January 2008 Home Sales For West Chester & Liberty Township, Ohio
|
January 2007 |
January 2008 |
+ / – |
|
|
Closed Units |
82 |
58 |
-29.27% |
|
Average Sale Price |
$228,572 |
$219,688 |
-3.89% |
|
Average Days On Market |
78 |
70 |
-10.26% |
|
Average List to Sale Price % |
95.86% |
95.10% |
-.76% |
In review…
The number of closed units fell by 29.27% which continues to show a weak market for home sales. We are seeing sporadic increases of showing activity by buyers, however these showings are not resulting in increased sales as of yet. This just re-inforces the need to price a home very competitively to get it sold. There are homes selling, as evidence by these homes which sold in 35 DAYS, 38 DAYS, 18 DAYS and 28 DAYS!
The average sale price was $219,688 in January. As I have stated before this is probably the most over examined statistic in real estate today. This month it does reflect a lower average sale price than what was seen in January of 2007. It is 3.89% lower than 2007. This is certainly not surprising.
The average days on market came down to an average of 70 days on market which is a huge improvement over the average of 102 days that we saw on the homes that closed in December and it is also lower than the average for January 2007. This can be looked at as a positive sign, however it is based on the smallest sampling of sales that we have seen in some time and we do still have an increasing inventory of homes for sale.
The list price to sale price ratio was considerably lower again in January 2008 as compared to January 2007. It fell .76 basis points from the prior year and .62 points when compared to December 2007.
For a bit of really good news… we continue to look to mortgage rates which are hovering around 5.65% for a thirty year fixed rate mortgage. These are unbelievable times to be buying a home!
As always I will continue to monitor these market numbers for West Chester and Liberty Township Ohio and will share them as they become available. Should you have particular questions about these numbers please let me know!
If you would like to learn the current market value of your home I would be happy to provide you with it.
I would love to hear your thoughts as well!