Warren County Ohio Real Estate Market Snapshot September 2014
It’s hard to believe we’re now in the last three months of 2014! Halloween, Thanksgiving, Christmas, and suddenly it will be New Year’s Eve and 2015! We’re entering the time of year where are local real estate market tends to slow. But note we said SLOW, not STOP! There will still be plenty of activity (we’ve got a new listing coming next week, homes to show tonight, more scheduled for the weekend, etc.). Buyers will still be buying and sellers will still be selling, just not quite in the same volume as the peak summer months.
Stay with us for a top line review of the September Warren County Ohio residential home market.
Warren County Residential Sales Summary (single family homes & condos):
Number of Homes For Sale 10/1/14: 1219 (DOWN 26 from 1245 9/1/14)
Number of Homes Under Contract (Pending) 10/1/14: 390 (DOWN 37 from 427 9/1/14)
Number of Homes SOLD in September: 229 vs 251 last month (as of September 1) DOWN 22
Average Sales Price: $216,652 vs. August’s $232,030
Average Cumulative Days on Market for SOLD homes: 58 vs 64
Median Sales Price: $174,999 vs. August’s $200,000
Median Cumulative Days on Market for SOLD homes: 34 vs. 33
Minimum Price Sold: $15,000
Maximum Price Sold: $1,400,000
What are the key takeaways?
- As you can tell, we ARE in a bit of a slowdown. Fewer homes for sale, fewer under contract, fewer sold, and even prices are down a bit. That’s all basically the norm for this time of year.
- Homes sold faster on average, homes that actually sold needed a bit under two months on average. Some areas of our market beat that easily, and other areas (especially as you head to rural markets), needed considerably longer.
- Don’t panic about the home prices dropping. It was a bargain shopping month with a significant number of below $100k older homes and condos being purchased. And the luxury market was on the low side, only 11 homes sold above $500,000, and one of those homes was a listing of ours in Springboro’s Stone Ridge The Woods (upper left corner of the photo collage below).
- And again a HUGE spread between the least expensive home and the most expensive home sold in September. From a cash only home where the land was the prime value to a custom luxury home in suburbia.
Distressed (short sales and foreclosures) continue to be a fairly small segment of Warren County homes for sale, and their involvement in the market continues to be minimal. The 1219 homes for sale include 35 foreclosed homes and 32 short sales. Of the 229 homes sold in September, 14 were foreclosures and 4 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.
Liz and Bill aka BLiz