Warren County Ohio Real Estate Market Snapshot January 2014

It’s a wrap!  One of the coldest Januarys in recent memory, with at least 6 days with below 0 temps recorded.  Ridiculous, right??  And will Phil forecast 6 more weeks of cold or an early spring today?  We’re obviously hoping for the warmer option on that forecast!

But did the polar vortex freeze the Warren County real estate market, or did we outperform the norm for this time of year?   We’ll give you a quick overview based on the early info and you can come back later this month (starting around the 5th) for the start of our detailed market reports for Mason, Lebanon, Springboro, Maineville/Hamilton Township & Morrow.  

Warren County Residential Sales Summary (single family homes & condos):

Number of Homes For Sale 2/1/14:  969 (UP 33 from 969 1/1/14)

Number of Homes Under Contract (Pending) 2/1/14: 284 (UP 15 from 269 1/1/14)

Number of Homes SOLD in December: 123 vs 187 last month (as of Jan. 1)

Average Sales Price: $219,236 vs. December’s $219,144

Average Cumulative Days on Market for SOLD homes:  96 vs 100

Median Sales Price:  $184,000 vs. December’s $186,000

Median Cumulative Days on Market for SOLD homes:  58 vs. 67

Minimum Price Sold:  $14,000

Maximum Price Sold:  $805,000

What are the key takeaways? 

• Another significant drop in homes for sale, but honestly that’s pretty typical for this time of year.  It’s a reflection of home buyers taking off the Christmas season and not starting up again until this month.  Check the Pendings total and you can see they’re indicating well for February sales.
  
• Average and Median Prices held VERY steady.
• Days on market actually decreased slightly, a bit unexpected for this time of year.
  
• A handful of homes sellers that weren’t on the market last year decided 2014 is the year for them to sell.
  

Overall, a positive month with the exception of the big dip in completed home sales, and again, not unexpected for this time of year.

Distressed (short sales and foreclosures) continue to be a fairly small segment of Warren County homes for sale, although the proportion did increase slightly as some “regular” home sellers took a holiday break from the market.  The 969 homes for sale includes 48 foreclosed homes and 49 short sales.  Of the 123 homes sold in December, 16 were foreclosures and 6 were short sales.

For an in depth analysis of YOUR particular neighborhood and home, call us at 513-265-3004 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