Warren County Ohio Real Estate Market Snapshot August 2014
A quick snapshot of the Warren County market
It’s the day after the big end of summer bash on the Ohio River. The fireworks have sent out the season with a bang! It’s been a very strong summer for Warren County home sellers and buyers too, with some of the best activity we’ve seen in years! We’ll caveat this month’s report with the expectation that we’ll be underreporting the sales for the month of August. With the long Labor Day weekend, closings Friday and new listings from the weekend will NOT be entered into MLS yet. (For instance, our buyers completed the purchase of a home Friday afternoon, but the home is still showing Pending in MLS).
Stay with us for a top line review of the August market.
Come back later this month (starting around the 5th) for the start of our detailed market reports for Mason, Lebanon, Springboro, Maineville/Hamilton Township & Morrow. By then all the month end transactions will have been accounted for.
Warren County Residential Sales Summary (single family homes & condos):
Number of Homes For Sale 9/1/14: 1245 (UP 17 from 1228 8/1/14)
Number of Homes Under Contract (Pending) 9/1/14: 427 (DOWN 53 from 480 8/1/14)
Number of Homes SOLD in August: 251 vs 292 last month (as of August 1) DOWN 41
Average Sales Price: $232,030 vs. July’s $223,424
Average Cumulative Days on Market for SOLD homes: 64 vs 59
Median Sales Price: $200,000 vs. July’s $186,500
Median Cumulative Days on Market for SOLD homes: 33 vs. 30
Minimum Price Sold: $8,600
Maximum Price Sold: $1,450,000
What are the key takeaways?
- Our typical summer slowdown continues. Fewer homes sold, fewer homes under contract, and bit more homes For Sale. By no means are the numbers bad, they’re just less than the previous few months. Still a LOT of homes changing ownership.
- Days on market increased SLIGHTLY, and again, to be expected for this time of year.
- Home prices increased both average and median from the previous month, but still fairly consistent with most recent months.
- And again a HUGE spread between the least expensive home and the most expensive home sold in August. From a cash only auction in the country to a custom luxury home in suburbia.
Distressed (short sales and foreclosures) continue to be a fairly small segment of Warren County homes for sale, and their involvement in the market continues to be minimal. The 1245 homes for sale include 41 foreclosed homes and 30 short sales. Of the 251 homes sold in August, 17 were foreclosures and 2 were short sales.
For 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.
