Warren County Ohio Real Estate Market Snapshot May 1, 2015

Warren County Ohio Real Estate Market Snapshot May 1, 2015 

We’re seeing some mixed numbers.  There was certainly a surge in March, then a bit slower in April, especially once the kids’ spring break was over.  Some houses are still getting flooded with showings and under contract in a few days (or less) and others may still need months.  It’s all about location and what’s in demand.

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 5/1/15:  997 (UP 27 from 970 4/1/15)

Number of Homes Under Contract (Pending) 5/1/15: 630 (UP  178 from 452 4/1/15)

Number of Homes SOLD in April: 195* vs 224 last month (as of  April 1)  DOWN 29

Average Sales Price: $242,030 vs. March’s $216,438

Average Cumulative Days on Market for SOLD homes:  76 vs 95 in March

Median Sales Price:  $195,500 vs. March’s $187,500

Median Cumulative Days on Market for SOLD homes:  31 vs. 63

Minimum Price Sold:  $22,102

Maximum Price Sold:  $2,525,000

What are the key takeaways? 

• *First, there were more homes sold in April than 195.  How do we know?  We personally closed on two additional homes late yesterday, our sellers completed the sale of their Maineville home and immediately became buyers in Morrow.  so two of those 630 Pendings went under contract yesterday.  Wouldn’t surprise us is a LOT more of those 630 under contract transitioned to sold yesterday. 
• Fact is, that 630 is a HUGE number of homes under contract.  And a close look at the number Active from month to month will tell you that new additions to the market were almost totally offset by homes going under contract.  Days to get under contract also dropped, so it’s obvious demand is out there.   
• Expect May to be a big month for completed sales as many of those 630 currently under contract finish the sales process.
• 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 997 homes for sale include 32 foreclosed homes and 25 short sales.  Of the 195 homes sold in April, 13 were foreclosures and 2 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