The calendar is either half empty or half full depending on your preferred outlook on life. So how did Warren County Ohio close out the first half of 2019?
The Warren County Ohio real estate market is not at full throttle, so the half empty calendar folks may be on the mark. Stick around for a top level overview!
Come back later this month to read our assessments of Mason, Lebanon, Springboro, Maineville/Hamilton Township & Morrow.
Warren County Residential Sales Summary (single family homes & condos):
Number of Homes For Sale 7/1/2019: 685 (UP 33 from 652 6/1/19)
Number of Homes Under Contract (Pending) 7/1/19: 467 (DOWN 31 from 498 6/1/19)
Number of Homes SOLD in May: 307 vs 312 last month (as of June 1) DOWN 5
Average Sales Price: $317,490 vs. May's $282,646
Average Cumulative Days on Market for SOLD homes: 56 vs 45 in May
Median Sales Price: $270,000 vs. May's $250,000
Median Cumulative Days on Market for SOLD homes: 9 vs. 7
Minimum Price Sold: $67,000
Maximum Price Sold: $1,550,000
What are the key takeaways?
- My first impression? We're slower than we should be for this time of year. Note the number of homes for sale INCREASED, the number under contract DECREASED and the number of homes sold DECREASED. AND the time to sell SLOWED (not much, but still, it slowed).
- Those directions are the opposite of what you'd expect for the peak of the selling season. The one indicator that went in a positive direction was price. Average and median prices both increased. Out of the 307 homes sold, 3 sold for more than 1 million and 35 total sold for $500,000 or more (the local definition of luxury market homes).
- All that said, there's a lot of "hidden" sales going on thanks to new construction. The majority of those sales are never entered in MLS and don't show up in the stats. New construction accounted for 31 of the 307 reported (10% of total sales).
- The other big contributor is the scarcity of resale homes for sale in Warren County. With 184 of the 685 homes listed for sale as new construction, that leaves 501 resale homes. That's condos, single family, farms, the whole kit and kaboodle from the cheapest homes to the most expensive homes. THAT IS NOT ENOUGH. I've had buyers for months waiting for THE right home to come on the market.
- Distressed (short sales and foreclosures) accounted for 4 sales this month with 3 foreclosures and 1 short sale in the 307 sold homes. Currently the 685 homes for sale include 4 foreclosed homes and 3 short sale.
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Still have questions about the local real estate market or want an in depth analysis of YOUR particular neighborhood and home? Call us at 513-520-5305 or email at Liz@LizSpear.com. No hassle, no pressure. Whether you want to go on the Warren County market tomorrow, or next year, there's value in knowing your specific options.
Serving Warren County's residential real estate needs,
Liz and Bill aka BLiz
Serving Warren County Ohio & Adjacent Areas
The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747
William (Bill) Spear, CRS, Ohio License SAL.2004011109 Kentucky 77938
Ask for us by name if you visit the office!
Two locations: Lebanon & Mason, OH
Bill Direct: 513-520-5305
Liz Direct: 513-265-3004
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