It’s been an unusual summer. The weather cooler than the norm. We’re within 2-3 weeks of the kids going back to school. Hard to believe, but it seems like summer is winding down. Typically in our market as summer winds down, the real estate market starts to slow down too. Did that hold true for the Warren County Ohio real estate market? Stay with us for a top line review of the July 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.
Warren County Residential Sales Summary (single family homes & condos):
Number of Homes For Sale 8/1/14: 1228 (UP 50 from 1178 7/1/14)
Number of Homes Under Contract (Pending) 8/1/14: 480 (DOWN 49 from 529 7/1/14)
Number of Homes SOLD in July: 292 vs 301 last month (as of July 1) DOWN 9
Average Sales Price: $223,424 vs. June’s $236,265
Average Cumulative Days on Market for SOLD homes: 59 vs 75
Median Sales Price: $186,500 vs. July’s $195,000
Median Cumulative Days on Market for SOLD homes: 30 vs. 26
Minimum Price Sold: $18,025
Maximum Price Sold: $1,825,000
What are the key takeaways?
- It does look like we’re getting a bit of a slowdown. More homes offered for sale, fewer under contract, fewer sold. However, those “fewer” numbers aren’t off by much, and still VERY strong months overall for the number of homes under contract and for the number of homes sold.
- Days on market dropped for average but up slightly for median. The median is the better indicator for how fast homes are moving (basically 50% of the homes that went under contract in less than 4 weeks). Note for the homes that HAVE NOT sold, that day count will be MUCH higher. A short time on market is the reward for having a home that is market ready and priced right from the start.
- Home prices decreased on average and median, but again, not so significantly as for us to read anything serious into the drops.
- And quite the spread between the least expensive home and the most expensive home sold in July.
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 1228 homes for sale include 36 foreclosed homes and 37 short sales. Of the 292 homes sold in July, 25 were foreclosures and 3 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.