The temperature has been scorching hot and there has been plenty of fireworks going off in Warren County! But the pyrotechnics aren’t limited to bursts in the sky, with the affordable housing segment of the local market being hot too! Homes in good condition are NOT lasting long on the market before the contracts appear. There just aren’t enough homes for sale at the price points MOST buyers want. It’s a different market for the luxury segment, with plenty of resales and new construction available.
What do the stats have to tell us about the Warren County Ohio real estate market?
Stick with us for a quick overview of this month’s stats.
Warren County Residential Sales Summary (single family homes & condos):
Number of Homes For Sale 7/1/2018: 730 (UP 77 from 653 6/1/18)
Number of Homes Under Contract (Pending) 7/1/18: 527 (DOWN 29 from 556 6/1/18)
Number of Homes SOLD in June: 338 vs 333 last month (as of July 1 UP 5)
Average Sales Price: $290,8913 vs. May’s $286,093
Average Cumulative Days on Market for SOLD homes: 36 vs 40 in May
Median Sales Price: $248,250 vs. May’s $253,500
Median Cumulative Days on Market for SOLD homes: 8 vs. 7
Minimum Price Sold: $27,000
Maximum Price Sold: $1,395,000
What are the key takeaways?
- Key observation? June was similar to May. The number of homes sold, prices, time to sell, the number under contract, all fairly close to the previous month’s numbers. There’s very little of note with the exception that the number of homes for sale FINALLY started to increase a bit.
- Time to sell was VERY fast for the homes under contract, with half that sold under contract in 8 days or less.
- 32 homes sold in the luxury category ($500,000 or more)
- New construction entered in MLS and sold was 21 homes, and those are just the ones reported in Cincinnati MLS. Made to order homes are often not reported. New construction accounts for 186 of the 730 homes listed in MLS and NOT under contract.
- Distressed (short sales and foreclosures) continued to be minimal this month with 5 foreclosures and 0 short sales in the 338 sold homes. Currently the 730 homes for sale include 5 foreclosed homes and 1 short sales.
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