What's My Morrow Ohio Home Worth? November 2015
It's unusually warm for the time of year, and in some areas of Warren County the real estate market is staying active longer than normal. However, in Morrow we are following the typical seasonal pattern, with a decrease in sales volume. With only 11 completed sales in November, take the stats with a grain of salt. With that low a volume, prices and averages are EASILY moved in one direction or another. Stay with us for the details!
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: 11 (1 Bank/Government Owned, 0 Short Sale) DOWN 12
Average Price Sold: $203,144 DOWN $7k
Median Price Sold: $174,990 FLAT
Days on Market Average: 67 DOWN 54
Homes Active 12/11/15: 80 DOWN 11
Homes Pending 12/11/15: 39 DOWN 5 (that 39 includes one of our buyers)
Average Sales/List %: 97.0% DOWN .3%
Most Expensive Home Sold: $429,000
Least Expensive Home Sold: $17,000
So what can we determine from the latest statistics?
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Again, sales volume dropped heavily. We could even go SCARY and say, MORROW HOME SALES DROPPED OVER 50%!!!! But while accurate, that statement doesn't really reflect the true condition of the market. Compare the numbers of November sales to past November sales and you'll find that 11 is just another typical sales number for Novembers. Some are higher, some lower, it's just not a peak month for Morrow home sales.
- Prices moved down just a bit for average and were $90 off from being exactly the same for median. Overall, sales are tightly bunched in the 100-300k price range. This month there was 1 sale below $100,000 and 2 above $300,000.
- The number of homes for sale dropped to 80, which is a pretty slim choice for buyers. The number of homes under contract decreased by 5, but 39 is still a very good number for the time of year.
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Distressed property influence was small this month, with 1foreclosures and 0 short sale part of the 11 sold. Only 4 of the 80 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? Overall the market trends favor sellers thanks to the continuing decrease in homes for sale. Demand varies based on subdivision or rural location, home features, new construction competition, etc.
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?
No change in past advice: 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 low. 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
Recent Morrow Market Reports:
October 2015 Morrow Real Estate Market Report
September 2015 Morrow Real Estate Market Report
August 2015 Morrow Real Estate Market Report
July 2015 Morrow Real Estate Market Report
June 2015 Morrow Real Estate Market Report
May 2015 Morrow Real Estate Market Report
April 2015 Morrow Real Estate Market Report
March 2015 Morrow Real Estate Market Report
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