Warren County Ohio Real Estate Market Snapshot October 2014
Yes, it happened this morning, small little flakes of the WHITE DEATH were falling from the sky! The first of the season and I'd bet there was a mass run on milk, bread and TP at the local stores despite the fact it only lasted for a few minutes! And while the summer real estate market has come and goine, our local market has NOT totally cooled off yet, at least as far as our personal experience! Today was a full day out with three different sets of buyers, one offer submitted and under negotiations, and also working with other buyers concerning a new construction patio home community!
So how's the the rest of the Warren County market performing as we fast approach the holiday season? Stay with us for a top line review of last month's Warren County Ohio residential home market.
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. By then all the month end transactions will have been accounted for.
Warren County Residential Sales Summary (single family homes & condos):
Number of Homes For Sale 11/1/14: 1144 (DOWN 75 from 1219 10/1/14)
Number of Homes Under Contract (Pending) 11/1/14: 370 (DOWN 20 from 390 10/1/14)
Number of Homes SOLD in September: 227 vs 229 last month (as of October 1) DOWN 2
Average Sales Price: $237,127 vs. September's $216,652
Average Cumulative Days on Market for SOLD homes: 92 vs 58
Median Sales Price: $185,000 vs. September's $174,999
Median Cumulative Days on Market for SOLD homes: 46 vs. 34
Minimum Price Sold: $19,500
Maximum Price Sold: $1,550,000
What are the key takeaways?
- As you can tell, we are continuing last month's slowdown. Fewer homes on the market, a bit less under contract, but only SLIGHTLY less actually completed. Overall, we have no complaints with the market activity for the time of year.
- Time on market slowed down significantly for both average and median. Also to be expected with fewer buyers actively looking this time of year. However, those numbers can vary VERY radically from some of the best subdivisions to other more challenging homes to sell (think country homes a long commute away from buyer's jobs).
- Average and median prices popped back up after last month's drop.
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Still tough to be a luxury home seller, with only 13 of the 227 homes sold priced above $500,000. However, there were 4 sales in excess of $1 million.
Distressed (short sales and foreclosures) continue to be a fairly small segment of Warren County homes for sale, and their involvement in the market continues to be minimal. The 1144 homes for sale include 33 foreclosed homes and 30 short sales. Of the 227 homes sold in September, 14 were foreclosures and 3 were short sales.
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Still got 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
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