Spring is here and with it the signs we’re eager to see: blooming flowers, trees leafing out and MORE real estate signs in yards announcing the Spring crop of Warren County Ohio homes for sale! Will the March stats bear out the typical signs of the Spring market?
Warren County Residential Sales Summary (single family homes & condos):
Number of Homes For Sale 4/1/16: 877 (UP 58 from 819 3/1/16)
Number of Homes Under Contract (Pending) 4/1/16: 552 (UP 76 from 476 3/1/16)
Number of Homes SOLD in March: 245 vs 148 last month (as of March 1 UP 97)
Average Sales Price: $219,766 vs. February’s $216,952
Average Cumulative Days on Market for SOLD homes: 72 vs 86 in February
Median Sales Price: $195,000 vs. February’s $185,000
Median Cumulative Days on Market for SOLD homes: 33 vs. 47
Minimum Price Sold: $22,900
Maximum Price Sold: $770,000
What are the key takeaways?
- This it the kind of month we expected to see as the Spring season kicks into full gear. MORE sales. MORE homes under contract. SHORTER selling times. And bonus?? Prices went up a bit too! However, the market still needs MORE new offerings of homes for sale to meet buyer needs.
- The shrinkage in inventory is good news for the builders as the decrease in resale availability brings more buyers to them.
- Sales in the luxury range continue to be more limited, accounting for only 7 of the 245 completed sales.
- Distressed (short sales and foreclosures) continue to be a fairly small segment of Warren County homes for sale. Currently the 877 homes for sale include 21 foreclosed homes and 18 short sales. Of the 245 homes sold in March, 15 were foreclosures and 4 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