March 2008 Home Sales For West Chester & Liberty Township, Ohio
March 2007 | March 2008 | + / – | |
Closed Units | 111 | 104 | -6.31% |
Average Sale Price | $249,694 | $224,510 | -10.09% |
Average Days On Market | 85 | 91 | +7.06% |
Average List to Sale Price % | 96.97% | 95.17% | -1.80% |
Home Sales were once again down in March 2008 when compared to March of last year. Unit sales (closings) were down 6.31% in West Chester and Liberty Township. The percentage decreases are smaller than they had been previously, for instance the 29.27% decrease that we saw in January So the downside trend in unit sales may be slowing which is good news if it continues.
Average sale prices were down 10.09% over March of 2007 and there is no way to paint this statistic in a good light. This is a huge decrease in the average sale price for West Chester and Liberty Township homes. The median sale price was even worse, down 14.15% when compared to the month of March 2007. Home prices are falling and these numbers reflect a continued and perhaps worsening trend. The numbers from April will need to be closely examined to see if this is a one month drop or a continuing trend. Thinking of selling? Click here to learn the current market value of your home.
Interest rates continue to be very volitale. In the last week I have seen a swing from 5.60% for a 30 year fixed rate mortgage to at weeks end 6.05%. The rates are changing daily. If you need a referral to a good lender with competitive rates and closing costs please let me know.
And finally, the Cincinnati Enquirer ran this story recently on the foreclosure problem in Ohio and some assistance that is available. I am going to write a couple of posts on this issue of home foreclosure in the next week or so, so check back here for that.
Your questions and comments are always welcome!
