Morrow Ohio 45152 Single Family Home Residential Market Report February 2014
This morning we see no snow outside our window for the first time in weeks! We even saw signs that some of our flowers are about to bloom, the little snowdrops will be a welcome sight, and we know the crocus and daffodils won't be far behind! But did the Morrow real estate market suffer from the cold, or is it showing signs of warmth? 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: 5 (1 Bank/Government Owned, 0 Short Sale) DOWN 3
Average Price Sold: $196,080 UP $12k
Median Price Sold: $200,000 UP $21.5k
Days on Market Average: 99 UP 7
Homes Active 3/9/14: 83 UP 12
Homes Pending 3/9/14: 17 UP 3
Average Sales/List %: 89.8% DOWN 7.1%
Most Expensive Home Sold: $280,000
Least Expensive Home Sold: $95,500
So what can we determine from the latest statistics?
SLOW month. VERY SLOW month. Five sales just isn't enough to put a lot of faith in the numbers because they can be so easily swayed. Take for instance the average sales price to list price. 89.8%??? Down 7.1%?? Does that mean Morrow homes took a HUGE hit in ability to negotiate? Are prices going down? No, in this case that's not the story. Basically one bank owned property and one consumer owned property both sold for significant discounts (about $50k each), and with only 5 total homes sold, that dropped that percentage way down. We'll expect it to bump back up next month.
As far as the other numbers, the prices are a bit high compared to recent history, and this month's price grouping was tighter than normal. Only one home sold below $100k and three sold $200k or up, but nothing above $300k. That mix put a positive spin on pricing despite the two homes that sold at significant discounts.
Sales were certainly off, even for a February. Five completed sales is almost the lowest total we've recorded since 2010. However, the 17 homes under contract points to a better March!
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? No reason to change our past advice: for Morrow home sellers it's a case by case situation. 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. Waiting might bring you better prices, but we can't guarantee that. 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?
No reason to change our buyer advice either: 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, although selection is still fairly limited. 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
OUR SERVICE AREA:
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