What's My Morrow Ohio Home Worth? September 2015
Fall is here and while that often means a decrease in home sales, Morrow bucked local trends and actually INCREASED total homes sold in September vs. August. Stay with us for the full details! 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 primarily 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: 22 (2 Bank/Government Owned, 1 Short Sale) UP 3
Average Price Sold: $196,539 DOWN $24k
Median Price Sold: $197,750 UP $20.5k
Days on Market Average: 89 UP 15
Homes Active 10/11/15: 91 DOWN 3
Homes Pending 10/11/15: 46 DOWN 1
Average Sales/List %: 96.2% DOWN 1.4%
Most Expensive Home Sold: $385,000
Least Expensive Home Sold: $82,775
So what can we determine from the latest statistics?
- Morrow went the opposite direction of most of Warren County for September with an INCREASE of sales when compared to the August. And comparing to past Septembers, 2015 was the best September in recent years.
- The average price dropped, but August had a sale for $785k that boosted the average. This month was more typical on the top end of sales. This month there were 2 sales below $100,000 and 2 above $300,000, so home sales were pretty tightly bunched.
- The number of homes for sale decreased and the number of homes under contract decreased by 1. Overall, not all that many homes on the market and the homes under contract still point to a couple of good months left for total sales.
Distressed property influence continues to be minimal with none of the 22 homes sold a short sale or foreclosure. Only 3 of the 91 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.
A repeat from past reports that and the first paragraph of this report bears repeating: some potential Morrow area home buyers are put off by the length of expected commute and the cost of gas. Add in the recent snows and buyer traffic has been down. Overall the potential Morrow buyer population is smaller than areas closer to Cincinnati. If you're trying to sell, or you can expect your days on market to be even longer than the average for most of the county.
So what does this mean to you as a Morrow single family home owner?STILL NO REASON TO CHANGE FROM LAST MONTH: Overall the market trends favor sellers, but it still 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 need to sell.
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?
ALSO HERE, Past advice still holds true for buyers too: Competition for the best homes is there, but it's not as severe as other places in Warren County. The best homes CAN sell quickly. Inventory is still low but at least there's a bit more selection. 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
Recent Morrow Market Reports:
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
Search Homes: Http://WarrenCountyOhioRealEstate.com
Our Website: www.LizTour.com
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