We’ve turned the page on January. Sun & Snow, Warm & Cold, enough up and down that some of our daffodil shoots are breaking ground. We’re seeing early signs of the real estate market picking up as we have two new listings of our own coming on the market next week.
So what to the stats indicate for the Warren County Ohio real estate market?
Warren County Residential Sales Summary (single family homes & condos):
Number of Homes For Sale 2/1/2018: 563 (DOWN 16 from 579 1/1/18)
Number of Homes Under Contract (Pending) 2/1/18: 352 (UP 58 from 294 1/1/18)
Number of Homes SOLD in January: 141 vs 186 last month (as of January 1 DOWN 45)
Average Sales Price: $223,312 vs. December’s $269,030
Average Cumulative Days on Market for SOLD homes: 45 vs 75 in December
Median Sales Price: $192,500 vs. December’s $221,500
Median Cumulative Days on Market for SOLD homes: 20 vs. 36
Minimum Price Sold: $52,500
Maximum Price Sold: $650,000
What are the key takeaways?
- At first glance you might be a bit nervous about the market, but don’t let the numbers frighten you. The homes Pending number is increasing, and that’s a leading indicator of the coming busy season.
- Buyers were busy bargain shopping this month. Still not nearly enough homes on the market to meet buyer needs.
- Prices dropped, primarily due to the number of luxury homes of only 5 of the 141 homes sold for more than $500,000. And only 3 additional sold for more than $400k. So this month was heavy to the cheaper end of the price spectrum.
- New construction entered in MLS and sold was 10 homes, and those are just the ones reported in Cincinnati MLS. New construction accounts for 176 of the 563 homes listed in MLS and NOT under contract.
- Distressed (short sales and foreclosures) continued to be insignificant this month with 2 foreclosures and no short sales in the 141 sold homes. Currently the 563 homes for sale include 7 foreclosed homes and 4 short sales.
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