The leaves are dropping fast and before we know it we’ll have snow falling! That’s predictable, and so is the annual slow down this time of year in the Warren County real estate market. Inventory increases and the number of contracts slow. But don’t think that means the market has hibernated, there are still MANY homes to be bought and sold!
What do the stats have to tell us about the Warren County Ohio real estate market?
Warren County Residential Sales Summary (single family homes & condos):
Number of Homes For Sale 11/1/2018: 762 (UP 16 from 746 10/1/18)
Number of Homes Under Contract (Pending) 11/1/18: 330 (DOWN 61 from 391 10/1/18)
Number of Homes SOLD in October: 269 vs 242 last month (as of October 1 UP 27)
Average Sales Price: $258,360 vs. September’s $258,710
Average Cumulative Days on Market for SOLD homes: 42 vs 36 in September
Median Sales Price: $215,000 vs. September’s $216,000
Median Cumulative Days on Market for SOLD homes: 12 vs. 13
Minimum Price Sold: $26,892
Maximum Price Sold: $1,300,000
What are the key takeaways?
- The local real estate market continues to slow. No real surprise in that for this time of year. The number of homes for sale increased slightly and the number under contract dropped significantly. There aren’t as many buyers actively looking, but there are still plenty of homes being sold.
- Prices were essentially flat from the previous month.
- Time to sell is staying under 2 weeks from market to contract for half the homes under contract.
- 18 homes sold in the luxury category ($500,000 or more), and 2 sold for more than $1 million.
- New construction entered in MLS and sold was 16 homes, and those are just the ones reported in Cincinnati MLS. Made to order homes are often not reported. New construction accounts for 176 of the 762 homes listed in MLS and NOT under contract.
- Distressed (short sales and foreclosures) continued to be minimal this month with 4 foreclosures and 0 short sales in the 269 sold homes. Currently the 762 homes for sale include 5 foreclosed homes and 1 short sale.
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.
Serving Warren County’s residential real estate needs,
Liz and Bill aka BLiz