What Impact Does Homearama Have On Home Sales?
Homearama 2011 is coming to West Chester, Ohio and it is sure to generate a lot of excitement, with large crowds and lots of exposure for West Chester and Liberty Township Ohio real estate. Good press for the West Chester community and a little excitement for the housing market in our area are certainly welcome.
But what is the impact of Homearama 2011 on luxury home sales in West Chester and Liberty Township?
First let’s establish that the exposure and excitement generated by the luxury home show are definite positives and truly a good thing. The show organizers have estimated that as many as 40,000 consumers will visit the show. That’s good news for West Chester restaurants and businesses.
What the true impact on luxury home sales in West Chester and Liberty Township is might not be as rosy. If you establish that the luxury home market in West Chester and Liberty Township is defined as $500,000 and up, here’s what it looks like:
There are currently 35 homes for sale in West Chester and Liberty Township in this price range.
In the last 6 months there have been 13 homes sold and closed in this same price range, which is an average of 2 homes per month. This means there is a 16 month supply of homes for sale in this luxury home market. This is a large oversupply of homes for sale in this price range and the Homearama luxury home show is adding to it. According to the Home Builders Association of Greater Cincinnati at least 7 homes will be built, with 2 of them having been pre-sold. As of this writing 5 of the homes are listed for sale in the Multiple Listing Service of Greater Cincinnati (MLS).
So what is the issue? The issue is… if you are thinking of selling your luxury home in West Chester or Liberty Township your competition just got tougher and now there is more of it. 16 months of inventory is alot. 16 months of inventory means that if no new listings come on the market in this price range and homes continue to sell at their current pace, it would take until approx. June 1st of 2012 to get all of the homes sold!
The solution? If you have a home to sell in the luxury home price range ($500,000 and up) you need to do 3 things:
1.) Get your home professionally staged – you’re competing with homearama homes here.
2.) Get your home on the market now before more inventory causes even more pricing pressure.
3.) Price your home to sell based on a detailed market value analysis.
Wondering what your home is worth in today’s real estate market? Request a market analysis here! Click Here To Search For Luxury Homes For Sale In West Chester and Liberty Township!
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