School is almost back in session and that typically means a last push by families to get a new home BEFORE school starts up again. School’s return won’t stop home sales, but there is a typical slow down after that date.
Let’s take a quick look and see what last month’s stats tell us about the Warren County Ohio residential home market.
Warren County Residential Sales Summary (single family homes & condos):
Number of Homes For Sale 8/1/16: 971 (UP 16 from 955 7/1/16)
Number of Homes Under Contract (Pending) 8/1/16: 604 (DOWN 22 from 626 7/1/16)
Number of Homes SOLD in JULY: 310 vs 378 last month (as of July 1 DOWN 68)
Average Sales Price: $272,154 vs. June’s $249,364
Average Cumulative Days on Market for SOLD homes: 86 vs 59 in June
Median Sales Price: $234,778 vs. June’s $219,250
Median Cumulative Days on Market for SOLD homes: 39 vs. 15
Minimum Price Sold: $30,000
Maximum Price Sold: $1,500,000
What are the key takeaways?
- If you’re reading closely, you can see the signs that we’re on the downhill side of the year’s peak. Inventory up slightly. The number of homes down, the number of homes under contract down a bit too, and another tell tale, time to sell jumping UP.
- Distressed (short sales and foreclosures) continue to be a fairly small segment of Warren County homes for sale. Currently the 971 homes for sale include 17 foreclosed homes and 8 short sales. Of the 310 homes sold in July, 4 were foreclosures and 1 was a short sale.
- Bottom line, if you need to sell a home it’s NOT too late as there are still segments of the market with a short supply. We’d still expect close to 300+ homes to complete sales each of the next couple of months.
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 aka BLiz