West Chester Ohio Real Estate Market Breakdown – April 2011
Which price ranges are in the best shape from a home sellers perspective in West Chester, Ohio and which are not? The best way to measure the general strength of the West Chester, Ohio real estate market and to break down it’s different price ranges is to evaluate the amount of homes for sale in both the total area and also in each different price range.
In the chart below you can see that there is clearly more activity in some price ranges than others and certainly more homes for sale in some of the ranges also. In each of the different price ranges you can see the number of homes for sale, the number of homes that have sold in the last six months and the months supply of homes.
The number of homes for sale is a pretty straight forward statistic, the number of homes that have sold in the last six months is used to determine the rate that homes are currently selling. The key number in this chart is the months supply of homes for sale.
A seller’s market would show a month’s supply of less than 5 months, 5-6 months supply of homes for sale is considered a neutral market and anything over 6 months is considered a buyer’s market. The higher the number the stronger the buyer’s market.
Looking back at the January Real Estate Market Breakdown you can see that in a number of the different price ranges the months supply of homes for sale has greatly increased. This is caused by two factors: (1.) There are more homes for sale now and (2.) The pace at which homes were selling in this last six month period has slowed considerably. Clearly we can see that a number of price ranges, as well as the overall market are a buyer’s market. No surprise there, but when listing a home for sale you must understand the level of pricing pressure and competition that you face so that you can employ the correct pricing strategy in selling your home.
Please keep in mind that these statistics are for West Chester, Ohio only and should be considered along with the Liberty Township, Ohio real estate market statistics when making pricing decisions and putting your home on the market. I will update the market numbers for Liberty Township later this week.
Do you want to track the real estate market activity in your West Chester Ohio neighborhood? Get a free, comprehensive real estate market report sent directly to your inbox at >> Home Values In West Chester Ohio.
posted by Eric Lowry