What's My Morrow Ohio Home Worth? January 2016
It's finally acting like it's really WINTER out there and that usually means the local housing markets slow down. Did that hold true in January? Stay with us for the details!
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: 15 (1 Bank/Government Owned, 0 Short Sale) DOWN 10
Average Price Sold: $191,899 DOWN $6.5k
Median Price Sold: $179,990 DOWN $24k
Average Days on Market for SOLD homes in January: 97
Homes Active 2/11/16: 64 DOWN 5
Homes Pending 2/11/16: 43 UP 9
Average Sales/List %: 96.0% DOWN 1.9%
Most Expensive Home Sold: $405,000
Least Expensive Home Sold: $18,500
So what can we determine from the latest statistics?
- If you compare to the outstanding sales volume in December, you may say "blech" to the January sales numbers. Down 40% just doesn't sound good does it? But consider December was one of the highest months in recent years and then look at the January sales from 2010-2015 and what do you see? We just had the best January in years. Your choice, real estate glass half empty or half full? Either way buyers and sellers are drinking from that mug!
- Average price moved down slightly and median price a bit more, but with only 15 homes sold it doesn't take much to shift those stats. Overall, sales are mostly bunched in the 100-300k price range. This month there were 3 sales below $100,000 and 3 above $300,000.
- The number of homes for sale dropped even further to 64, and a fair number of those are new construction. Inventory is getting REALLY tight. Keep in mind that not all new construction homes for sale are in MLS, so if new construction fits your needs there are more homes available. Call us to find out where more homes are being built.
- The number of homes under contract increased nicely.
Distressed property influence was small this month, with 1 foreclosure and 0 short sales part of the 15 sold. Only 5 of the 64 offered for sale or 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?
NO REASON TO CHANGE FROM LAST MONTH: Low inventory levels work to your advantage, just as long as you take into account the new construction competition. If you live in a community still actively building, that's a key consideration when pricing your home.
Overall, demand varies based on subdivision or rural location, home features, new construction competition, etc.
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?
No change in past advice for buyers either: 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 VERY low. 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 Spear, ABR, CRS
William (Bill) Spear, CRS
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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