Warren County Ohio Foreclosure Update: Scheduled Sheriff's Sales through 6/11/2012
What's been the impact on the Warren County real estate market of foreclosures and short sales? Are distressed properties actually impacting Warren County's real estate market? Stay with us for a treasure trove of data related to our local real estate market and you'll have the full scoop!
We'll start with the trend chart of Sheriff's Sales scheduled with three additional weeks included since the last report in March:
We like this trend! FIVE straight weeks heading down! IF this trend holds we'll be back down to the levels of last summer. And this is DESPITE the fact that two weeks in May had no Sheriff's Sales scheduled. Typically we've seen those weeks get added to the following weeks resulting in a spike, but we didn't see that happen for the weeks of 6/4 & 6/11.
NOTE: The chart details the number of scheduled sheriff's sales PLANNED by week for Warren County Ohio and represents a wide range of locations and price ranges throughout the county. The numbers include builders and property rental owners being foreclosed, not just private individuals occupying the homes. The data source is the Warren County Sheriff's website. The chart is primarily intended to provide you a trend on Warren County foreclosures.
Click Warren County's Sheriff's Foreclosures for additional details to access the official list from the Warren County Sheriff's website.
On April 18th, Cincinnati MLS currently lists 1527 (UP 96 from 1431 for the March report) homes for sale and not under contract in Warren County. (Another 465 are already under contract, UP from 388 on March 19th).
Of those 1527 homes for sale, 94 (UP 21 from 73) are government or bank owned (now 6.15% of Warren County homes for sale vs. March's 5.10%, so up a percent as a fraction of overall homes for sale...or if you prefer your news REALLY bad you'd interpret that as a 20% increase in foreclosures for sale....take your choice!).
WARREN COUNTY SHORT SALES: Down 5 to 86 (from 91) from the last report, homes MARKED Seller's Lender Approval required, although there are additional homes listed as short sale candidates in the marketing remarks. More sellers are attempting short sales and being successful.
The distressed home categories offered for sale range in price from $14,900 all the way to $999,900 dollars. Overall, 11.78% of Warren County's homes for sale are clearly classified as distressed property. this proportion of the Warren County market is UP slightly from last months 11.46%.
In regards to completed sales for March, 33 (UP from 26) were bank/government owned and 5 (was 12) short sale homes closed out of 185 total homes recorded as closed. Of the 185 Warren County homes sold, that would mean 20.5% of March sales in Warren County were distressed properties (DOWN 5.7% from the last report's 26.2%). Distressed Warren County home sales prices ranged from $17,500 to $369,000. For most neighborhoods, distressed properties still aren't dictating the values, but they do have to be considered as part of the competitive landscape.
The number disparity between foreclosed and actual new distressed properties offered for sale continues to support that there's a growing shadow inventory being held by the banks and not released for sale.
For Warren County buyers, there continues to be a limited number of distressed property opportunities. It's a competitive segment with plenty of buyers after the best of the best in that segment. Others are in such a condition that some loans (e.g. FHA/VA) just aren't feasible. Our experience is that MOST distressed properties aren't in move-in condition and some require extensive work to be habitable. Carpets are often badly stained and worn, and there's often deferred maintenance issues (e.g. gutters detached, etc.).
If you pursue a short sale, be prepared for a long wait. The banks are NOT famous for fast response time. Bidding on a short sale home is often an invitation to months of limbo while waiting for ANY response at all from the bank. Additionally, if you are planning on ONLY buying a bank owned or short sale home, you're severely limiting your opportunity to live in some of Warren County's best communities.
CLICK: VIEW WARREN COUNTY OHIO SHORT SALE HOMES IN CINCINNATI MLS for short sale Warren County Ohio homes listed 4/18/12. Link is good for 30 days.
CLICK: VIEW WARREN COUNTY OHIO FORECLOSURED HOMES FOR SALE IN CINCINNATI MLS for foreclosed Warren County Ohio homes listed 4/18/12. Link is good for 30 days
For Warren County home sellers, the distressed home volume is NOT significant enough IN MOST NEIGHBORHOODS to prevent buyers from coming to your home if properly priced and marketed . However, anytime you start getting a larger concentration of them, the new market price is influenced by them.
Real estate is LOCAL, please disregard the National news and to a certain extent even the Cincinnati and Dayton reports as they are driven by urban real estate and NOT suburban and rural properties.
DISCLAIMER: There may be additional homes offered for sale in ONLY the Dayton MLS that might include additional foreclosed homes and short sale candidates. When working with buyers for Warren County, we use BOTH Cincinnati and Dayton MLS to ensure our buyers have visibility to ALL MLS listed homes.
If you have questions regarding these sales, or other real estate related questions,
please don't hesitate to contact us!
Serving Your Warren County Residential Real Estate Needs,
Bill & Liz aka BLiz
Serving Warren County Ohio & Adjacent Areas
The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS Ohio License SAL.2002007747
William (Bill) Spear, CRS Ohio License SAL.2004011109 Kentucky 77938
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