School bells have rung and the kids are back in school. USUALLY that means a slow down in real estate activity. However, we’re still getting calls, still showing homes, just not quite at the heavy pace of the late Spring and early Summer months. Let’s take a quick look and see what last month’s 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 9/1/16: 902 (DOWN 69 from 971 8/1/16)
Number of Homes Under Contract (Pending) 9/1/16: 575 (DOWN 29 from 604 7/1/16)
Number of Homes SOLD in AUGUST: 341 vs 310 last month (as of August 1 UP 31)
Average Sales Price: $242,662 vs. July’s $272,154
Average Cumulative Days on Market for SOLD homes: 47 vs 86 in July
Median Sales Price: $204,000 vs. July’s $234,778
Median Cumulative Days on Market for SOLD homes: 19 vs. 39
Minimum Price Sold: $17,000
Maximum Price Sold: $1,050,000
What are the key takeaways?
- A mixed bag kind of month. Sales actually went UP, but note the number of homes dropped significantly, and the number of homes under contract is solid, but definitely down. The good news, homes sold faster. The bad news, average and median prices went down, but that’s more a reflection of the upper end of the market, particularly luxury homes, not having many sales. Only 13 homes sold for $500k or more last month.
- Distressed (short sales and foreclosures) continue to be a fairly small segment of Warren County homes for sale. Currently the 902 homes for sale include 18 foreclosed homes and 10short sales. Of the 341 homes sold in August, 7 were foreclosures and 4 were was a short sale.
- Bottom line, if you need to sell a home it’s NOT too late as there are still segments of the market with a short supply. We’d still expect close to 300+ homes to complete sales next month and maybe in October also.
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 [email protected] 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