We’re entering the usual seasonal slowdown for the Warren County real estate market. How can we tell? The number of homes for sale, under contract and sold all dropped from July to August. With school back in session we expect some of the urgency to purchase to evaporate with certain buyers. There’s still plenty of homes to be bought and sold, it just won’t be at peak month numbers.
What do the stats have to tell us about the Warren County Ohio real estate market?
Stick with us for a quick overview of this month’s stats.
Warren County Residential Sales Summary (single family homes & condos):
Number of Homes For Sale 9/1/2018: 750 (DOWN 28 from 778 8/1/18)
Number of Homes Under Contract (Pending) 8/1/18: 427 (DOWN 10 from 437 8/1/18)
Number of Homes SOLD in June: 286 vs 341 last month (as of September 1 DOWN 55)
Average Sales Price: $276,922 vs. July’s $292,054
Average Cumulative Days on Market for SOLD homes: 34 vs 46 in July
Median Sales Price: $234,950 vs. July’s $240,000
Median Cumulative Days on Market for SOLD homes: 11 vs. 12
Minimum Price Sold: $24,000
Maximum Price Sold: $1,300,000
What are the key takeaways?
- Prices are down a bit month to month, but nothing too significant.
- The key things? The number of homes available for sale, under contract and sold ALL dropped. Basically, the annual slowdown as summer draws to a close has started.
- Time to sell is still fast, with less than 2 weeks from market to contract for half the homes under contract.
- 17 homes sold in the luxury category ($500,000 or more), quite a drop from July’s 36.
- New construction entered in MLS and sold was 14 homes, and those are just the ones reported in Cincinnati MLS. Made to order homes are often not reported. New construction accounts for 197 of the 760 homes listed in MLS and NOT under contract.
- Distressed (short sales and foreclosures) continued to be minimal this month with 5 foreclosures and 0 short sales in the 286 sold homes. Currently the 760 homes for sale include 7 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.
Liz and Bill aka BLiz