What's My Morrow Ohio Home Worth? October 2014 Update
Fall has definitely arrived, leaf colors past the point of max blaze and now brown and covering our lawns! But despite the drop in temperatures and leaves, the one thing that has NOT dropped is the Morrow real estate market! Morrow is defying the typical end of year slowdown and demonstrating strong demand. Stay with us for the answer to how is the Morrow real estate market question and as a bonus we're including some easy to use Search Morrow Homes For Sale links at the end!
We're covering only zip code 45152, which also includes homes in parts of Union Township, Salem Township, Hamilton Township, Harlan Township and Washington Township in addition to Morrow. Not all of those townships are solely in 45152 so this report is not a complete coverage of those townships. 45152 is covered by Little Miami Schools. This report is informational and for the best advice for you as an area home buyer or seller, please contact us for a specific review of your needs.
All data is derived from the Cincinnati MLS system. If any Morrow area homes traded hands without a REALTOR® involved, then it won't be reflected in this report. All data is for the 45152 zip code only.
The 45152 zip code offers a diversity of living choices, with a focus on affordable housing. The Morrow area can be readily reached by taking either the SR48 or SR123 exits off I-71.
Wedgwood, a typical Morrow area subdivision (although the new construction is finished there!)
With regards to housing choices, 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 2010 through present month:
Next is the Morrow median price summary chart.
Morrow 45152 Single Family Home Summary:
Homes Sold: 27 (4 Bank/Government Owned, 0 Short Sale) UP 12
Average Price Sold: $194,286* DOWN $27k
Median Price Sold: $164,813* DOWN $43k
Days on Market Average: 96 UP 26
Homes Active 11/10/14: 85 DOWN 10
Homes Pending 11/10/14: 26 DOWN 9
Average Sales/List %: 97.6%* UP 1.2%
Most Expensive Home Sold: $1,400,000*
Least Expensive Home Sold: $60,000
So what can we determine from the latest statistics?
- *First off, we've altered the homes to be considered for the stats. The $1.4 million dollar sale is an aberation for the Morrow market. That home by itself would have shifted the average sales price UP from $194k to $238k and DECREASED sales to list % down significantly since that home sold for $350,000 LESS than asking. Yes, you read that number right, they gave away almost the equivalent of TWO Morrow houses during negotiations. Needless to say, including that ONE sale would have skewed the entire month's data set. All other data without an * are not effected by this exclusion.
- Median and average prices were actually consistent with most of the year. We've had some up/down activity so that explains this month's drops.
- 26 pending homes means another decent month coming, but with inventory down to 85 homes for sale we'll not be able to sustain that rate unless more on the fence sellers place their homes on the market soon (and that action would be against the norm for the cold months).
- This month 2 homes sold below $100,000 and 2 above $500,000. Overall, there's not been a big change in the market drivers for home prices.
- Distressed property influence continues to be minimal. Only 4 of the 27 sold and only 5 of the 85 offered for sale not under contract are bank owned or being offered as a short sale. Keeping those percentages low is good for the overall Morrow market stability.
- Days on market rose, but that's expected for this time of year
A repeat from past reports that bears repeating: some potential Morrow area home buyers are put off by the length of expected commute and the cost of gas (although that drop in gas prices recently may have removed that objection based on October's high sales!). That means the willing buyer population is smaller and makes it even more critical to have top condition and price on your side if you're trying to sell, or you can expect your days on market to be even longer than the average.
So what does this mean to you as a Morrow single family home owner?
Still no reason for us to change our advice: It continues to be a case by case decision for Morrow home sellers. Demand varies based on subdivision or rural location, home features, new construction competition, etc.
If you want to sell and your home equity or cash position allows it, it's tough to make an argument for NOT trying to sell if you have the life needs to do so, especially considering the number of buyers completing purchases recently. Buyer demand is obviously there, just not in the large numbers as some of Morrow's neighbors. But you'll need to be patient as it does typically take longer to sell a Morrow home unless you're VERY aggressively priced.
What we can do is provide you the best knowledge about the current market and help prepare your home for a successful sale. Prices are solid and inventory is fairly small. 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 our buyer advice either. Competition for the best homes is there, but it's not as severe as other places in Warren County. The best homes still sell quickly. Inventory is still fairly 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.
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
REALTORS(S) Serving Warren County Ohio & Adjacent Areas
The Liz Spear Team of RE/MAX Elite
Elizabeth & William Spear
Ask for us by name if you visit the office!
Two locations: Lebanon & Mason, OH
Liz direct: 513-265-3004
Bill direct: 513-520-5305
Our Website: www.LizTour.com
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