Warren County Ohio Real Estate Market Snapshot March 1, 2015
The snow is mostly gone and the real estate market warms as the temperature does. Stay with us for a top line review of last month’s Warren County Ohio residential home market.
Warren County Residential Sales Summary (single family homes & condos):
Number of Homes For Sale 3/1/15: 917 (DOWN 8 from 925 2/1/15)
Number of Homes Under Contract (Pending) 3/1/15: 384 (UP 84 from 300 2/1/15)
Number of Homes SOLD in December: 124 vs 142 last month (as of February 1) DOWN 18
Average Sales Price: $211,960 vs. January’s $226,333
Average Cumulative Days on Market for SOLD homes: 92 vs 105 in January
Median Sales Price: $174,250 vs. January’s $167,500
Median Cumulative Days on Market for SOLD homes: 60 vs. 77
Minimum Price Sold: $11,000
Maximum Price Sold: $1,325,000
What are the key takeaways?
- Hidden in the numbers above is that the number of new homes coming on the market were absorbed by MORE homes going under contract. Total available dropped 8 while number of homes under contract went up 84. That’s a net of 92 fewer homes available for sale over the course of the month. Basically while the number of SOLD homes continued to drop, that significant swing in number under contract tells you the spring blitz is coming. The only thing that could get in the way? Not enough homes entering the market for sale to meet buyer needs.
- Time on market decreased and that aligns with fewer homes for sale. Buyers that MUST buy now have fewer homes to choose from, so decisions need to be made quicker or risk losing the home that matches their needs. And the dominoes are being pushed, as a seller gets their home under contract, they’re in a hurry to find a replacement home amongst the limited inventory.
- Distressed (short sales and foreclosures) continue to be a fairly small segment of Warren County homes for sale although bargain hunting is still part of the search process for many buyers. Currently the 917 homes for sale include 37 foreclosed homes and 29 short sales. Of the 124 homes sold in January, 13 were foreclosures and 6 were 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