Has The Kings School District in Ohio Real Estate Market Recovered?
The first thing that comes to mind when you ask someone about the real estate market is probably not a positive thought. But is the perception true? Real estate is VERY locally driven and results vary tremendously, and while the following analysis covers an entire school district, results may vary community to community!
We've been analyzing the local Warren County markets and finding there's a mix of results. For instance, Mason is rapidly recovering. Lebanon is balanced and seems to be slightly improving. On the other hand, the Little Miami School District is suffering badly and continuing to drop value.
So how is the Kings Local School district performing? Kings Local School district cover primarily Kings Mill, South Lebanon, Landen, and portions of Deerfield Township and Union Township. We've pulled the data straight from the Cincinnati MLS for the Kings Local School District and there's no manipulation here, just straight numbers telling the story.
The first table is a year to year comparison, basic information as to how many homes sold, what the average price was, median price, and average days on market. We used 2005 as a baseline because it's well before things swept downwards in 2008/9.
So what does the year to year data comparison show us? Overall, when comparing the full year of 2010 to the full year of 2005, Average Prices were down 12% and Median Prices are UP 1%. Sales volume is down significantly. While losing 12% in value isn't a great thing, at least we're not losing tremendous percentages like some areas of the country.
But we're most of the way through 2011, so how about some more recent data?
Okay, to keep things apples to apples, let's compare the first SEVEN months of each year and what do you get??
Okay, mixed bag here! -14% vs -12% on the full year, but note the first seven months of 2005 actually had a better overall average sales price than the whole year of 2005. The 2011 average sales price is actually SLIGHTLY better than the end of 2010. How about Median Prices? Now here we're seeing a marked increase! From +1% to +5%. Now that's a pretty good swing in the right direction!
Let's take an even more recent segment, the last 7 weeks (August 1 - September 23, 2011) and what do we get? Average price is now $209381 on volume of 43 homes, median price is $180,000 and days on market averaging 69. This ISN'T a mixed bag! EVERY category of data shows movement in the recovering direction! Homes are selling for more & they're selling faster.
And there's a pretty wide variety of homes selling in the Kings Local School district. Prices ranged from $19,600 all the way to $668,217 in the last seven weeks of sales. There is something available for every price point in the school district.
So what's our interpretation of the data?
That Kings Local School District hit bottom in 2010 and is in full recovery mode. There's not sky high appreciation nor would we expect it, but values are UP, and continuing to move UP!
Kings Local School District continues to be a great place to live! The school district situation is stable and has an outstanding reputation. There's no arguments over tax levies. The area has great access to jobs, recreation and entertainment. Add easy access to I-71, SR48 and US 22/3 and you have easy commutes to manage.
If you're a buyer? You're already missed the low point and the longer you wait the more likely you'll pay higher. Interest rates are still phenomenal and you don't want to miss that opportunity.
If you're a seller? If you don't HAVE to sell, waiting for further recovery might still be in your best interest. While homes are recovering value, they're still down about 10% from 2005 and even more below the peak values of 2007/8. We're happy to meet with you and help you make your decision based on specific review of YOUR community vs. the overall school district. Just give us a call and we'll set a no hassle, no obligation appointment.
Serving Warren County's residential real estate needs,
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
Direct #2: 513-265-3004
Our Website: www.LizTour.com
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