Springboro Ohio 45066 Real Estate Market Report May 2014
The thermometer has climbed! Festivals are coming! Cap and gown ceremonies left and right! Thunderstorms! It all must mean that Summer is fast approaching the Springboro area!
Has the heat elevated the Springboro real estate market? 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.
Stone Ridge, 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: 53 (4 Bank/Government Owned, 0 Short Sale) DOWN 5
Average Price: $274,892 UP $12.5k
Median Price: $272,000 UP $52k
Days on Market Average: 112 UP 2
Homes Active 6/6/14: 240 UP 11
Homes Pending 6/6/14: 66 DOWN 3
Average Sales/List %: 97.3% UP .5%
Most Expensive Home Sold: $549,041
Least Expensive Home Sold: $40,000
So what does this all mean? There are some key takeaways:
- Sales volume is outstanding. Last month was a bit better but don't let the 5 home drop make you think things are going in the wrong direction. 53 is still ahead of past May reports and 66 Pending means another good month for June.
- Prices are VERY solid. The HUGE jump in median price is a make-up for a HUGE drop last month, so basically we're in the expected range, and still better than almost all months on our chart.
- Prices were consistent (note how close median and average prices are). Only two homes sold below 100k, and 9 above 400k. However, only two sales above 500k, so luxury sales are still on the slower side.
- Distressed properties are minimal. Another month with no short sales completed, but frankly Springboro values have risen enough that short sales generally aren't needed. There are only 5 short sales on market in Springboro, and foreclosed homes are scarce too!
- Don't expect huge discounts from asking price. While some homes ARE overpriced, most are priced fairly for the market.
- Home sales can happen quickly, but on average expect a few months to get a contract.
Bottom line: Springboro CONTINUES to be one of your best choices for buying a home in the Cincinnati/Dayton corridor.
So what does this mean to you as a Springboro single family home owner? It's still great to be you! Springboro is still high demand, great market stability with distressed properties having almost no impact. It doesn't get much better than that in our local market! Price right, market right and your sale will come, you just need to be patient and of course hired the right real estate team to take care of those details (HINT, HINT, whose market report are you reading??). And we're now in peak market as families scramble to get settled before school starts again.
However, if you're in the luxury home category, expect more of an uphill challenge. You're competing against custom home new construction in communities like Country Brook and Silver Lake. Combine that with fewer buyers able to afford luxury homes and you realize the market slice is MUCH smaller for you.
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?
Absolutely verbatim from last month:
The Springboro market is getting more and more competitive. The longer you wait, the more it's probably going to cost you to own a Springboro home. There's not a ton of bargains to be found, but there are PLENTY of fairly priced homes available. Homes are selling close to asking price, so understand that MOST homes are fairly priced at this point. The hazards of overpricing have been learned by the area sellers (for the most part!!).
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