COVID-19 has had some impact on the local real estate market, slowing down overall activity when compared to expected. Fewer homes sold, but considering the entire month was shelter in place, it could have been MUCH, MUCH worse. Buyers still need to buy and sellers still need to sell.
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 5/1/2020: 427 UP 47
Number of Homes Under Contract (Pending) 5/1/2020: 386 DOWN 4
Number of Homes SOLD in April: 221 DOWN 36
Average Sales Price: $297,236 DOWN $5k
Average Cumulative Days on Market for SOLD homes: 42 DOWN 8
Median Sales Price: $270,000 SAME
Median Cumulative Days on Market for SOLD homes: 7 DOWN 3
Minimum Price Sold: $24,000
Maximum Price Sold: $835,000
What are the key takeaways?
- While conditions aren't BAD, they're not as GOOD as they'd usually be. The key indicator that the shelter in place has put a bit of a damper on the real estate market? The number of homes sold in April actually DROPPED from March. That's a number that should have gone UP if normal patterns were being followed. And frankly the number of PENDING should have been an increae too.
- Almost all the other stats are heading in the expected direction for this time of year. MORE homes on the market. Quicker selling time. For all intents, prices were essentially the same month to month.
- The one thing missing from the SOLD category? The REALLY high end luxury homes. Nada in the over 1 million dollars category, and typically there would be 1 or 2 there. But hey, when the stock market has a 30% correction before mostly rebounding, people might think twice about high end home purchases.
Out of the 221 homes sold, 3 sold for less than $100,000, 20 sold for $500,000 or more (that price is the local threshold for "luxury" homes) and of those 20, the bulk were in the 500s, with only 7 topping 600k.
- 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 221 reported SOLD. New construction accounts for 148 of the 427 homes listed for sale in Cincinnati MLS.
- Distressed (short sales and foreclosures) accounted for 3 sales this month with 3 foreclosures and no short sales in the 221 sold homes. Currently the 427 homes for sale include no 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