COVID-19 has made its presence known in many ways. This would usually be the start of the Spring Warren County Ohio real estate market. It would soon be the busiest time of year. Instead, with concerns about the virus, shelter in place requirements, job layoffs and more, the real estate market has dropped off significantly. 2020 WAS showing signs of easily outperforming 2019.
Stick around for a top level overview!
Come back later this month to read our assessments of Mason, Lebanon, Springboro, Maineville/Hamilton Township & Morrow.
Warren County Residential Sales Summary (single family homes & condos):
Number of Homes For Sale 4/1/2020: 380 DOWN 7
Number of Homes Under Contract (Pending) 4/1/2020: 390 DOWN 7
Number of Homes SOLD in March: 257 UP 100
Average Sales Price: $302,141 UP $1.5k
Average Cumulative Days on Market for SOLD homes: 50 DOWN 29
Median Sales Price: $270,000 UP $3k
Median Cumulative Days on Market for SOLD homes: 10 DOWN 23
Minimum Price Sold: $15,751
Maximum Price Sold: $1,200,000
What are the key takeaways?
- Here's the nutshell version: The spring market was looking GREAT...right up to the point that COVID-19 entered the scene. Showings were outpacing 2019 easily, and then the rug was pulled out. When you look at March's numbers you can see almost across the board there was a duplication of February numbers. Almost the same number of homes for sale (that number should have been UP, and UP some more), and almost the same number of homes under contract and prices were almost identical.
- The decreased time to contract is an indication the market was heating up, as was the jump of 100 homes sold from February to March.
- Out of the 257 homes sold, 9 sold for less than $100,000, 22 sold for $500,000 or more (that price is the local threshold for "luxury" homes) and of those 8, 2 sold for more than 1 million.
- Outside of the MLS information are the hidden new construction homes. Made to order homes are generally NOT entered in Cincinnati MLS. Reported new construction accounted for 29 of the 257 reported SOLD. New construction accounts for 142 of the 380 homes listed for sale in Cincinnati MLS.
- Distressed (short sales and foreclosures) accounted for 7 sales this month with 6 foreclosures and 1 short sale in the 257 sold homes. Currently the 380 homes for sale include 3 foreclosed homes and no short sales.
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Still have questions about the local real estate market or want an in depth analysis of YOUR particular neighborhood and home? Call us at 513-520-5305 or email at Liz@LizSpear.com. No hassle, no pressure. Whether you want to go on the Warren County market tomorrow, or next year, there's value in knowing your specific options.
Serving Warren County's residential real estate needs,
Liz and Bill aka BLiz
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