Springboro Ohio 45066 Single Family Home Residential Market Report January 2014
Out showing homes this morning and there were STILL snowflakes flurrying and ice on the sidewalks, so we had to be careful with our steps! Has the winter cold weather made the Springboro real estate market slippery, or is the Springboro market as toasty as a family roasting marshmallows in the fireplace? Stay with us for the full report and our advice for potential Springboro home sellers and buyers. And if you want to search for Springboro homes for sale, we've got search for Springboro homes for sale links at the bottom of the 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. Data is derived from the Dayton MLS only, so homes sold without Dayton MLS entry will NOT be included in this review.
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 per the Ohio Department of Education ratings. Additionally Springboro was selected #42 in U.S. in 2011 by Money magazine for Best Small Cities To Live and probably would have made the 2013 list, but Money magazine changed the rules to only one town per county and Mason got the nod. Area residents have known for some time Springboro is a great place to live, so nice to see the same recognition nationally!
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.
Country Brook, A Clearcreek Township community with Springboro Schools
So, on to the data!
First up is the number of Springboro single family homes sold on a month by month basis starting in 2010 and carrying forward to present:
Next is the Springboro median price summary chart.
Springboro Single Family Home Summary:
Homes Sold: 25 (4 Bank/Government Owned, 1 Short Sale) DOWN 19
Average Price: $218,071 DOWN $76k
Median Price: $185,500 DOWN $85k
Days on Market Average: 91 DOWN 32
Homes Active 2/8/14: 188 UP 7
Homes Pending 2/8/14: 36 UP 8
Average Sales/List %: 98.1% UP 1.9%
Most Expensive Home Sold: $553,700
Least Expensive Home Sold: $63,000
So what does this all mean? Your first take might be to choose some four letter words, sales prices down HUGE, right?? Sales quantity also down HUGE! Five of the 25 sales were distressed properties, were ANY of the numbers positive? Actually, yes! Days on market came down significantly, sales to list price percentage was also very good and the number of homes under contract increased.
Now back to those "horrendous" sales numbers! Actually not so bad when you go back and realize December 2013 was a phenomenal month for the Springboro sales market, with a healthy portion of luxury homes sold, which of course brought the average and median prices WAY up, so when we do a January to December comparison, January doesn't look so great. But the reality is January wasn't that far off a typical January. The sale quantity actually BEAT every January from 2010-2013, and the median price is within the range of "normal" for the past Januarys.
All in all, it wasn't a bad month, we just had a shift in mix of completed purchases to include more of the subdivision homes like in Settler's Walk and fewer of the luxury homes like you find in Country Brook! Only two homes sold for less than $100k, but only 1 sold above $500k and only 4 total above $300k. That tight band of sales brings the average and median prices to where they are this month. We'll see how February goes and if this data becomes a trend or an aberration.
Distressed properties (foreclosures and short sales) are still a VERY small section of the Springboro market, although this month they did account for 5 of the 25 completed sales. However, with only 8 distressed properties part of the for sale section of the Springboro market, they don't account for much of the local market.
So what does this mean to you as a Springboro single family home owner? It's still good to be you! Overall, Springboro's financial stability and great schools means demand is there for your home. Bottom line, we don't see much here to discourage someone considering selling their Springboro home to enter the market.
Keep in mind if you have a luxury resale you're competing against custom home new construction in communities like Country Brook and that makes your sale more of a challenge than lower priced homes.
For an evaluation of your home's marketability, please contact us. And of course your personal circumstances will have impact of the right decision. We'll give you our best advice, whether to start now, or wait.
So what does this mean to you as a potential Springboro home buyer? Really no reason to change our advice. The bargain hunters were out last month, but we don't expect Springboro home prices to decrease. You risk having to pay MORE and get LESS the longer you wait if Springboro home prices continue to increase. Springboro is not typically going to be the place to lowball offers and expect to get it accepted. That 98.1% sales price vs. asking price in January tells you buyers aren't winning the price wars, you'll have to pay a fair amount and not likely to find a steal.
Like a Springboro home for sale? Don't delay if you REALLY want it. Lowballing and/or delaying making that offer may lead you to major disappointment. Be prepared to pay for the great condition homes in the best developments.
Springboro offers a lot of prime factors to make it home: great schools, great location, great community. There are quite a few newer homes for sale in communities such as Settlers Walk, and some older subdivisions provide the lower end of the shopping price point. New construction is also available in some communities. If you find a home you love, ACT immediately or some other buyer may take it first.
Want to search Springboro Homes For Sale? Use these Cincinnati MLS links for a partial snapshot. For a COMPLETE overview of both Cincinnati and Dayton MLS homes, contact us and we'll provide a full list for your convenience.
Search Springboro Ohio 45066 Homes For Sale Under $200,000
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 get your Springboro home before prices climb higher?
Serving Springboro's home buyers and sellers,
Liz and Bill aka BLiz