2%
-8%
-9%
9%
Dorsey Search % Change Columbia Villages % Change Howard County (Other than Columbia) % Change
Source: Developed by the Chesapeake Group, Inc., 2012. Average sale prices are based on the average square footage of the units and the price per square foot.
Figures 1 and 2 display the sales price data in a graphic format and illustrate comparisons with the villages overall and Howard County (other than Columbia).
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COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
DORSEY SEARCH Figure 1 – Dorsey Search, Average Residential Sales Price for Residential Units per Year, 2000 through 2010 $600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$0 2000
2001
2002
Dorsey Search
2003
2004
Columbia Villages
2005
2006
2007
2008
2009
Howard County (Other than Columbia)
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2010
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
DORSEY SEARCH Figure 2 – Dorsey Search, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 80% 70% 60% 50% 40% 30% 20% 10% 0% -10% -20%
Dorsey Search % Change
Columbia Villages % Change
Howard County (Other than Columbia) % Change
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COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
HARPER’S CHOICE With the exception of 2003 and 2010, Harper’s Choice sales prices essentially mirrored the directional pattern of rising or falling values for Columbia in general. The village saw steady sales price gains through 2007. This was followed by a decline in sale prices for Harper’s Choice beginning in 2008 and then reversing course in 2010. Table 5 shows the average sales prices during the study period. Table 5 – Harper’s Choice, Average Residential Sales Price per Year, 2000 through 2010
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Total Change
% Change
Harper's Choice
$175,996
$190,207
$241,126
$230,978
$330,961
$363,487
$387,436
$398,284
$363,783
$349,332
$361,268
$185,272
105%
Columbia Villages
$177,376
$189,589
$208,187
$238,760
$288,273
$344,309
$365,456
$374,600
$357,303
$328,048
$326,516
$149,140
84%
Howard County (Other than Columbia)
$240,953
$266,850
$292,697
$314,163
$382,364
$442,395
$469,989
$481,074
$441,406
$401,345
$437,573
$196,620
82%
Source: Developed by the Chesapeake Group, Inc., 2012. Average sale prices are based on the average square footage of the units and the price per square foot.
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COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
HARPER’S CHOICE Table 6 shows the average change from the previous year and compares Harper’s Choice to the villages overall and to Howard County (other than Columbia). Table 6 – Harper’s Choice, Change in Average Residential Sale Price from Previous Year, 2000 through 2010 2001
2002
Harper's Choice
$14,211
$50,919
Columbia Villages
$12,213
$18,598
Howard County (Other than Columbia)
$25,897
$25,847
Harper's Choice % Change
8%
Columbia Villages % Change
7% 11%
Howard County (Other than Columbia) % Change
2003
2004
2005
2006
2007
2008
2009
($10,148)
$99,983
$32,526
$23,949
$30,573
$49,512
$56,036
$21,147
$21,467
$68,201
$60,031
27%
-4%
43%
10%
15%
21%
10%
7%
22%
2010
$10,848
($34,501)
($14,451)
$11,936
$9,143
($17,297)
($29,255)
($1,531)
$27,595
$11,085
($39,668)
($40,061)
$36,228
10%
7%
3%
-9%
-4%
3%
19%
6%
3%
-5%
-8%
0%
16%
6%
2%
-8%
-9%
9%
Source: Developed by the Chesapeake Group, Inc., 2012. Average sale prices are based on the average square footage of the units and the price per square foot.
Figures 3 and 4 display the sales price data in a graphic format and illustrate comparisons with the villages overall and Howard County (other than Columbia).
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COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
HARPER’S CHOICE Figure 3 – Harper’s Choice, Average Residential Sales Price per Year, 2000 through 2010 $600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$0 2000
2001
2002
Harper's Choice
2003
2004
Columbia Villages
2005
2006
2007
2008
2009
Howard County (Other than Columbia)
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2010
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
HARPER’S CHOICE Figure 4 – Harper’s Choice, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 50% 40% 30%
20% 10% 0% -10% -20% 2001
2002
2003
Harper's Choice % Change
2004
2005
Columbia Villages % Change
2006
2007
2008
2009
2010
Howard County (Other than Columbia) % Change
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COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
HICKORY RIDGE With the exception of 2010, Hickory Ridge trends and patterns mirror the defined patterns for Columbia. However, during the previous decade, Hickory Ridge sales prices increased to a greater extent than Columbia overall. The price differential grew from roughly $17,000 to more than $65,000 by 2008. On the other hand, as a result of the recession, the fall in prices in 2008 and 2009 exceeded Columbia’s fall in prices. Then in 2010, Hickory Ridge sales prices increased significantly, recovering much of the loss attributed to 2008 and 2009. Table 7 shows the average sales prices during the study period. Table 7 – Hickory Ridge, Average Residential Sales Price per Year, 2000 through 2010
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Total Change
% Change
Hickory Ridge
$194,810
$226,188
$262,445
$270,953
$349,072
$379,895
$409,088
$449,289
$422,767
$364,162
$422,778
$227,968
117%
Columbia Villages
$177,376
$189,589
$208,187
$238,760
$288,273
$344,309
$365,456
$374,600
$357,303
$328,048
$326,516
$149,140
84%
Howard County (Other than Columbia)
$240,953
$266,850
$292,697
$314,163
$382,364
$442,395
$469,989
$481,074
$441,406
$401,345
$437,573
$196,620
82%
Source: Developed by the Chesapeake Group, Inc., 2012. Average sale prices are based on the average square footage of the units and the price per square foot.
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COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
HICKORY RIDGE Table 8 shows the average change from the previous year and compares Hickory Ridge to the villages overall and to Howard County (other than Columbia). Table 8 – Hickory Ridge, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 2001
2002
Hickory Ridge
$31,379
$36,257
Columbia Villages
$12,213
$18,598
Howard County (Other than Columbia)
$25,897
$25,847
16% 7% 11%
Hickory Ridge % Change Columbia Villages % Change Howard County (Other than Columbia) % Change
2003
2004
2005
2006
2007
2008
2009
$8,508
$78,119
$30,823
$29,193
$30,573
$49,512
$56,036
$21,147
$21,467
$68,201
$60,031
16%
3%
29%
10%
15%
21%
10%
7%
22%
16%
2010
$40,201
($26,522)
($58,605)
$58,616
$9,143
($17,297)
($29,255)
($1,531)
$27,595
$11,085
($39,668)
($40,061)
$36,228
9%
8%
10%
-6%
-14%
16%
19%
6%
3%
-5%
-8%
0%
6%
2%
-8%
-9%
9%
Source: Developed by the Chesapeake Group, Inc., 2012. Average sale prices are based on the average square footage of the units and the price per square foot.
Figures 5 and 6 display the sales price data in a graphic format and illustrate comparisons with the villages overall and Howard County (other than Columbia).
22 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
HICKORY RIDGE Figure 5 – Hickory Ridge, Average Sales Prices for Residential Units per Year, 2000 through 2010 $600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$0 2000
2001 Hickory Ridge
2002
2003
2004
Columbia Villages
2005
2006
2007
2008
2009
Howard County (Other than Columbia)
23 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
2010
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
HICKORY RIDGE Figure 6 – Hickory Ridge, Change in Average Sales Prices from Previous Year, 2000 through 2010 35% 30% 25%
20% 15% 10% 5% 0% -5% -10% -15% -20% 2001
2002
Hickory Ridge % Change
2003
2004
2005
Columbia Villages % Change
2006
2007
2008
2009
2010
Howard County (Other than Columbia) % Change
24 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
KINGS CONTRIVANCE Kings Contrivance reflects the general pattern for Columbia and overall the village has seen a substantial increase in the average sales price over the study period. However, it appears that the declines since the “great recession” are much steeper, with an overall decline of more than 25 percent since 2007. This is almost double that of Columbia, and over two and a half times that of Howard County outside of Columbia. Table 9 shows the average sales prices during the study period. Table 9 – Kings Contrivance, Average Residential Sales Price per Year, 2000 through 2010
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Total Change
% Change
Kings Contrivance
$165,543
$185,459
$218,825
$254,194
$307,343
$350,851
$366,122
$398,701
$363,253
$308,710
$298,482
$132,939
80%
Columbia Villages
$177,376
$189,589
$208,187
$238,760
$288,273
$344,309
$365,456
$374,600
$357,303
$328,048
$326,516
$149,140
84%
Howard County (Other than Columbia)
$240,953
$266,850
$292,697
$314,163
$382,364
$442,395
$469,989
$481,074
$441,406
$401,345
$437,573
$196,620
82%
Source: Developed by the Chesapeake Group, Inc., 2012. Average sale prices are based on the average square footage of the units and the price per square foot.
25 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
KINGS CONTRIVANCE Table 10 shows the average change from the previous year and compares Kings Contrivance to the villages overall and to Howard County (other than Columbia). Table 10 – Kings Contrivance, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 2001
2002
2003
2004
2005
2006
2007
Kings Contrivance
$19,916
$33,366
$35,369
$53,148
$43,508
$15,271
Columbia Villages
$12,213
$18,598
$30,573
$49,512
$56,036
Howard County (Other than Columbia)
$25,897
$25,847
$21,467
$68,201
$60,031
12%
18%
16%
21%
7%
10%
15%
11%
10%
7%
Kings Contrivance Columbia Villages % Change Howard County (Other than Columbia) % Change
2008
2009
2010
$32,579
($35,448)
($54,543)
($10,229)
$21,147
$9,143
($17,297)
($29,255)
($1,531)
$27,595
$11,085
($39,668)
($40,061)
$36,228
14%
4%
9%
-9%
-15%
-3%
21%
19%
6%
3%
-5%
-8%
0%
22%
16%
6%
2%
-8%
-9%
9%
Source: Developed by the Chesapeake Group, Inc., 2012. Average sale prices are based on the average square footage of the units and the price per square foot.
Figures 7 and 8 display the sales price data in a graphic format and illustrate comparisons with the villages overall and Howard County (other than Columbia).
26 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
KINGS CONTRIVANCE Figure 7 – Kings Contrivance, Average Residential Sales Price per Year, 2000 through 2010 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0
Kings Contrivance
Columbia Villages
Howard County (Other than Columbia)
27 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
KINGS CONTRIVANCE Figure 8 – Kings Contrivance, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 35% 30% 25%
20% 15% 10% 5% 0% -5% -10% -15% -20% 2001
2002
2003
Kings Contrivance % Change
2004
2005
Columbia Villages % Change
2006
2007
2008
2009
2010
Howard County (Other than Columbia) % Change
28 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
LONG REACH Long Reach average residential sale prices reflect the general Columbia pattern with prices rising through the mid portion to late in the decade and then declining during the recession. However, in 2004 and 2005, the percent change in average sale prices in Long Reach was higher than both the average for Columbia villages and for Howard County (other than Columbia). While declines related in average sale prices in Long Reach actually began in 2007 versus the more typical 2008, the proportional decline related to the recession was relatively small and statistically insignificant. Table 11 shows the average sales prices during the study period. Long Reach, the largest village in Columbia, had the highest number of residential home sales with almost 2,200 during the study period. See Table 25 for number of sales for each village by year. Table 11 – Long Reach, Average Residential Sales Price per Year, 2000 through 2010
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Total Change
% Change
Long Reach
$143,419
$157,267
$169,270
$184,600
$233,437
$330,761
$350,124
$345,941
$306,865
$290,313
$291,707
$148,289
103%
Columbia Villages
$177,376
$189,589
$208,187
$238,760
$288,273
$344,309
$365,456
$374,600
$357,303
$328,048
$326,516
$149,140
84%
Howard County (Other than Columbia)
$240,953
$266,850
$292,697
$314,163
$382,364
$442,395
$469,989
$481,074
$441,406
$401,345
$437,573
$196,620
82%
Source: Developed by the Chesapeake Group, Inc., 2012. Average sale prices are based on the average square footage of the units and the price per square foot.
29 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
LONG REACH Table 12 shows the average change from the previous year and compares Long Reach to the villages overall and to Howard County (other than Columbia). Table 12 – Long Reach, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 2001
2002
2003
2004
2005
2006
2007
Long Reach
$13,848
$12,003
$15,330
$48,837
$97,324
$19,363
Columbia Villages
$12,213
$18,598
$30,573
$49,512
$56,036
$21,147
Howard County (Other than Columbia)
$25,897
$25,847
$21,467
$68,201
$60,031
Long Reach % Change Columbia Villages % Change Howard County (Other than Columbia) % Change
2008
2009
2010
($4,183)
($39,077)
($16,552)
$1,394
$9,143
($17,297)
($29,255)
($1,531)
$27,595
$11,085
($39,668)
($40,061)
$36,228
10%
8%
9%
26%
42%
6%
-1%
-11%
-5%
0%
7%
10%
15%
21%
19%
6%
3%
-5%
-8%
0%
11%
10%
7%
22%
16%
6%
2%
-8%
-9%
9%
Source: Developed by the Chesapeake Group, Inc., 2012. Average sale prices are based on the average square footage of the units and the price per square foot.
Figures 9 and 10 display the sales price data in a graphic format and illustrate comparisons with the villages overall and Howard County (other than Columbia).
30 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
LONG REACH Figure 9 – Long Reach, Average Residential Sales Price for Residential Units per Year, 2000 through 2010 $600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$0 2000
2001 Long Reach
2002
2003
2004
Columbia Villages
2005
2006
2007
2008
2009
Howard County (Other than Columbia)
31 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
2010
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
LONG REACH Figure 10 – Long Reach, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 50% 40% 30%
20% 10% 0% -10% -20% 2001
2002
Long Reach % Change
2003
2004
2005
Columbia Villages % Change
2006
2007
2008
2009
2010
Howard County (Other than Columbia) % Change
32 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
OAKLAND MILLS Oakland Mills mirrored the pattern of average sale prices for Columbia in general. The average sales price increased each year from 2000 through 2007 and then dropped off during the recession as they did throughout the community. While the average sale prices are more modest than some other villages, Oakland Mills had the highest percentage increase in average sale prices during the study period for all the villages with a 120 percent increase, as compared to the average for Columbia villages of 84 percent and the Howard County average of 82 percent. Table 13 shows the average sales prices during the study period. Table 13 – Oakland Mills, Average Residential Sales Price per Year, 2000 through 2010
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Total Change
% Change
Oakland Mills
$142,972
$169,645
$185,607
$208,489
$254,757
$319,351
$343,867
$353,098
$309,852
$297,542
$314,502
$171,530
120%
Columbia Villages
$177,376
$189,589
$208,187
$238,760
$288,273
$344,309
$365,456
$374,600
$357,303
$328,048
$326,516
$149,140
84%
Howard County (Other than Columbia)
$240,953
$266,850
$292,697
$314,163
$382,364
$442,395
$469,989
$481,074
$441,406
$401,345
$437,573
$196,620
82%
Source: Developed by the Chesapeake Group, Inc., 2012. Average sale prices are based on the average square footage of the units and the price per square foot.
33 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
OAKLAND MILLS Table 14 shows the average change from the previous year and compares Oakland Mills to the villages overall and to Howard County (other than Columbia). Table 14 – Oakland Mills, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 2001
2002
2003
2004
2005
2006
Oakland Mills
$26,673
$15,962
$22,882
$46,269
$64,594
$24,516
Columbia Villages
$12,213
$18,598
$30,573
$49,512
$56,036
$21,147
Howard County (Other than Columbia)
$25,897
$25,847
$21,467
$68,201
$60,031
19%
9%
12%
22%
7%
10%
15%
21%
11%
10%
7%
22%
Oakland Mills Columbia Villages % Change Howard County (Other than Columbia) % Change
2007
2008
2009
2010
$9,230
($43,246)
($12,309)
$16,959
$9,143
($17,297)
($29,255)
($1,531)
$27,595
$11,085
($39,668)
($40,061)
$36,228
25%
8%
3%
-12%
-4%
6%
19%
6%
3%
-5%
-8%
0%
16%
6%
2%
-8%
-9%
9%
Source: Developed by the Chesapeake Group, Inc., 2012. Average sale prices are based on the average square footage of the units and the price per square foot.
Figures 11 and 12 display the sales price data in a graphic format and illustrate comparisons with the villages overall and Howard County (other than Columbia).
34 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
OAKLAND MILLS Figure 11 – Oakland Mills, Average Residential Sales Price Per Year, 2000 through 2010 $600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$0 2000
2001 Oakland Mills
2002
2003
2004
Columbia Villages
2005
2006
2007
2008
2009
Howard County (Other than Columbia)
35 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
2010
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
OAKLAND MILLS Figure 12 – Oakland Mills, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 30% 25% 20% 15% 10% 5% 0%
-5% -10% -15% 2001
2002
Oakland Mills % Change
2003
2004
2005
Columbia Villages % Change
2006
2007
2008
2009
2010
Howard County (Other than Columbia) % Change
36 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
OWEN BROWN Owen Brown’s patterns follow a similar pattern as that for other Columbia villages. It had steady increases in average sale prices from 2001 until the beginning of the recession in 2008. However, average sale prices for Owen Brown beginning in 2008 fell at a rate higher than that for Columbia. Over the study period, average residential sales prices rose by 71 percent. Table 15 shows the average sale prices during the study period. Table 15 – Owen Brown, Average Residential Sales Price per Year, 2000 through 2010
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Total Change
% Change
Owen Brown
$168,935
$168,859
$190,714
$231,218
$266,651
$329,845
$344,934
$352,158
$329,538
$317,849
$289,447
$120,512
71%
Columbia Villages
$177,376
$189,589
$208,187
$238,760
$288,273
$344,309
$365,456
$374,600
$357,303
$328,048
$326,516
$149,140
84%
Howard County (Other than Columbia)
$240,953
$266,850
$292,697
$314,163
$382,364
$442,395
$469,989
$481,074
$441,406
$401,345
$437,573
$196,620
82%
Source: Developed by the Chesapeake Group, Inc., 2012. Average sale prices are based on the average square footage of the units and the price per square foot.
37 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
OWEN BROWN Table 16 shows the average change from the previous year and compares Owen Brown to the villages overall and to Howard County (other than Columbia). Table 16 – Owen Brown, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 2001 Owen Brown
2002
2003
2004
2005
2006
2007
2008
2009
2010
($76)
$21,855
$40,504
$35,433
$63,194
$15,089
$7,224
($22,620)
($11,689)
($28,402)
Columbia Villages
$12,213
$18,598
$30,573
$49,512
$56,036
$21,147
$9,143
($17,297)
($29,255)
($1,531)
Howard County (Other than Columbia)
$25,897
$25,847
$21,467
$68,201
$60,031
$27,595
$11,085
($39,668)
($40,061)
$36,228
Owen Brown % Change
0%
13%
21%
15%
24%
5%
2%
-6%
-4%
-9%
Columbia Villages % Change
7%
10%
15%
21%
19%
6%
3%
-5%
-8%
0%
11%
10%
7%
22%
16%
6%
2%
-8%
-9%
9%
Howard County (Other than Columbia) % Change
Source: Developed by the Chesapeake Group, Inc., 2012. Average sale prices are based on the average square footage of the units and the price per square foot.
Figures 13 and 14 display the sales price data in a graphic format and illustrate comparisons with the villages overall and Howard County (other than Columbia).
38 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
OWEN BROWN Figure 13 – Owen Brown, Average Residential Sales Price per Year, 2000 through 2010 $600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$0 2000
2001 Owen Brown
2002
2003
2004
Columbia Villages
2005
2006
2007
2008
2009
Howard County (Other than Columbia)
39 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
2010
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
OWEN BROWN Figure 14 – Owen Brown, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 30% 25% 20% 15% 10% 5% 0% -5% -10% -15%
2001
2002
Owen Brown % Change
2003
2004
2005
Columbia Villages % Change
2006
2007
2008
2009
Howard County (Other than Columbia) % Change
40 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
2010
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
RIVER HILL River Hill had the highest average sales price of all Columbia villages in 2000 and maintained that standing through most of the study period. However, River Hill increases did not keep pace with average increases for Columbia or other areas of Howard County. In addition, declines in sales prices during the recession were steeper than either Columbia in general or other parts of Howard County. This difference may be a result of the average price of a unit in River Hill generally being above the average price of units in other Columbia villages and Howard County. Between 2000 and 2010, River Hill saw increases in the average sales price in six of the years and, unlike most of the other areas, River Hill saw increases in sales prices in 2008 during the beginning of the great recession period. Table 17 shows the average sale prices during the study period. Table 17 – River Hill, Average Residential Sales Price per Year, 2000 through 2010
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Total Change
% Change
River Hill
$306,718
$379,051
$354,294
$366,882
$403,657
$469,304
$527,144
$518,819
$562,029
$491,038
$421,286
$114,569
37%
Columbia Villages
$177,376
$189,589
$208,187
$238,760
$288,273
$344,309
$365,456
$374,600
$357,303
$328,048
$326,516
$149,140
84%
Howard County (Other than Columbia)
$240,953
$266,850
$292,697
$314,163
$382,364
$442,395
$469,989
$481,074
$441,406
$401,345
$437,573
$196,620
82%
Source: Developed by the Chesapeake Group, Inc., 2012. Average sale prices are based on the average square footage of the units and the price per square foot.
41 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
RIVER HILL Table 18 shows the average change from the previous year and compares River Hill to the villages overall and to Howard County (other than Columbia). Table 18 – River Hill, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
River Hill
$72,334
($24,757)
$12,588
$36,775
$65,648
$57,840
($8,325)
$43,210
($70,991)
($69,752)
Columbia Villages
$12,213
$18,598
$30,573
$49,512
$56,036
$21,147
$9,143
($17,297)
($29,255)
($1,531)
Howard County (Other than Columbia)
$25,897
$25,847
$21,467
$68,201
$60,031
$27,595
$11,085
($39,668)
($40,061)
$36,228
River Hill % Change Columbia Villages % Change Howard County (Other than Columbia) % Change
24%
-7%
4%
10%
16%
12%
-2%
8%
-13%
-14%
7%
10%
15%
21%
19%
6%
3%
-5%
-8%
0%
11%
10%
7%
22%
16%
6%
2%
-8%
-9%
9%
Source: Developed by the Chesapeake Group, Inc., 2012. Average sale prices are based on the average square footage of the units and the price per square foot.
Figures 15 and 16 display the sales price data in a graphic format and illustrate comparisons with the villages overall and Howard County (other than Columbia).
42 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
RIVER HILL Figure 15 – River Hill, Average Residential Sales Price per Year, 2000 through 2010 $600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$0 2000
2001 River Hill
2002
2003
2004
Columbia Villages
2005
2006
2007
2008
2009
Howard County (Other than Columbia)
43 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
2010
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
RIVER HILL Figure 16 – River Hill, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% -20%
River Hill % Change
Columbia Villages % Change
Howard County (Other than Columbia) % Change
44 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
TOWN CENTER Town Center’s average sales price increased over the study period by a higher percentage than the overall average for all the villages. However, the average sales price for Town Center residential units in 2010 were below the norm for Columbia and were below the norm throughout the previous decade. One possible reason for these trends includes the uncertainty associated with Downtown Columbia redevelopment during much of the last decade, which could have weighed on the sale price patterns. Another more likely reason is the residential unit composition of Town Center, which is comprised of almost all single-family attached and multi-family units, which generally bring lower sale prices then single-family detached units. Table 19 shows the average sales prices during the study period. Table 19 – Town Center, Average Residential Sales Price per Year, 2000 through 2010
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Total Change
% Change
Town Center
$120,486
$99,021
$139,331
$166,827
$184,279
$282,070
$297,167
$264,042
$278,668
$249,189
$240,816
$120,330
100%
Columbia Villages
$177,376
$189,589
$208,187
$238,760
$288,273
$344,309
$365,456
$374,600
$357,303
$328,048
$326,516
$149,140
84%
Howard County (Other than Columbia)
$240,953
$266,850
$292,697
$314,163
$382,364
$442,395
$469,989
$481,074
$441,406
$401,345
$437,573
$196,620
82%
Source: Developed by the Chesapeake Group, Inc., 2012. Average sale prices are based on the average square footage of the units and the price per square foot.
45 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
TOWN CENTER Table 20 shows the average change from the previous year and compares Town Center to the villages overall and to Howard County (other than Columbia). Table 20 – Town Center, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 2001
2002
2003
2004
2005
2006
($21,465)
$40,310
$27,496
$17,452
$97,792
$15,097
($33,125)
$14,626
($29,479)
($8,373)
Columbia Villages
$12,213
$18,598
$30,573
$49,512
$56,036
$21,147
$9,143
($17,297)
($29,255)
($1,531)
Howard County (Other than Columbia)
$25,897
$25,847
$21,467
$68,201
$60,031
$27,595
$11,085
($39,668)
($40,061)
$36,228
-18%
41%
20%
10%
53%
5%
-11%
6%
-11%
-3%
7%
10%
15%
21%
19%
6%
3%
-5%
-8%
0%
11%
10%
7%
22%
16%
6%
2%
-8%
-9%
9%
Town Center
Town Center % Change Columbia Villages % Change Howard County (Other than Columbia) % Change
2007
2008
2009
2010
Source: Developed by the Chesapeake Group, Inc., 2012. Average sale prices are based on the average square footage of the units and the price per square foot.
Figures 17 and 18 display the sales price data in a graphic format and illustrate comparisons with the villages overall and Howard County (other than Columbia).
46 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
TOWN CENTER Figure 17– Town Center, Average Residential Sales Price per Year, 2000 through 2010 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0
Town Center
Columbia Villages
Howard County (Other than Columbia)
47 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
TOWN CENTER Figure 18 – Town Center, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 60% 50% 40% 30% 20% 10% 0% -10% -20% -30%
Town Center % Change
Columbia Villages % Change
Howard County (Other than Columbia) % Change
48 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
WILDE LAKE Wilde Lake’s sales price patterns differ from most of the other villages as well as Howard County. In general, the proportional price increases from 2000 through 2007 (before the recession) for Wilde Lake were below the norm for other villages of Columbia or Howard County. Between 2000 and 2010, sales prices declined in five of the years, with prices peaking in 2005 or before the start of the “great recession” in the economy and housing market. Possible reasons for these trends include the uncertainty associated with the neighboring Downtown Columbia redevelopment during this time as well as the uncertainty about the redevelopment of the Wilde Lake Village Center, which may have impacted residential sales. Table 21 shows the average sales prices during the study period. Table 21 – Wilde Lake, Average Residential Sales Price per Year, 2000 through 2010
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Total Change
% Change
Wilde Lake
$200,316
$171,270
$187,081
$242,109
$289,730
$338,138
$337,275
$334,747
$335,596
$323,311
$302,271
$101,956
51%
Columbia Villages
$177,376
$189,589
$208,187
$238,760
$288,273
$344,309
$365,456
$374,600
$357,303
$328,048
$326,516
$149,140
84%
Howard County (Other than Columbia)
$240,953
$266,850
$292,697
$314,163
$382,364
$442,395
$469,989
$481,074
$441,406
$401,345
$437,573
$196,620
82%
Source: Developed by the Chesapeake Group, Inc., 2012. Average sale prices are based on the average square footage of the units and the price per square foot.
49 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
WILDE LAKE Table 22 shows the average change from the previous year and compares Wilde Lake to the villages overall and to Howard County (other than Columbia). Table 22 – Wilde Lake, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 2001
2002
2003
2004
2005
($29,045)
$15,811
$55,028
$47,621
$48,407
($862)
($2,528)
Columbia Villages
$12,213
$18,598
$30,573
$49,512
$56,036
$21,147
$9,143
Howard County (Other than Columbia)
$25,897
$25,847
$21,467
$68,201
$60,031
$27,595
$11,085
-14%
9%
29%
20%
17%
0%
7%
10%
15%
21%
19%
6%
11%
10%
7%
22%
16%
6%
Wilde Lake
Wilde Lake % Change Columbia Villages % Change Howard County (Other than Columbia) % Change
2006
2007
2008
2009
2010
$849
($12,285)
($21,039)
($17,297)
($29,255)
($1,531)
($39,668)
($40,061)
$36,228
-1%
0%
-4%
-7%
3%
-5%
-8%
0%
2%
-8%
-9%
9%
Source: Developed by the Chesapeake Group, Inc., 2012. Average sale prices are based on the average square footage of the units and the price per square foot.
Figures 19 and 20 display the sales price data in a graphic format and illustrate comparisons with the villages overall and Howard County (other than Columbia).
50 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
WILDE LAKE Figure 19 – Wilde Lake, Average Residential Sales Price per Year, 2000 through 2010 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0
Wilde Lake
Columbia Villages
Howard County (Other than Columbia)
51 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
WILDE LAKE Figure 20 – Wilde Lake, Change in Average Residential Sales Prices from Previous Year, 2000 through 2010 35% 30% 25% 20% 15% 10% 5% 0% -5%
-10% -15% -20%
Wilde Lake % Change
Columbia Villages % Change
Howard County (Other than Columbia) % Change
52 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
Residential Sales Prices Trends – Composite Table 23 contains a synopsis of the average sales prices for all of the geographic areas from 2000 through 2010. Table 23 – Village Comparison, Average Residential Sales Price per Year, 2000 through 2010
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Total Change
% Change
Dorsey Search
$154,567
$148,925 $133,177 $231,354 $262,840 $279,386 $291,406 $330,918 $300,678 $289,032 $322,608
$168,041
109%
Harper's Choice
$175,996
$190,207 $241,126 $230,978 $330,961 $363,487 $387,436 $398,284 $363,783 $349,332 $361,268
$185,272
105%
Hickory Ridge
$194,810
$226,188 $262,445 $270,953 $349,072 $379,895 $409,088 $449,289 $422,767 $364,162 $422,778
$227,968
117%
Kings Contrivance
$165,543
$185,459 $218,825 $254,194 $307,343 $350,851 $366,122 $398,701 $363,253 $308,710 $298,482
$132,939
80%
Long Reach
$143,419
$157,267 $169,270 $184,600 $233,437 $330,761 $350,124 $345,941 $306,865 $290,313 $291,707
$148,289
103%
Oakland Mills
$142,972
$169,645 $185,607 $208,489 $254,757 $319,351 $343,867 $353,098 $309,852 $297,542 $314,502
$171,530
120%
Owen Brown
$168,935
$168,859 $190,714 $231,218 $266,651 $329,845 $344,934 $352,158 $329,538 $317,849 $289,447
$120,512
71%
River Hill
$306,718
$379,051 $354,294 $366,882 $403,657 $469,304 $527,144 $518,819 $562,029 $491,038 $421,286
$114,569
37%
Town Center
$120,486
$99,021 $139,331 $166,827 $184,279 $282,070 $297,167 $264,042 $278,668 $249,189 $240,816
$120,330
100%
Wilde Lake
$200,316
$171,270 $187,081 $242,109 $289,730 $338,138 $337,275 $334,747 $335,596 $323,311 $302,271
$101,956
51%
Columbia Villages
$177,376
$189,589 $208,187 $238,760 $288,273 $344,309 $365,456 $374,600 $357,303 $328,048 $326,516
$149,140
84%
Howard County (Other than Columbia)
$240,953
$266,850 $292,697 $314,163 $382,364 $442,395 $469,989 $481,074 $441,406 $401,345 $437,573
$196,620
82%
Source: Developed by the Chesapeake Group, Inc., 2012. Average sale prices are based on the average square footage of the units and the price per square foot.
53 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
Figure 21 shows the average sales price change by village year over year. Figure 21 – Village Comparison, Average Residential Sales Price Change Per Year, 2000 to 2010 Timeframe $25,000.00
$20,000.00
$15,000.00
$10,000.00
$5,000.00
$0.00 Wilde Lake
Town Center
River Hill
Owen Brown
Oakland Mills
Long Reach
Kings Contrivance
Hickory Ridge
Harper's Choice
Dorsey Search
54 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
Table 24 contains the average sales price change from the previous year for all geographic areas. The impact of the recession is apparent, with most areas showing declines in average area sales prices beginning with 2007 or 2008. Table 24 – Village Comparison, Change in Average Residential Sales Price from Previous Year, 2000 through 2010 2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Dorsey Search
($5,642)
($15,748)
$98,177
$31,486
$16,547
$12,020
$39,512
($30,240)
($11,646)
$33,577
Harper’s Choice
$14,211
$50,919
($10,148)
$99,983
$32,526
$23,949
$10,848
($34,501)
($14,451)
$11,936
Hickory Ridge
$31,379
$36,257
$8,508
$78,119
$30,823
$29,193
$40,201
($26,522)
($58,605)
$58,616
Kings Contrivance
$19,916
$33,366
$35,369
$53,148
$43,508
$15,271
$32,579
($35,448)
($54,543)
($10,229)
Long Reach
$13,848
$12,003
$15,330
$48,837
$97,324
$19,363
($4,183)
($39,077)
($16,552)
$1,394
Oakland Mills
$26,673
$15,962
$22,882
$46,269
$64,594
$24,516
$9,230
($43,246)
($12,309)
$16,959
Owen Brown
($76)
$21,855
$40,504
$35,433
$63,194
$15,089
$7,224
($22,620)
($11,689)
($28,402)
$72,334
($24,757)
$12,588
$36,775
$65,648
$57,840
($8,325)
$43,210
($70,991)
($69,752)
Town Center
($21,465)
$40,310
$27,496
$17,452
$97,792
$15,097
($33,125)
$14,626
($29,479)
($8,373)
Wilde Lake
River Hill
($29,045)
$15,811
$55,028
$47,621
$48,407
($862)
($2,528)
$849
($12,285)
($21,039)
Columbia Villages
$12,213
$18,598
$30,573
$49,512
$56,036
$21,147
$9,143
($17,297)
($29,255)
($1,531)
Howard County (Other than Columbia)
$25,897
$25,847
$21,467
$68,201
$60,031
$27,595
$11,085
($39,668)
($40,061)
$36,228
Source: Developed by the Chesapeake Group, Inc., 2012. Average sale prices are based on the average square footage of the units and the price per square foot.
55 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
Figure 22 shows the average sales prices change in percent. Figure 22 – Village Comparison, Percent Change in Average Residential Sales Price, 2000 through 2010 140% 120% 100% 80% 60% 40% 20%
0% Wilde Lake
Town Center
River Hill
Owen Brown
Oakland Mills
Long Reach
Kings Contrivance
Hickory Ridge
Harper's Choice
Dorsey Search
56 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
The number of residential sales by year for each village is shown in Table 25. Long Reach, the village with the largest number of housing units, had the highest number of sales followed by Hickory Ridge, River Hill and Kings Contrivance. Dorsey Search had the lowest number of sales followed by Town Center, which is the smallest of Columbia’s villages. Table 25 – Village Comparison, Residential Number of Sales per Year, 2000 through 2010
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Total Sales
Dorsey Search
10
16
22
26
38
38
42
44
29
19
12
296
Harper's Choice
55
62
77
89
116
126
89
91
45
67
61
878
Hickory Ridge
91
158
170
158
168
158
184
162
126
144
140
1659
Kings Contrivance
86
84
115
109
127
146
123
108
80
126
68
1,172
Long Reach
86
162
157
201
225
293
267
240
166
180
195
2,172
Oakland Mills
70
71
77
96
98
145
107
103
89
90
86
1,032
Owen Brown
59
80
99
130
137
153
127
119
86
106
105
1,201
140
164
87
139
168
126
87
93
66
99
104
1,273
Town Center
45
29
26
36
53
49
40
53
32
36
43
442
Wilde Lake
62
54
70
90
108
140
116
100
84
80
70
974
704
880
900
1,074
1,238
1,374
1,182
1,113
803
947
884
11,099
River Hill
Columbia Villages Total
Source: Developed by the Chesapeake Group, Inc., 2012.
57 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
Non-Residential Sales Trends Unlike residential sales, the numbers of non-residential sales in any given year was small. In fact, while the information is furnished in this document on sales by geographic area, other than for Columbia in general and Howard County other than Columbia, the number of sales is too small for any statistically valid evaluation. As can be seen in Table 26, there are many years in almost all of the villages of Columbia where there were three or fewer sales and, in some years, none whatsoever. Table 26 – Village Comparison, Non-Residential Number of Sales per Year, 2000 through 2010 2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
Total
Dorsey Search
0
0
0
0
0
0
0
0
0
0
0
0
Harper’s Choice
0
2
0
1
2
1
0
0
0
0
0
6
Hickory Ridge
2
0
2
1
2
2
0
0
0
0
1
10
Kings Contrivance
0
0
6
1
0
0
0
0
1
0
3
11
Long Reach
3
2
3
2
12
3
3
0
7
2
7
44
Oakland Mills
5
1
1
2
3
8
3
4
3
2
3
35
Owen Brown
6
5
8
0
2
1
17
4
8
0
4
55
River Hill
0
1
0
0
2
1
1
0
0
0
0
5
Town Center
1
0
2
4
2
1
1
6
3
7
6
33
Wilde Lake
2
1
0
0
1
0
0
1
0
0
2
7
Total Columbia Villages
19
12
22
11
26
17
25
15
22
11
26
206
Columbia (not within a Village)
19
12
16
12
19
40
37
41
27
9
27
259
Total Columbia
38
26
31
31
45
66
63
60
49
20
53
482
Howard County (Other than Columbia)
99
73
105
120
156
177
216
160
109
77
129
1,421
Source: Developed by the Chesapeake Group, Inc., 2012.
59 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
Figure 23 – Village Comparison, Non-Residential Number of Sales per Year, 2000 through 2010 250
200
150
100
50
0 1
2 Total Columbia
3
4
Total Columbia Villages
5
6
7
8
Howard County (Other than Columbia)
60 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
9
10
Columbia (Not within a Village)
11
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
The average sale per square foot of building varies substantially from a high of $932 to a low of just under $9. This is because of many variables, such as: use of property; condition of structure; intended for reuse or demolition; whether single building or a shopping or other center; condominium; and whether the sale included land and building or simply building; or low number of sales in some areas. The details are shown in Table 27. Table 27 – Village Comparison, Non-Residential Average Price per Square Foot of Building Area, 2000 through 2010 2000 Dorsey Search Harper’s Choice
2001
$0
$0
2002 $0
2003 $0
2004
2005
2006
2007
2008
2009
$0
$0
$0
$0
$0
$0
2010 $0
$0
$81
$0
$78
$0
$126
$0
$0
$0
$0
$0
$77
$0
$92
$140
$169
$413
$0
$0
$0
$0
$321
$0
$0
$607
$9
$196
$0
$0
$0
$346
$0
$226
Long Reach
$176
$95
$132
$98
$0
$0
$0
$0
$0
$202
$300
Oakland Mills
$159
$0
$0
$0
$80
$575
$613
$218
$288
$247
$167
Owen Brown
$114
$177
$271
$0
$417
$0
$0
$0
$597
$0
$209
Hickory Ridge Kings Contrivance
River Hill
$0
$177
$0
$0
$534
$0
$222
$0
$0
$0
$0
$70
$0
$239
$346
$932
$368
$182
$0
$771
$346
$108
Wilde Lake
$108
$126
$0
$0
$86
$0
$0
$88
$0
$0
$258
Total Columbia Villages
$117
$133
$229
$159
$389
$435
$339
$153
$549
$265
$246
Total Columbia (not within a Village)
$111
$183
$217
$195
$320
$253
$455
$417
$348
$257
$180
Total Columbia
$117
$161
$209
$198
$428
$319
$229
$358
$337
$260
$297
Howard County (Other than Columbia)
$165
$168
$195
$237
$304
$269
$354
$413
$449
$281
$293
Town Center
Source: Developed by the Chesapeake Group, Inc., 2012.
61 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
Even with the diversity of non-residential sales mentioned previously, the general trend in per square foot prices was to increase at least through 2007, after which there was a drop-off in the averages in Columbia and the following year in Howard County outside of Columbia. The details are shown in Table 28. Table 28 – Village Comparison, Non-Residential: Annual Change in Average Price per Square Foot, 2000 through 2010 2001 Dorsey Search Harper’s Choice Hickory Ridge Kings Contrivance Long Reach Oakland Mills
2002
2003
2004
2005
2006
2007
2008
2009
2010
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$81
($81)
$78
($78)
$126
($126)
$0
$0
$0
$0
($77)
$92
$48
$30
$244
($413)
$0
$0
$0
$321
$0
$607
($599)
$187
($196)
$0
$0
$346
($346)
$226
($81)
$37
($34)
($98)
$0
$0
$0
$0
$202
$98
($159)
$0
$0
$80
$495
$37
($394)
$69
($41)
($79)
$63
$94
($271)
$417
($417)
$0
$0
$597
($597)
$209
River Hill
$177
($177)
$0
$534
($534)
$222
($222)
$0
$0
$0
Town Center
Owen Brown
($70)
$239
$107
$586
($564)
($187)
($182)
$771
($425)
($238)
Wilde Lake
$18
($126)
$0
$86
($86)
$0
$88
($88)
$0
$258
Total Columbia Villages
$15
$96
($70)
$229
$47
($96)
($185)
$396
($284)
($19)
Total Columbia (not within a Village)
$72
$33
($21)
$124
($66)
$201
($38)
($69)
($90)
($77)
Total Columbia
$44
$48
($11)
$230
($109)
($91)
$130
($22)
($76)
$37
$3
$26
$42
$68
($35)
$85
$58
$36
($167)
$12
Howard County (Other than Columbia) Source: Developed by the Chesapeake Group, Inc., 2012.
62 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
Because of the variables and changes in number of sales in any given year, the total dollar volume of sales or total value of the properties changing hands differed significantly from year to year and location to location. The details are shown in Table 29. Table 29 – Village Comparison, Sales Volume for Non-residential Property per Year, 2000 through 2010 2000 Dorsey Search Harper’s Choice Hickory Ridge Kings Contrivance Long Reach
2001
2002
$0
$0
$0 $240,000
2003
2004
2005
$0
$0
$0
$212,500
$0
$245,000
$0
$287,900
$295,000
$0
$0
$7,470,000
$50,000
$0
$15,110,000
$322,000
$6,729,000
$1,239,000
$9,313,555
2006
2007
2008
2009
2010
$0
$0
$0
$0
$0
$0
$47,300,000
$673,200
$0
$0
$0
$0
$0
$542,600
$12,923,000
$0
$0
$0
$0
$360,000
$0
$0
$0
$1,125,000
$0
$28,473,414
$983,190
$1,262,250
$0 $179,644,997
$842,500
$16,972,991
Oakland Mills
$1,358,700
$190,000
$160,000
$297,600
$678,000
$32,168,376
$11,709,126
$1,097,500
$992,000
$536,700
$6,474,504
Owen Brown
$11,297,500
$13,979,900
$15,893,552
$0
$1,979,471
$1,100,000
$10,354,178
$6,242,540
$74,247,904
$0
$31,381,820
River Hill Town Center Wilde Lake
$0
$419,034
$0
$0
$3,427,360
$493,600
$1,250,000
$0
$0
$0
$0
$1,400,000
$0
$6,688,954
$25,300,500
$42,000,000
$2,675,900
$10,933,738
$36,736,194
$16,330,551
$3,178,540
$31,449,828
$0
$65,000
$0
$0
$82,000
$0
$0
$1,149,084
$218,000
$194,900
$0
Total Columbia Villages
$29,624,200
$15,318,334
$37,229,406
$27,427,100 $105,305,986
$51,017,266
$35,509,292
$44,158,234 $272,340,452
$4,557,740 $116,261,641
Total Columbia (not within a Village)
$47,817,832
$32,383,152
$91,141,504
$29,243,004 $210,401,877
$80,102,052
$42,557,104
$61,177,576 $138,462,804
$21,155,499 $120,689,919
Total Columbia
$77,442,024
$35,010,040 $112,667,361
$72,563,653 $200,773,125 $177,979,362
$59,794,982
$81,564,660 $410,803,260
$25,713,240 $236,951,552
Howard County (Other than Columbia)
$136,244,196
$72,394,421 $186,812,430 $240,748,080 $302,128,944 $262,705,878 $275,367,168 $267,146,240 $278,336,732
$96,873,777 $615,680,880
Source: Developed by the Chesapeake Group, Inc., 2012.
63 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
Figure 24 – Sales Volume for Non-residential Property per Year, 2000 through 2010 $700,000,000 $600,000,000 $500,000,000 $400,000,000 $300,000,000
$200,000,000 $100,000,000 $0 2000 Total Columbia
2001
2002
2003
Total Columbia Villages
2004
2005
2006
Howard County (Other than Columbia)
64 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
2007
2008
2009
2010
Total Columbia not within a Village
COLUMBIA, MARYLAND RESIDENTIAL SALE PRICES and NON-RESIDENTIAL SALE PRICES TRENDS: 2000 - 2010
Conclusion The findings in this analysis are significant in the sense that few negative trends are discernible. Sometimes the inability to not find issues or problems is as or more important than the identification of negative issues. From what can be discerned from the data, generally Columbia as a whole and its villages have fared well in the past decade, following national and regional patterns for established communities, as well as when compared to Howard County in general. Two geographic areas within Columbia seem to have residential sale price patterns that are worth mentioning. One of those two areas – Town Center – is in the process of undergoing substantial new investment with a potential dramatic change in character for Downtown Columbia. While Town Center’s average sales price increased over the study period by a higher percentage than the overall average for all the villages, the average sales price for Town Center residential units in 2010 were below the norm for Columbia and were below the norm throughout the previous decade. In addition to the uncertainty associated with Downtown Columbia redevelopment during at least half of the last decade, another reason for these lower values in Town Center is certainly the residential unit composition of Town Center, which is comprised of almost all single-family attached and multi-family units, which generally bring lower sale prices then single-family detached units. The other geographic area is the residential market in Wilde Lake. The village experienced falling average sale prices in a few years before the commencement of the “great recession” and associated economic and housing issues. This suggests that a review of housing, social, investment patterns and other community factors should be undertaken either to understand existing issues or prevent potential future ones. However, Wilde Lake is likely to benefit from the reinvestment to both Downtown, which is immediately adjacent to Wilde Lake, and its own village center, currently undergoing redevelopment. In general, both commercial and residential markets have fared reasonably well and remained strong when compared to Howard County during the “great recession” period and its aftermath. There is no evidence to suggest that, in general, home and commercial values will not increase as general national market forces strengthen.
65 /COLUMBIA, MD / TRENDS ANALYSIS / 04.2013
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