It’s hot and muggy, so it must be the start of July in Ohio! But the weather doesn’t seem to be slowing down the real estate market in Warren County as we’re out with buyers regularly, and our favorite home inspectors are booked to the max and having to turn away business! We’re coming up fast on the July 4th weekend with plenty of area fireworks! Has the Warren County Ohio real estate market gone off like a firecracker?
We’ll give you a quick overview based on the early info and you can 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 7/1/14: 1178 (UP 54 from 1124 6/1/14)
Number of Homes Under Contract (Pending) 7/1/14: 529 (DOWN 42 from 571 5/1/14)
Number of Homes SOLD in May: 301 vs 228 last month (as of June 1) UP 73
Average Sales Price: $236,265 vs. May’s $245,308
Average Cumulative Days on Market for SOLD homes: 75 vs 86
Median Sales Price: $195,000 vs. May’s $210,350
Median Cumulative Days on Market for SOLD homes: 26 vs. 31
Minimum Price Sold: $18,100
Maximum Price Sold: $1,200,000
What are the key takeaways?
- The number of homes available increased while the number of UNDER CONTRACT (PENDING) dropped. Now that school is out there are more homes coming on the market. The PENDING drop indicates that a good many of the homes being offered aren’t meeting the buyer needs/wants for location, price, condition, etc.
- Days on market dropped for both average and 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 not enough we’d consider it to be a significant move (especially for the average price).
- Overall, a positive month and the continued high number of Pendings signals well for July’s Sold numbers to be better than June’s.
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 1178 homes for sale include 37 foreclosed homes and 32 short sales. Of the 301 homes sold in June, 15 were foreclosures and 4 were short sales.
For an in depth analysis of YOUR particular neighborhood and home, call us at 513-265-3004 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.
Serving Warren County’s residential real estate needs,
Liz and Bill aka BLiz