Spring is coming! Our daffodils are about to burst open! Now the weather may be up and down, but hey, it’s Ohio, right? And with Spring coming, there’s usually an increase in Warren County real estate activity. Are we seeing the usual annual increase? 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 2/1/2018: 572 (UP 9 from 563 2/1/18)
Number of Homes Under Contract (Pending) 3/1/18: 346 (UP 84 from 352 2/1/18)
Number of Homes SOLD in February: 170 vs 141 last month (as of March 1 UP 29)
Average Sales Price: $243,473 vs.January’s $223,312
Average Cumulative Days on Market for SOLD homes: 72 vs 45 in January
Median Sales Price: $219,500 vs. January’s $192,500
Median Cumulative Days on Market for SOLD homes: 38 vs. 20
Minimum Price Sold: $41,500
Maximum Price Sold: $820,385
What are the key takeaways?
- A VERY significant increase in homes under contract is a very good sign! The number of new homes coming on the market barely outpaced the increase in homes under contract.
- There’s still not enough homes on the market to completely satisfy buyer needs. When you consider that almost a third of homes for sale are new construction, the remaining homes and condos spread across the county often leave many developments with NO homes for sale. We’ve got buyers watching and waiting on specific communities to have a match.
- Prices increased relative to January, despite a scarcity of luxury homes being sold. Out of the 170 completed sales, ONLY 7 sold for $500,000 or more.
- New construction entered in MLS and sold was 16 homes, and those are just the ones reported in Cincinnati MLS. New construction accounts for 177 of the 572 homes listed in MLS and NOT under contract.
- Distressed (short sales and foreclosures) continued to be minimal this month with 5 foreclosures and no short sales in the 170 sold homes. Currently the 572 homes for sale include 9 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