West Chester Real Estate:What Impact Does Homearama Have On Home Sales

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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.

Liberty Township Ohio Real Estate Market Breakdown – January 2011

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Liberty Township OH Real Estate Market Breakdown – January 2011

Last week we broke down the West Chester Ohio real estate market.  This week we take a look at which price ranges are in the best shape from a home sellers perspective in Liberty Township, Ohio and which are not? The best way to measure the general strength of the Liberty Township, 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.

SEARCH ALL HOMES FOR SALE IN LIBERTY TOWNSHIP, OHIO

As you can see in the chart below, just like there was in the West Chester Ohio breakdown, 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.

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 so that you employ the correct pricing strategy in selling your home.

Please keep in mind that these statistics are for Liberty Township, Ohio only and should be considered along with the West Chester, Ohio real estate market statistics when making pricing decisions and putting your home on the market.

The groundbreaking for the 2011 Homearama was this past week here in West Chester.  In my next post we will take a look at what the impact of the Home Builders Homearama luxury home show will have on the luxury home price ranges in the next few months in West Chester and Liberty Township, Ohio.

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.

West Chester OH Real Estate Market Breakdown – January 2011

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West Chester OH Real Estate Market Breakdown – January 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.

SEARCH ALL HOMES FOR SALE IN WEST CHESTER, OHIO

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.

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 so that you employ the correct pricing strategy in selling your home.

LowryTeam.com West Chester Real Estate Market Statistics
click on the image to see a larger version

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. 

In a later post we will also take a look at what the impact of the Home Builders Homearama luxury home show will have on the luxury home price ranges in the next few months in West Chester and Liberty Township, Ohio.

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.

West Chester Ohio Real Estate: This Month In Real Estate – January 2011

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Wondering what your home is worth in today’s real estate market? Request a market analysis here!

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West Chester Ohio Real Estate Market Update

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West Chester Ohio Real Estate Market Update

The West Chester Ohio real estate market update provides data on recent home sales, homes currently for sale, days on market data and list to sale ratios.  Get map views of homes, school information and community information for West Chester and surrounding communities of Mason, Liberty Township, Monroe and Fairfield Township, Ohio.

Get your Personal Real Estate Market Update at our website:  www.LowryTeam.com   

You can start your search for a new home in West Chester, Beckett Ridge or Liberty Township, Ohio right here using our real estate search engine – LowryTeam.com.

Wondering what your home is worth in today’s real estate market?  Request a market analysis here!

LowryTeam.com: Interest Rates Update For West Chester & Liberty Township, Ohio

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LowryTeam.com Mortgage Interest Rate Update

Have mortgage interest rates hit their lows?  Will they continue to move higher?  These are good questions.  The truth of the matter is nobody knows for sure.  Mortgage interest rates have moved higher in the last 5-6 weeks.

It does feel like we have seen the lowest levels and that interest rates will continue to edge a little higher as we move through the spring real estate market and into summer.  How much does it matter?  It matters quite a bit if you care about your monthly home mortgage payment .  

Waiting a few months to buy a home in West Chester, Beckett Ridge or Liberty Township, Ohio may very well cost you a great deal of money in the long run.  Buying real estate today will get you a terrific fixed rate mortgage!

You can start your search for a new home in West Chester, Beckett Ridge or Liberty Township, Ohio right here using our real estate search engine – LowryTeam.com.

Wondering what your home is worth in today’s real estate market?  Request a market analysis here!