Warren County Ohio Real Estate Market Snapshot May 2014

 

While it may not OFFICIALLY be summer yet, all the signs are here.  Hot and sometimes humid.  The amusement parks are all open (including the waterparks).  Summerfair is this weekend.  Memorial Day Weekend and Taste of Cincinnati has already passed.  So did the Warren County Ohio real estate market go on full burn too?!!

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 6/1/14:  1124 (SAME from 1124 5/1/14)

Number of Homes Under Contract (Pending) 6/1/14: 571 (UP 84 from 487 5/1/14)

Number of Homes SOLD in May: 228 vs 203 last month (as of May 1)  UP 25

Average Sales Price: $245,308 vs. April’s $220,206

Average Cumulative Days on Market for SOLD homes:  86 vs 73

Median Sales Price:  $210,350 vs. April’s $182,000

Median Cumulative Days on Market for SOLD homes:  31 vs. 42

Minimum Price Sold:  $17,500

Maximum Price Sold:  $1,404,620

What are the key takeaways? 

• The number of homes available SEEMED to stay flat, but notice the increase in Pending homes.  That tells you homes actually moved off market quicker than the new ones came on the market.
  
• The number of homes UNDER CONTRACT (PENDING) also increased.  Also EXPECTED for the time of year.
• Days on market dropped on the median, but increased on the average slightly.  So basically we had some homes that had been trying for a LONG time finally sell, which pushed the average up.  However, the median is the better indicator for how fast homes are moving (basically 50% of the homes went under contract in 31 days or less).
• Home prices increased (and it never hurts to have a $1.4 million dollar sale!)
  
• Overall, a positive month and the high number of Pendings signals well for June’s Sold numbers to be better than May’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 decreased in May.  The 1124 homes for sale includes 33 foreclosed homes and 32 short sales.  Of the 228 homes sold in May, 20 were foreclosures and NONE were short sales.

 

For 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.