Springboro Ohio 45066 Single Family Home Residential Market Report September 2012

Springboro Ohio 45066 Single Family Home Residential Market Report September 2012

Welcome to the September 2012 edition of our Springboro Ohio single family home market report.  This report covers the Springboro Community School district single family homes (so portions of surrounding townships will be included e.g. Clearcreek & Turtlecreek).  This report will only cover single family homes and not include condominium data. 

The Springboro area is popular, especially with residents seeking to commute into Dayton (easy access with I75 and SR741), and even works well for those not minding a bit longer commute south to the Cincinnati area.  Springboro is a good choice for couples where one works in Dayton and the other in Cincinnati.

Springboro Community Schools are among the state's best public schools.  Additionally Springboro was selected #42 in U.S. in 2011 by Money magazine for Best Small Cities To Live.  Area residents have known for some time Springboro is a great place to live, so nice to see the same recognition nationally!   

All data is derived from the Dayton MLS system and involves only Springboro homes sold with  REALTOR® involvement and entered in MLS. All data is for the Springboro Community School District area, so is not limited solely to Springboro city limits.  Keep in mind that some homes may only be listed in the Cincinnati MLS and will not be included in this report.  We STRONGLY recommend any Springboro resident selling their home hire a REALTOR(R) with access to BOTH Cincinnati and Dayton MLS.

The Springboro area offers a full range of price points, and features an older historic area, developments of older homes, new subdivisions and rural options.  There are also golf course communities, luxury home communities, patio home communities....basically there's something for every home buyer's taste and budget. 

So, on to the data!
 
First up is the number of Springboro single family homes sold on a month by month basis for 2010, 2011 and 2012:

Next is the Springboro median price summary chart.

Springboro Single Family Home Category Data Summary:

Homes Sold:  28  (1 Bank/Government Owned, 1 Short Sale) DOWN 2

Average Price:  $219,321 DOWN

Median Price:  $197,125 DOWN

Days on Market Average:  146 UP 30

Homes Active 10/5/12:  199 DOWN 6

Homes Pending 10/5/12:  47 DOWN 8

Average Sales/List %: 96.3% DOWN .2%

Most Expensive Home Sold:  $525,000

Least Expensive Home Sold:  $75,000

So what does this all mean?  Overall, the Springboro single family home market segment slowed last month in for almost every metric.  Days on Market went UP, which in this case is negative if you're trying to sell your home quickly.  Prices dropped across the board, but we will say don't take one month as an overall indicator of the Springboro market.  This is a monthly snapshot and with only 28 homes sold the data can skew more readily than months with higher activity.  One factor that stood out for September was relatively low sales towards the upper price point.  Only 5 homes sold for $300k or more, whereas three sold below $100k.  Those combined pulled the average and median prices down compared to previous months.

On a positive note, number of home sales was consistent with past Septembers.  The drop in homes for sale is typical for this time of year as home sellers may often take their home off the market for the slower months of fall/winter.  The number of homes Pending is also positive.  Having almost 25% of all Springboro homes on the market under contract is still good news!  Average sales/list price % is a positive as it demonstrates homes selling are accurately priced.

In particular, great condition homes either side of $200k continue to be in high demand, particularly for first time home buyers.  This month's sales had a high number of 3 bedroom homes sold.  

The proportion of distressed properties (bank/government owned and short sales) is negligible.   Short sales can involve a tremendous amount of waiting for the buyers.

So what does this mean to you as a Springboro single family home owner?  There is adequate competition that a Springboro home seller needs to accurately price and hire a REALTOR(R) with the marketing ability to get maximum exposure for their home.  Springboro homes for sale are not happening fast, so patience is advocated.  

Luxury home sales are still slower than the remainder of the Springboro single family home market. Only two homes sold in September greater than $400k.

For an evaluation of your home's marketability, please contact us.  And of course your personal circumstances will have impact.  We'll give you the best advice, whether to start now, or hold off until next year.

So what does this mean to you as a potential Springboro home buyer?  Prices seemed to dip overall, however, don't fall into the trap of believing that this means you "own" the market.  Note the 96.3% average of sales price to list price.  We read the shift down in price more as a demand for more economical housing than an indication of sellers slashing prices. Depending on your price point there may not be a wide selection of homes available.  However, if you find a home you love, ACT immediately or some other buyer may take it first.  

When you're interested in buying a Springboro home, please contact us with your needs and we'll help you find the right Springboro community for you!  Why not take advantage of the extremely low interest rates and affordable homes?

Serving Springboro's home buyers and sellers,
Liz and Bill aka BLiz

August 2012 Springboro Market Report