Morrow Ohio home sales in March were abnormally low at 8, in fact near the lowest in the last several years. However, it looks like a temporary aberration when you consider the number of homes under contract is 47. Obviously April sales should be much higher than March. There's an ongoing issue with a minimal number of homes for sale, with only 33 homes NOT under contact and NOT new construction opportunities.
Because of the very low number for sales, consider the data for sales prices and time to sell a bit suspect. With only 8 total sales, numbers can be deflected significantly. Stick with us for further details.
We're including some easy to use Search Morrow Homes For Sale links at the end!
This report is specific to zip code 45152 (includes homes in portions of Union Township, Salem Township, Hamilton Township, Harlan Township and Washington Township in addition to Morrow). 45152 is covered primarily by Little Miami Schools but also has Lebanon and Kings school district present.
For a free home valuation, home owners please click What Is My Morrow Ohio Home Value? and fill out the form.
All data is derived from the Cincinnati MLS system. If any Morrow area homes traded hands without a REALTOR® involved, then those sales won't be reflected in this report.
Wedgwood, a typical Morrow area subdivision (although the new construction is finished there!)
With regards to housing choices in 45152, 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 2013 through present month:
Next is the Morrow median price summary chart.
Morrow 45152 Single Family Home Summary:
Homes Sold: 8 (0 Bank/Government Owned, 0 Short Sale, 0 New Construction) DOWN 3
Average Price Sold: $230,094 DOWN $45.5k
Median Price Sold: $240,875 UP $20.5k
Average Days on Market for SOLD homes: 46 DOWN 57 (median 49)
Homes Active 4/21/19: 62 UP 5
Homes Pending 4/21/19: 47 UP 19
Average Sales/List %: 98.0% DOWN 1.3%
Most Expensive Home Sold: $303,000
Least Expensive Home Sold: $132,000
So what can we determine from the latest statistics?
- As we stated at the beginning, 8 completed sales is VERY low, even for March. Don't put much value into the price lines nor the time to sell info since with only 8 data points the numbers can be moved rather easily. Look to next month's report for something closer to usual.
- The pending number jumped significantly, a very good indictation that March's 8 total was just a little blip.
The number of homes for sale increased slightly, but when you remove the 29 new construction homes, 33 resale homes across all locations and the entire price range leaves very little buyer choice. Of the 8 homes sales, none sold below $100,000 and 5 of them sold for more than $200,000.
- Time to sell moved dropped to abouve 6-7 weeks.
Distressed property accounted for none of the 8 sold and none of the 62 for sale.
So what does this mean to you as a Morrow single family home owner?
STILL NO REASON TO CHANGE FROM LAST MONTH: Low inventory levels work to your advantage, just as long as you take into account the new construction competition. If you live in a community still actively building, that's a key consideration when pricing your home.
Overall, demand varies based on subdivision or rural location, home features, new construction competition, etc.
Buyer demand is obviously there based on the number of homes under contract. However, it does typically take longer to sell than other communities with an easier commute to Cincinnati.
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 REASON TO CHANGE HERE EITHER: 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 VERY 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. Interested in new construction? We can help with that too, so just call 513-520-5305.
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: