Warren County Ohio Real Estate Market Snapshot April 1, 2015
With the arrival of warmer weather it’s no April Fools prank to say some portions of our market are scorching hot. We’ve shown a couple of Mason homes new to the market in the last week and both were being swarmed with interested buyers. There’s just a shortage of homes for sale in the sweet spot (HELLO SELLERS, THIS MIGHT BE YOUR TIME!!!). Other parts of the county are operating on a bit slower pace.
Stay with us for a top line review of last month’s Warren County Ohio residential home market.
Warren County Residential Sales Summary (single family homes & condos):
Number of Homes For Sale 4/1/15: 970 (UP 63 from 917 3/1/15)
Number of Homes Under Contract (Pending) 4/1/15: 452 (UP 68 from 384 3/1/15)
Number of Homes SOLD in March: 224 vs 124 last month (as of March 1) UP 100
Average Sales Price: $216,438 vs. February’s $211,960
Average Cumulative Days on Market for SOLD homes: 95 vs 92 in February
Median Sales Price: $187,500 vs. February’s $174,250
Median Cumulative Days on Market for SOLD homes: 63 vs. 60
Minimum Price Sold: $27,100
Maximum Price Sold: $845,000
What are the key takeaways?
- The Spring surge is BACK, as expected. Like the swallows of Capistrano, you can count on a market bounce upwards when the weather warms. MORE homes for sale, MORE under contract, MORE Sold, MORE money being paid. And despite the increase in inventory, still a need for MORE homes for sale. Some of the prime communities still have little to nothing for sale. Some of the high demand buyer segments are in Mother Hubbard mode, the cupboards are bare of homes for sale!
- Time on market was so slightly higher as to be negligible. And homes going under contract in a day or two? It’s happening with the best homes at the best prices. And as a seller gets their home under contract, they’re in a hurry to find a replacement home amongst the limited inventory.
- Distressed (short sales and foreclosures) continue to be a fairly small segment of Warren County homes for sale although bargain hunting is still part of the search process for many buyers. Currently the 970 homes for sale include 42 foreclosed homes and 29 short sales. Of the 224 homes sold in March, 14 were foreclosures and 4 were short sales.
Still have questions about the local real estate market or want an in depth analysis of YOUR particular neighborhood and home? Call us at 513-520-5305 or email at Liz@LizSpear.com. No hassle, no pressure. Whether you want to go on the Warren County market tomorrow, or next year, there’s value in knowing your specific options.
Liz and Bill