The winter months are much milder than the last couple of years, and with that mildness comes a more positive real estate market than typically normal for this time of year. We’re seeing a shortage of inventory and a feeding frenzy on the best houses. Our most recent listing was under contract within 36 hours of MLS debut.
Let’s take a quick look and see what the February stats tell us about the Warren County Ohio residential home market.
Warren County Residential Sales Summary (single family homes & condos):
Number of Homes For Sale 3/1/16: 819 (DOWN 24 from 843 2/1/16)
Number of Homes Under Contract (Pending) 3/1/16: 476 (UP 114 from 362 2/1/16)
Number of Homes SOLD in February: 148 vs 129 last month (as of February 1 UP 19)
Average Sales Price: $216,952 vs. January’s $210,005
Average Cumulative Days on Market for SOLD homes: 86 vs 78 in January
Median Sales Price: $185,000 vs. January’s $183,500
Median Cumulative Days on Market for SOLD homes: 47 vs. 41
Minimum Price Sold: $15,000
Maximum Price Sold: $810,000
What are the key takeaways?
- Sales volume increase slightly but there are two real numbers of note: The continued DECREASE in net homes for sale and the INCREASE in the Pending number. Basically homes are being sold in quantities exceeding replacements coming on the market. That continues to tighten up the opportunities available to the buyers and gives a marked edge to sellers (at least in the most desirable portions of the county).
- The shrinkage in inventory is good news for the builders as the decrease in resale brings more buyers to them.
- Sales in the luxury range continue to be more limited.
- Overall, median and average prices were very close to the month prior.
- Time to sell increased. The decrease in inventory gives second life to homes that have been on the market longer than others as buyers take another look and might decide the home is “good enough” or as the seller finally adjusts to a price that will actually SELL the home.
- Distressed (short sales and foreclosures) continue to be a fairly small segment of Warren County homes for sale. Currently the 819 homes for sale include 26 foreclosed homes and 21 short sales. Of the 148 homes sold in February, 6 were foreclosures and 2 were short sales.
- Bottom line, if you need to sell a home, there’s a lack of homes for sale and there’s still enough activity to support getting our marketing to work for you. If you’re thinking about buying, inventory is tight. Spring is coming soon!
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