The first month of 2016 is in the books and the real estate market has been more active than the norm for the cold months of winter. We’re seeing some of the best homes go under contract quickly despite this being the “slow” time of year.
Let’s take a quick look and see what the January 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 2/1/16: 843 (DOWN 1 from 844 1/1/16)
Number of Homes Under Contract (Pending) 2/1/16: 362 (UP 62 from 300 1/1/16)
Number of Homes SOLD in January: 129 vs 214 last month (as of January 1 DOWN 85)
Average Sales Price: $210,005 vs. December’s $235,949
Average Cumulative Days on Market for SOLD homes: 78 vs 92 in December
Median Sales Price: $183,500 vs. December’s $195,000
Median Cumulative Days on Market for SOLD homes: 41 vs. 43
Minimum Price Sold: $15,000
Maximum Price Sold: $485,000
What are the key takeaways?
- Obviously sales volume dropped HEAVILY in January, but that’s a typical drop for this time of year. December is more family time and less house hunting time. The fact that Pending (homes under contract) is now up to 362 homes indicates that January’s sales totals are just a momentary drop.
- The market needs MORE homes for sale! 843 homes not under contract spread across the entire county and all price points just doesn’t provide the buyers enough in some key county markets. New construction is still busy though!
- Not much for sales on the upper end in January, thus the drops in price for average and median.
- Time to sell actually decreased!
- Distressed (short sales and foreclosures) continue to be a fairly small segment of Warren County homes for sale. Currently the 843 homes for sale include 33 foreclosed homes and 19 short sales. Of the 129 homes sold in January, 4 were foreclosures and none were short sales.
- Bottom line, if you need to sell a home, there’s a lack of homes for sale and there’s still enough activity to support getting our marketing to work for you. If you’re thinking about buying, inventory is tight. Spring is coming soon!
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