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What's My Morrow Ohio Home Worth? October 2015

By Liz and Bill Spear

Real Estate Agent with Transaction Alliance 513.520.5305 www.LizTour.com SAL.2002007747

November 11, 2015 08:24 AM

What's My Morrow Ohio Home Worth? October 2015

It's getting colder and that USUALLY means the local real estate market slows down. But NOT in Morrow as homes sales continued at a steady level in October when other localities are seeing a drop. And perhaps the biggest reason Morrow didn't tail off? New construction. Morrow has more new homes being built percentage wise than other communities, and that steadies demand. Stay with us for the full details! As a bonus we're including some easy to use Search Morrow Homes For Sale links at the end!

We're covering only zip code 45152, which also includes homes in parts of Union Township, Salem Township, Hamilton Township, Harlan Township and Washington Township in addition to Morrow. Not all of those townships are solely in 45152 so this report is not a complete coverage of those townships. 45152 is covered primarily by Little Miami Schools. This report is informational and for the best advice for you as an area home buyer or seller, please contact us for a specific review of your needs.

All data is derived from the Cincinnati MLS system. If any Morrow area homes traded hands without a REALTOR® involved, then it won't be reflected in this report. All data is for the 45152 zip code only.

The 45152 zip code offers a diversity of living choices, with a focus on affordable housing. The Morrow area can be readily reached by taking either the SR48 or SR123 exits off I-71.

Wedgwood, a typical Morrow area subdivision (although the new construction is finished there!)

With regards to housing choices, there are quite a few developments, with the majority focused at the $200k price point with many starter type homes available well below that. There are also several smaller communities with a focus on upper end properties with larger lots. Additionally, there are some patio home communities also available. And of course if your preference is rural living with more acreage, there's plenty of opportunity for that too!

So, on to the review!

First up is the number of Morrow area single family homes sold on a month by month basis for 2010 through present month:

Next is the Morrow median price summary chart.

Morrow 45152 Single Family Home Summary:

Homes Sold: 23 (3 Bank/Government Owned, 1 Short Sale) UP 1

Average Price Sold: $210,539 UP $14k

Median Price Sold: $174,900 DOWN $23k

Days on Market Average: 121 UP 32

Homes Active 11/11/15: 91 SAME

Homes Pending 11/11/15: 44 DOWN 2 (that 44 includes one of our buyers)

Average Sales/List %: 97.3% UP 1.1%

Most Expensive Home Sold: $475,000

Least Expensive Home Sold: $25,000

So what can we determine from the latest statistics?

Morrow went the opposite direction of most of Warren County for October with an INCREASE of sales when compared to the September. And take a look at past months and you'll see a fairly consistent range of 19-23 homes sold each of the last six months
Prices moved up for average, down for median. Overall, sales are tightly bunched in the 100-300k price range. This month there were 4 sales below $100,000 and 4 above $300,000.
The number of homes for sale was the same and the number of homes under contract decreased by 2. Overall, not all that many homes on the market and the homes under contract still point to at least a couple more months around 20. Again, lots of new construction that is affordable maintaining the market.
Distressed property influence was up slightly this month, with 3 foreclosures and 1 short sale part of the 23 sold. Only 2 of the 91 offered for sale or not under contract are bank owned or being offered as a short sale. Keeping those percentages low is good for the overall Morrow market stability.

A repeat from past reports that and the first paragraph of this report bears repeating: some potential Morrow area home buyers are put off by the length of expected commute and the cost of gas. Add in the recent snows and buyer traffic has been down. Overall the potential Morrow buyer population is smaller than areas closer to Cincinnati. If you're trying to sell, or you can expect your days on market to be even longer than the average for most of the county.

So what does this mean to you as a Morrow single family home owner?STILL NO REASON TO CHANGE FROM LAST MONTH: Overall the market trends favor sellers, but it still continues to be a case by case decision for Morrow home sellers. Demand varies based on subdivision or rural location, home features, new construction competition, etc.

If you want to sell and your home equity or cash position allows it, it's tough to make an argument for NOT trying to sell if you have the need to sell.

Buyer demand is obviously there, just not in the large numbers as some of Morrow's neighbors. But you'll need to be patient as it does typically take longer to sell a Morrow home unless you're VERY aggressively priced.

What we can do is provide you the best knowledge about the current market and help prepare your home for a successful sale. Prices are solid and inventory is fairly small. For an evaluation of your specific home's marketability, please contact us.

So what does this mean to you as a potential Morrow home buyer?

ALSO HERE, Past advice still holds true for buyers too: Competition for the best homes is there, but it's not as severe as other places in Warren County. The best homes CAN sell quickly. Inventory is still low but at least there's a bit more selection. If Morrow's location fits your needs, there is good value in Morrow homes. The commute is actually faster than most people expect, and there's both resale and new construction to choose from for your purchase. You've got your pick of VERY affordable housing.

Inventory levels are NOT as high as other areas of Warren County, so depending on your housing needs, there may not be a good match on the market. You can use these Search Morrow Homes For Sale links to get an idea of what is currently offered.

Search Morrow Ohio 45152 Homes For Sale Under $200,000

Search Morrow Ohio 45152 Homes For Sale $200,000 to $400,000

Search Morrow Ohio 45152 Homes For Sale $400,000 and Up

However, one key piece of advice that applies in Morrow and elsewhere: If you see something you like, don't wait on it assuming there will be a price reduction. Get your offer written, submitted and negotiated to final signatures as rapidly as possible.

When you're considering buying a Morrow area home, please contact us with your needs and we'll help you find the right community or country spot for you!

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