The last three months have been very turbulent for most everyone whether you are talking about the stock market, the auto industry or real estate (or for that matter any number of areas). Let’s take a look at how things have gone the last three months in West Chester, Ohio in real estate.
With regard to sales, in 2007 160 units were sold vs. 142 units in 2008. This represents a decrease of 11.25%. Looking forward to the first three months of 2009 a reasonable projection may be that we will continue to see declines in units sold when compared to last year, possibly resulting in levels of 55-75 units in each of the first three months of the year.
| 2007 Units | 2008 Units | + or – |
| 160 | 142 | -11.25% |
The average sale price for the last three months of 2008 was down 3.40% compared to the same period in 2007. As you can see in the table below, the average sale price in the last three months of 2008 was $204,783 compared to $211,999 in 2007. For there to be a stabilization of home prices and then at some point a return of appreciation, we will need to see a smaller supply of homes available for sale. In many of the price ranges there remains a significant oversupply. We will take a look at the supply of homes for sale next. Be sure to check back!
| 2007 Avg Sale Price | 2008 Avg Sale Price | + or – |
| $211,999 | $204,783 | -3.40% |
Check Out My Feature Homes For Sale In West Chester and Liberty Township, Ohio