West Chester and Liberty Township Ohio Real Estate Market Report
West Chester and Liberty Township Township Ohio Home Sales were down 34.78% in March when compared to the sales in West Chester and Liberty Township in March 2013. This decline is extremely large, especially when compared to the recent sales increases that we have seen over the last year. The extremely cold Winter is likely playing a big part in this decline in home sales. Also likely playing a part in the decline in home sales in our area is a lack of homes available for sale. The inventory of homes for sale remains very low.
West Chester and Liberty Township Ohio Average Sale Prices were up 4.52% in March when compared to the average sale price in West Chester and Liberty Township in March 2013. Home prices continue to see slow and steady improvement. Future increases will likely be fueled by the shortage of homes for sale.
Days On Market for West Chester and Liberty Township Homes that closed in March 2014 was 78. This is a dramatic improvement from the 103 days in March 2013.
List to Sale Price Ratio for homes sold in West Chester and Liberty Township Ohio in March 2014 was 96.24% compared to 97.09% in March of 2013. The list to sale price ratio is simply the percent of the current (last) list price of a home that it actually sells and closes for. The list to sale price ratio can be a pretty good indicator of a real estate markets overall strength.
The Inventory of Homes for Sale in West Chester and Liberty Township remains at very low levels. Currently in the West Chester and Liberty Township real estate market there is just under 5 months of inventory. This represents a slight sellers market for the overall market. This measure of the inventory of homes for sale varies greatly depending on price range. The entry level 1st time home buyer market is much lower in inventory and is a very strong seller market.
Interest Rates in the West Chester and Liberty Township area remain very low and have largely been very stable. The current rate for a 30 year fixed rate loan is approximately 4.5% for a conventional loan and approximately 4.25% for an FHA loan.
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