Sold by The Liz Spear Team of RE/MAX Elite in Springboro's Stone Ridge The Woods
Sometimes context REALLY matters and that's the case for November's Springboro Ohio real estate market. Sales prices were WAY down, but looks can be deceiving. Stay with us for an explanation of why the numbers shouldn't scare you. The biggest real concern? The continuing low number of homes for sale in Springboro.
Stay with us for the full Springboro report and our advice for potential Springboro home sellers and buyers. And if you want to search Springboro homes for sale, we've got search for Springboro homes for sale links at the bottom of the report. Want to know How Much Is My Springboro Home Worth? Just click the link, fill out the form and we'll get back to you shortly!
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 & 2015 lists, but Money magazine changed the rules to only one town per county and Mason got the nod.
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.
Stone Ridge, A Clearcreek Township community with Springboro Schools
So, on to the review!
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: 36 (0 Bank/Government Owned, 0 Short Sale, 2 New Construction) DOWN 16
Average Price: $281,764 DOWN $56k
Median Price: $246,500 DOWN $43k
Days on Market Average: 75 UP 8 (Median DOM 51)
Homes Active 12/14/2018: 79 DOWN 7
Homes Pending 12/14/2018: 20 DOWN 6
Homes Active/Pending 12/14/2018: 23 more that have a contingency in place (e.g. a home to sell, inspections still to be performed, etc.)
Average Sales/List %: 98.5 UP .1%
Most Expensive Home Sold: $689,000
Least Expensive Home Sold: $136,000
So what does this all mean? There are some key takeaways:
- At first glance those price drops might make you REALLY scared. Down $56,000 on average sales price from one month to the next? Almost 20% off????? But that's not the REAL story. First, Springboro didn't suddenly crater as a desirable place to live and the homes didn't suddenly lose value. We've got two primary factors at play. First, we're in the winter months and the market slows significantly. With a drop from 52 to 36 homes sold, it's MUCH easier to shift. the numbers. Second, we've got a mix issue. In October 9 homes sold over $500,000. In November, only 3. And only 1/3 of the homes sold were over $300,000. This was bargain shopping time in Springboro, NOT a drop in value.
- There is still a very real shortage of homes for sale. Spread 79 homes across all price points and locations and types and a buyer with specific needs really doessn't have much to choose from.
As expected for time of year, the number of homes under contract decreased as did the number under contract with a contingency.
- New construction accounts for 8 of the 79 of the homes not under contract. That's a lower portion than many other Warren County communities.
- Distressed properties are still rare, accounting for none of the homes sold and one of the homes not under contract.
- Don't expect huge discounts from asking price. 98.5% sold to list price for is the highest we've seen in Warren County for quite some time.
Bottom line: Springboro CONTINUES to be one of your best choices for buying a home in the Cincinnati/Dayton corridor but act fast for the best of the best homes.
So what does this mean to you as a Springboro single family home owner?
Not much has changed overall for sellers. The time to sell is still around 2-3 months, so not quite as fast as some of the other Warren County communities. Make sure you have a good price and solid marketing from your agent. Buyers are out there and Springboro is still high demand (despite the slowdown), with great market stability and distressed properties having almost no impact. Need a real estate team to help put it all together? Just give us a call at 513-520-5305.
If you're a luxury home seller keep in mind 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 at 513-520-5305. 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?
NO REASON TO CHANGE OUR BUYER ADVICE:
Springboro is a competitive market for the best homes and the number of homes available is decreasing significantly.
Like a Springboro home for sale? Be prepared to pay for the great condition homes in the best developments. And if it's an in demand neighborhood at an affordable price you'd best act FAST or expect to lose your chance of buying that home to a buyer who was quicker to make a decision.
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.
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 at 513-520-5305 or email Liz@Lizspear.com 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
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