What's My Springboro Ohio Home Worth? August 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
We think Fall is on the way, but you wouldn't know it by looking at August's Springboro real estate market! While MOST of Warren County hit peak volume in July, Springboro kept on pushing the numbers up in August! 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: 64 (2 Bank/Government Owned, 1 Short Sale) UP 4
Average Price: $265,293 UP $23k
Median Price: $251,500 UP $26.5k
Days on Market Average: 103 UP 13
Homes Active 9/7/14: 237 DOWN2
Homes Pending 9/7/14: 36 DOWN 28
Average Sales/List %: 97.2 DOWN .2%
Most Expensive Home Sold: $602,000
Least Expensive Home Sold: $84,000
So what does this all mean? There are some key takeaways:
- Sales volume increased AGAIN this month! July was phenomenal, but August topped it! 64 homes completed sale in August, the single best month since January 2010!
- Prices bounced back up this month after a decline in July. There's a lot of consistency in the Springboro market in the $200-mid $300k range. Only homes sold below $100k and only 4 sold above $400k, and of those 4, only 2 hit the luxury category above $500k. What we have is a mostly upscale community, heavy on middle management and professionals.
- Days on market slowed, 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 (our listing at the top went under contract in 80 days).
- 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 237 homes not under contract, there are ONLY 3 foreclosures and 5 short sales available. And of the 64 homes sold in August, 2 foreclosures and 1 short sale. Distressed properties are negligible.
- Don't expect huge discounts from asking price. While some homes ARE overpriced, most are priced fairly for the market as evidenced by the 97.2% sales to asking price ratio.
- At 237 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.
- The only "negative" sign in the market is the significant drop in Pending sales, but honestly that was to be expected. September will not match August's sales, but they should still be a solid month.
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. You made a great choice when you purchased a home in Springboro! 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 slow a bit over the next few months as most families wanted to get settled in before school started.
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 competive market for the best homes. Overall, prices are rising, so sitting on the fence is going to literally cost you more to get the same home if you continue to wait. There are not a ton of bargains to be found, but there are PLENTY of fairly priced homes available. Homes are selling close to asking price, so understand that MOST homes are fairly priced at this point.
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