West Chester, OH Real Estate Update: January 2009

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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

West Chester Oh Real Estate: October 2008 Home Sales

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October 2008 Home Sales For West Chester & Liberty Township, Ohio

 
 

October 2007

October 2008

+ / –

Closed Units

102

97

-4.90%

Average Sale Price

$229,333

$225,545

-1.65%

Average Days On Market

92

72

-21.74%

Average List / Sale Price %

96.09%

94.98%

-1.11%

 Sales were once again down in October 2008 when compared to October of last year.  Unit sales (closings)  were down 4.90% in West Chester and Liberty Township.  The percentage decrease is smaller than it has been previously, continuing a pattern of inconsistency in sales.  We have a little burst of activity and then it slows again.  Average sale prices were down 1.65% over October of 2007.  This is a smaller decrease than we have been seeing in recent months.  To determine if this is a change in the overall trend of the average sale price for West Chester and Liberty Township homes we will need to be closely examining the sales figures for the coming few months. 

Thinking of selling?  Click here to learn the current market value of your home.

Interest rates continued their dramatic drop this week.  This week we saw a drop to at weeks end 5.30% for a 30 year fixed rate mortgage.  An FHA 30 year fixed rate mortgage is currently 5.50%.  These are great rates that are changing daily.  If you need a referral to a good lender with competitive rates and closing costs please let me know.

1st Half 2008 Home Sales For West Chester & Liberty Township, Ohio

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1st Half 2008 Home Sales For West Chester & Liberty Township, Ohio

 
 

Jan-June 2007

Jan-June 2008

+ / –

Closed Units

692

607

-12.28%

Average Sale Price

$244,219

$229,711

-5.94%

Average Days On Market

82

84

+2.44%

Average List to Sale Price %

96.54%

95.79%

-.75%

 Sales were down for the 1st half of 2008 when compared to the 1st half of last year.  This should come as no surprise to anyone.  Everywhere you look and/or read the message is the same for the most part. (Some of the reports make things out to be worse than others). Unit sales (closings)  were down 12.28% in West Chester and Liberty Township. 

Does this mean that you won’t be able to sell your home if you need to?  It most certainly does not.  I am successfully selling homes each and every month of this year and some of them pretty quickly.  What all of this does mean is: (1.) you must prepare your home for the market (2.) you must price it properly and (3.) you need a strong marketing effort.

Average sale prices were down 5.94% for the 1st half of 2008 when compared to the same period in 2007. There is no way to paint this statistic in a good light.  This is a large decrease in the average sale price for West Chester and Liberty Township homes. Again, this emphasizes the need to price your home correctly in today’s market.  Thinking of selling?  Click here to learn the current market value of your West Chester and Liberty Township. Ohio home.

Interest rates continue to be very volatile.  In the last week I have seen rates move lower to 6.20% for a 30 year fixed rate mortgage from a recent high of 6.55%.  The rates are changing daily.  If you need a referral to a good lender with competitive rates and closing costs please let me know.  Mortgage rate locks can become crucial right now. Read this article in my August online newsletter.

Your questions and comments are always welcome!

March 2008 Home Sales For West Chester & Liberty Township, Ohio

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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!

Real Estate Market Update For West Chester & Liberty Township, Ohio – February 2008

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February 2008 Home Sales For West Chester & Liberty Township, Ohio

 
 

February 2007

February 2008

+ / –

Closed Units

82

79

-3.66%

Average Sale Price

$235,031

$228,849

-2.63%

Average Days On Market

82

84

+2.44%

Average List to Sale Price %

96.88%

95.19%

-1.69%

When is a decrease in home sales good news??

When the decrease in the number of closed units is the lowest percentage decrease in quite some time.

Home sales in West Chester and Liberty Township fell by 3.66% in February 2008 when compared to February 2007.  This is remarkable when you consider that the last couple of months decreases were 29.27% In January and 21.00% in December.  We are seeing sporadic increases of showing activity by buyers, however these showings are not resulting in an increase in sales as of yet, however this is clearly an improvement over the steep declines that we were seeing.

The average sale price in West Chester and Liberty Township was $228,849 in February.   This is a lower average sale price than what was seen in February of 2007.  It is 2.63% lower than 2007.  This is certainly not surprising and continues to re-inforce the need to price your home aggressively to get it sold.

Wondering what your home is worth??

Click here to find the current market value of your home

The average days on market rose to an average of 84 days on the market,  which is a 14 day increase over homes that closed in January and it is just a 2 day increase over February 2007.  Keep in mind, the “days on market” statistic is based on homes that have sold and closed, and is not impacted by homes that are still for sale.  So that home that you drive by everyday, that you know has been for sale for months and months, is not factored into this statistic.

The list price to sale price ratio was considerably lower again in February 2008 as compared to February 2007.  It fell 1.69 basis points from the prior year and was .09 basis points higher than January 2008.  This list to sale price ratio of 95.19% is one of the strongest indicators of jus how much of a buyer’s market this really is.

Mortgage rates have climbed considerably.   Mortgage rates which were hovering around 5.49% for a thirty year fixed rate mortgage just weeks ago, are now  at 6.05% for the same thirty year fixed rate mortgage.  I had many people tell me that they were waiting for rates to go even lower when they were at 5.49%.  These people waited to buy or refinance and missed out on a great rate.  Will the rates return to these lower levels??  Only time will tell.  My guess is they may not get below 5.50%  again for quite some time.  If they do, I sure wouldn’t wait again!

As always I will continue to monitor these real estate 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 and comments!

January 2008 Home Sales For West Chester & Liberty Township, Ohio

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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!