What's My Morrow Ohio Home Worth? June 2014 Update
The July 4th weekend is over, summer is in full swing, it's time for the local real estate markets to heat up! Did the Morrow real estate market heat up as some other areas of Warren County did? As the local market goes, so goes the value of your Morrow home. 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
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: 26 (1 Bank/Government Owned, 0 Short Sale) UP 14
Average Price Sold: $195,163 DOWN $29k
Median Price Sold: $183,750 DOWN $14k
Days on Market Average: 106 UP 43
Homes Active 7/9/14: 110 UP 8
Homes Pending 7/9/14: 31 DOWN 8
Average Sales/List %: 96.2% DOWN .9%
Most Expensive Home Sold: $364,000
Least Expensive Home Sold: $40,500
So what can we determine from the latest statistics?
We'll start with this isn't the typical month of sales in Morrow, and here's why:
- Morrow home sales more than DOUBLED since May. 26 sales for June is the highest single month of sales since the beginning of 2010. Pretty phenomenal!
- Still a significant number of homes Pending, so we'll see if July can keep up with June.
- Prices dropped relative to last month, but May numbers had went up about the same number June's dropped. Compare year over year and you'll see June 2014 beats all years but June 2010, and 2010 data was on ONLY 11 homes sold.
- Distressed property influence continues to shrink. Only 1 of the 26 sold and only 7 of the 110 offered for sale not under contract are bank owned or being offered as a short sale. Keeping those percentages in single digits is good for the overall Morrow market stability.
- The price band for sales was fairly consistent, only one home sold below $100k and only 2 sold above $300k.
- Days on market increased, but a few homes took MUCH longer than the average and pulled up the numbers.
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. 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? There's still little to change our advice month to month. 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.
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, inventory is low, so a properly priced and marketed home should sell. 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?
You have more competition than past months, and inventory is still low. The very best Morrow homes for sale will have demand. If Morrow's location fits your needs, there is still 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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