What's My Springboro Ohio Home Worth? September 2014 Update
Sold by The Liz Spear Team of RE/MAX Elite 9/3/14 for $540,000 in Springboro's Stone Ridge The Woods
Fall is here and the word "fall" is appropriate for what happened in the Springboro real estate market last month. HOWEVER, what happened is EXACTLY what normally happens this time of year, so we're not channeling Chicken Little! Overall for our team we've got more buyer activity than we usually do in the "peak" summer months, it's just the buyers are a bit more selective than the buyers driven by getting their kids settled before school restarts.
Stay with us for the full report and our advice for potential Springboro home sellers and buyers. And if you want to search for Springboro homes for sale, we've got search for Springboro homes for sale links at the bottom of the report.
This report covers the Springboro Community School district single family homes (so portions of surrounding townships will be included e.g. Clearcreek & Turtlecreek). This report will only cover single family homes and not include condominium data. Data is derived from the Dayton MLS only, so homes sold without Dayton MLS entry will NOT be included in this review.
The Springboro area is popular, especially with residents seeking to commute into Dayton (easy access with I75 and SR741), and even works well for those not minding a bit longer commute south to the Cincinnati area. Springboro is a good choice for couples where one works in Dayton and the other in Cincinnati.
Springboro Community Schools are among the state's best public schools per the Ohio Department of Education ratings. Additionally Springboro was selected #42 in U.S. in 2011 by Money magazine for Best Small Cities To Live and probably would have made the 2013 list, but Money magazine changed the rules to only one town per county and Mason got the nod. Area residents have known for some time Springboro is a great place to live, so nice to see the same recognition nationally!
Keep in mind that some homes may only be listed in the Cincinnati MLS and will not be included in this report. We STRONGLY recommend any Springboro resident selling their home hire a REALTOR(R) with access to BOTH Cincinnati and Dayton MLS.
The Springboro area offers a full range of price points, and features an older historic area, developments of older homes, new subdivisions and rural options. There are also golf course communities, luxury home communities, patio home communities .... basically there's something for every home buyer's taste and budget.
Stone Ridge, A Clearcreek Township community with Springboro Schools
So, on to the data!
First up is the number of Springboro single family homes sold on a month by month basis starting in 2010 and carrying forward to present:
Next is the Springboro median price summary chart.
Springboro Single Family Home Summary:
Homes Sold: 29 (0 Bank/Government Owned, 0 Short Sale) DOWN 35
Average Price: $248,894 DOWN $16k
Median Price: $224,000 DOWN $27k
Days on Market Average: 102 DOWN 1
Homes Active 10/8/14: 250 UP 13
Homes Pending 10/8/14: 31 DOWN 5
Average Sales/List %: 98.2 UP .6%
Most Expensive Home Sold: $540,000 (we sold that one!)
Least Expensive Home Sold: $139,900
So what does this all mean? There are some key takeaways:
- Sales volume dropped HARD when compared to last month. However, compare it to the other Septembers and you'll see it was a typical September for every year but 2013! Seriously, the Springboro market has been phenomenal during the peak months, so a return to traditional levels just makes sense.
- Prices have bounced up and down a bit over the last few months. This months was a drop down, but it's also a reflection of the mix. Luxury homes struggled, our team sold the ONLY Springboro home above $500k in September. Six more sold above $300,000. None sold below $100,000, so that was good.
- Days on market was stable, but still good when compared to most of Warren County. The more aggressively a home is priced and marketed the better the odds of shortening that time frame.
- Distressed properties remain scarce. If you come to Springboro with the mindset that you will ONLY buy a foreclosed home, you're not going to be happy with the selection. Out of 250 homes not under contract, there are ONLY 3 foreclosures and 4 short sales available. And of the 29 homes sold in August, NONE were short sale or foreclosed.
- Don't expect huge discounts from asking price. While some homes ARE overpriced, most are priced fairly for the market as evidenced by the 97.8% sales to asking price ratio.
- At 250 homes for sale, you might think that's plentiful. However, that can be a bit deceptive. The homes most in demand are moving quickly and sometimes with multiple offers.
- Homes under contract (Pending) continued to drop, but again, as expected for this time of year.
Bottom line: Springboro CONTINUES to be one of your best choices for buying a home in the Cincinnati/Dayton corridor.
So what does this mean to you as a Springboro single family home owner? We STILL have no reason to change our past advice because the basic factors in play for Springboro still haven't changed. The only real change is there just aren't as many buyers out looking right now, but again, that's expected for the time of year.
Springboro is still high demand, great market stability with distressed properties having almost no impact. Price right, market right and your sale will come, you just need to be patient and of course hire the right real estate team to take care of those details (give us a call at 513-520-5305). We do expect the market to continue to be slow as we approach the holiday season.
However, if you're in the luxury home category, expect more of an uphill challenge. You're competing against custom home new construction in communities like Country Brook and Silver Lake. Combine that with fewer buyers able to afford luxury homes and you realize the market slice is MUCH smaller for you.
For an evaluation of your home's marketability, please contact us at 513-520-5305. And of course your personal circumstances will have impact of the right decision. We'll give you our best advice, whether to start now, or wait.
So what does this mean to you as a potential Springboro home buyer?
We STILL have no reason to change our advice for Springboro buyers either!!:
Springboro is a competitive market for the best homes. Sitting on the fence and hoping for a price drop may be a really bad strategy. That 97.8% sold price vs. asking price tells you homes that are selling are on target with price. Foreclosure bargains? Basically nonexistent.
Like a Springboro home for sale? Don't delay if you REALLY want it. Lowballing and/or delaying making that offer may lead you to major disappointment. Be prepared to pay for the great condition homes in the best developments.
Springboro offers a lot of prime factors to make it home: great schools, great location, great community. There are quite a few newer homes for sale in communities such as Settlers Walk, and some older subdivisions provide the lower end of the shopping price point. New construction is also available in some communities. If you find a home you love, ACT immediately or some other buyer may take it first.
Want to search Springboro Homes For Sale? Use these Cincinnati MLS links for a partial snapshot. For a COMPLETE overview of both Cincinnati and Dayton MLS homes, contact us and we'll provide a full list for your convenience.
Search Springboro Ohio 45066 Homes For Sale Under $200,000
When you're interested in buying a Springboro home, please contact us at 513-520-5305 or email Liz@Lizspear.com with your needs and we'll help you find the right Springboro community for you! Why not take advantage of the extremely low interest rates and get your Springboro home before prices climb higher?
Serving Springboro'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:
View Liz Spear Team of RE/MAX Elite Primary Service Area in a larger map