Average Home Sale Prices In West Chester Ohio Archives -

Home Prices In West Chester OH for November 2012

November 15, 2012 by Eric Lowry Leave a Comment

Home Prices In West Chester OH for November 2012

Real estate market data for West Chester, Ohio provided by Eric Lowry of The Lowry Team – Keller Williams Realty

West Chester Home Prices

We have seen a stabilization in the median list prices of homes for sale in West Chester and actually, when compared to the previous 12 months median, the list prices are higher. This is at least partially caused by the shortage in some of the lower price ranges of homes for sale and still higher levels of inventory in the upper price ranges. Home buyers that are searching in the under $200,000 price range cannot afford to wait to to make a decision if they find a great home, it will sell very quickly. For home owners that are ready to sell, proper pricing and preparation of the home can result in a very quick sale.

West Chester Ohio Real Estate Report Summary

The median list price in November for homes listed for sale in West Chester was $194,900. This includes both single family homes and condos.

The average days on market for these currently listed for sale homes is 142 days on market.

The median sale price in October 2012 for West Chester OH homes sold was $181,950 with an average days on market for these sold properties of 136.

Find Homes For Sale In West Chester Ohio

Visit our website to search for homes in West Chester OH or to be notified when West Chester homes come on the market.

To find out what you home is worth in the current market email Eric or call 513-874-1830.

LowryTeam.com Real Estate Trends Report – August 2011

August 23, 2011 by Eric Lowry Leave a Comment

Here is the newest edition of our LowryTeam.com Monthly Real Estate Trends Report covering sales for July 2011. This report, published monthly, provides a look back at the last six months worth of real estate data for West Chester, Beckett Ridgeand Liberty Township, Ohio. It is a local trends report and makes no attempt to draw overall conclusions or make predictions for the larger real estate market. In fact we believe that anyone that makes an attempt to predict future, national real estate market conditions or draws conclusions on recent historical data nationally is just out of touch with reality. There is no such thing as a national weather forecast and there is no such thing as a real estate one either. ALL real estate is local!

The source of our data is the Greater Cincinnati Multiple Listing Service. By seeking out and understanding the trends in our market place we are better able to forecast the upcoming market conditions and counsel our clients on pricing strategies to get their home sold for the highest possible price. Any thoughts and insight into what may occur in the future are solely our opinions and forecasts.

The first thing we look at is unit sales for the last six months (February – July):

It’s all about the sales numbers right now:

As we move towards the end of August and look back at this most recent six months of data, the trend that we are watching for right now is to see if there will be a continued softening in unit sales as we saw in 2010. The graph for this year’s sales show very little of what we typically call the spring market. Sales in July of 2011 finally were up over the sales numbers for July of 2010. The sales in July 2010 really dropped off after the expiration of the Homebuyer Tax Credits that were in place last year. These tax credits had really propped up the home sales in the first half of 2010.

Everyone was excited to see the increase of unit sales over the same month in the previous year. This was the first time we had seen this happen since January. What does this really mean though? First, based on the very low comparisions for the rest of the year vs. 2010, this is a trend that we are likely to see continue for a number of months in a row. And secondly, a look at how these July sales numbers stacked up against the July sales numbers for previous years is perhaps a better place to draw some perspective.

While the sales figures for July (2011 vs 2010) were up, the July 2011 sales were the second lowest in the past decade for the West Chester & Liberty Township Ohio real estate market for the month of July.

When considering the health of the housing market, everything hinges right now on home sales. Home prices will not be able to show any stability in the foreseeable future with the amount of inventory (homes for sale) that we currently have on the market vs. the number of homes that are actually selling. We have a large oversupply of homes for sale in West Chester and Liberty Township and this only puts further pressure on listing and sale prices. We believe that home values will continue to fall. For homeowners needing to sell, the best chance to get the highest price for their home is to get the home sold in the very near term. It truly is all about the home sales numbers right now!

Average sale price for the last six months (February – July) is next:

In this graph you can see the movement of the average sale price for West Chester and Liberty Township, Ohio real estate sales from January 2010 through July of 2011. The trend line continues to show you a gradual decline for average home sale prices. Average sale price gets quite a bit of attention in the media with reports that quote “home prices fell” or “home prices rose” in this particular quarter or month or whatever. The average sale price is nothing more than what it’s called – an average price of all of the homes sold in a particular time frame.

However, just to be clear here, homes are not worth more now than they were at the beginning of the year. Any increase or decrease in the average sale price is reflective of the activity of that time frame not the exact value of any one home. Falling home values do clearly effect the average sale price, but that is not the whole story. The mix of homes and their values definitely play a part in this fluctuation, ie., many more lower priced homes selling than in the luxury market.

List to sale price ratio:

Summary:

As we have stated previously in the LowryTeam.com: West Chester, Beckett Ridge and Liberty Township real estate market update, our market remains challenging, yet full of opportunity. Clearly the value of homesin the area has fallen over the past couple of years and frankly, the values are likely to fall farther. The primary threats or obstacles to the second half of 2011 real estate market and any potential recovery are continued high unemployment, a considerable oversupply of homes for sale and the potential loss of the mortgage interest tax deduction. Interest rates have settled back down and are at historical low levels around 4.25% which provide a great environment for buying a new home.

Wondering what the value of your home currently is? We would be happy to provide you with a detailed market value analysis of the value of your home. You can request your Market Value Analysis here

Your comments and questions are always welcome!

Other related posts you may be interested in:

What Are Mortgage Interest Rates In West Chester & Liberty Township OH?

West Chester & Liberty Township OH Real Estate Market Breakdown – July 2011

LowryTeam.com: Monthly Real Estate Trends Report – March 2011

March 30, 2011 by Eric Lowry Leave a Comment

Here is the newest edition of our LowryTeam.com Monthly Real Estate Trends Report for March 2011. This report, published monthly, provides a look back at the last six months worth of real estate data for West Chester, Beckett Ridge and Liberty Township, Ohio. It is a local trends report and makes no attempt to draw overall conclusions or make predictions for the larger real estate market. In fact we believe that anyone that makes an attempt to predict future, national real estate market conditions or draws conclusions on recent historical data nationally is just out of touch with reality. There is no such thing as a national weather forecast and there is no such thing as a real estate one either. ALL real estate is local!

The first thing we look at is unit sales for the last six months (September – February):

As mentioned in the February Real Estate Market Trends Report this most recent six months of data continues to reflect the decline in unit sales felt in the time immediately after the homebuyer tax credit expiration. The tax credit had the impact of drawing a lot of home sales into the first six months of last year and caused an extensive slow down afterward. The graph shows that the leveling off of home sales in West Chester and Liberty Township during this last six months time frame continued in February.

February 2011 homes sales showed a small uptick in sales when compared to the month of January 2011. February sales were however 9.38% lower than February of 2010. So the year over year comparison of sales does not look promising, particularly as we head into the next couple of months which will be compared to the “tax credit” months of last year.

The next few months represent very tough comparisons moving forward as we will be comparing sales levels this year against the sales levels of the months of last year when the tax credits for homebuying were in place. Generally we expect the year to year comparisons to be much lower than 2010 unless there is some unexpected development in the marketplace.

Average sale price for the last six months (September – February) is next:

In this graph you can see the movement of the average sale price for West Chester and Liberty Township, Ohio real estate sales from January 2010 through February of 2011. The trend line continues to show you a gradual decline for average home sale prices. Average sale price gets quite a bit of attention in the media with reports that quote “home prices fell” or “home prices rose” in this particular quarter or month or whatever. The average sale price is nothing more than what it’s called – an average price of all of the homes sold in a particular time frame.

Track Home Sales In Your West Chester or Liberty Township Ohio Neighborhood Here >> Get Your Personal Market Snapshot!

Just to be clear here, homes are not worth more now than they were at the beginning of the year. Any increase or decrease in the average sale price is reflective of the activity of that time frame not the exact value of any one home. A perfect example of this is the month of January which according to the graph shows a huge decrease in the average sale price over the month of January 2010. A look inside the numbers explains… In January 2010, 8 of the total 42 closed sales that month were under $150,000 in sale price, in January 2011 there were 14 of a total 49 closed sales in that same price range. More sales in the lower price ranges will cause the average sale price to be lower. In addition, in January 2010 there were 6 closed sales over $400,000 compared to just 3 closed sales in January 2011 over $400,000. The luxury home market is facing a very difficult period in the next six months to a year with very high inventory levels and competition from the Homearama show homes.

So, was the average sale price lower because homes were worth less? No, there was just a very different mix of homes that sold. Falling home values do clearly effect the average sale price, but that is not the whole story.

List to sale price ratio:

The trend here had been on an upswing, indicating that homeowners are generally pricing their homes at levels that reflect market value. One important fact to keep in mind here is that these figures are calculated based on homes that have sold. Homes that are priced too high when listed will not get 95-96% of their list price, in fact in this market, they won’t sell at all.

The one factor that remains true, through all of the market’s ups and downs is that homes that sell quickly, sell for a much higher percentage of their list price. In the most recent six months, homes that sold in the first thirty days that they were on the market sold for 96.75% of list price. As you can see, this is a much higher final sales price compared to the overall market average.

Summary:

As was stated in last month’s LowryTeam.com: West Chester, Beckett Ridge and Liberty Township real estate market update, our market remains challenging, yet full of opportunity. Clearly the value of homes in the area has fallen over the past couple of years and frankly, in certain price ranges, the values are likely to fall farther. The primary threats to the 2011 real estate market and any potential recovery are continued high unemployment and the potential loss of the mortgage interest tax deduction. Interest rates have now risen off of their lows, but still remain at very attractive levels below 5.00% which provide a great environment for buying a new home.

Your comments and questions are always welcome!

Search Homes For Sale In West Chester & Liberty Township Ohio

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

posted by Eric Lowry

LowryTeam.com: Monthly Real Estate Trends Report – January 2011

January 31, 2011 by Eric Lowry Leave a Comment

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Here is the newest edition of our LowryTeam.com Monthly Real Estate Trends Report for January 2011. This report, published monthly, provides a look back at the last six months worth of real estate data for West Chester, Beckett Ridge and Liberty Township, Ohio. It is a local trends report and makes no attempt to draw overall conclusions or make predictions for the larger real estate market. In fact we believe that anyone that makes an attempt to predict future, national real estate market conditions or draws conclusions on recent historical data nationally is just out of touch with reality. There is no such thing as a national weather forecast and there is no such thing as a real estate one either. ALL real estate is local!

First we take a look at unit sales for the last six months (July – December):

This most recent six months of data reflect the time immediately after the home buyer tax credit expiration. As you can see the drop in sales in this period was pretty dramatic. The tax credit had the impact of drawing a lot of home sales into the first six months of the year and causing an extensive slow down afterward. The graph shows that that there has been a leveling off of home sales in West Chester and Liberty Township during this last six months time frame.

To put these levels of home sales in proper perspective we can also compare them to the same time periods of the last two years. In the fall of last year (2009) we had just seen the extension of the original first time homebuyer tax credit. In the fall of 2008 we were in the midst of the financial crisis with the all of the bank failures, etc. which caused a very significant slow down at the time in home sales. So when you compare the last three year’s home sales for this time period of July – December you can see that our current level of home sales had been tracking at a level that was below the levels seen during the financial crisis, but in December moved upward slightly, basically pulling even with December 2008 and down 13.16% compared to home sales in December 2009.

This continues to be a pretty amazing statistic when you consider that we are operating in an environment of both extremely low interest rates and home prices. One factor that may provide an uptick of some sort in home sales in the near term is rising interest rates. Rates have definitely risen off of their lowest levels and history tells us that when rates go up, they tend to go up fast. Some homebuyers may be fearful of missing out on these really low rates and will jump into the market to get a home under contract while the below 5.00% interest rates are still available. This could result in a small upward trend for home sales in the next few months over the current levels.

Average sale price for the last six months (July – December) is next:

In this graph you can see the movement of the average sale price for West Chester and Liberty Township, Ohio real estate sales in 2010. If you watch the trend line you can see a gradual decline for 2010. Average sale price gets quite a bit of attention in the media with reports that quote “home prices fell” or “home prices rose” in this particular quarter or month or whatever. The average sale price is nothing more than what it’s called – an average price of all of the homes sold in a particular time frame.

Track Home Sales In Your West Chester or Liberty Township Ohio Neighborhood Here >> Get Your Personal Market Snapshot!

Homes are not worth more now than they were at the beginning of the year. Any increase or decrease in the average sale price is reflective of the activity of that time frame. A perfect example of this is the month of August which according to the graph shows a huge increase in the average sale price over the month of July. A look inside the numbers explains… In July, 17 of the total 82 closed sales that month were under $140,000 in sale price, in August there were only 6 of a total 78 closed sales in that same price range. Less sales in the lower price ranges will cause the average sale price to be higher. In addition, in July there were just 4 closed sales over $400,000 compared to 9 closed sales in August over $400,000. So, was the average sale price higher because homes were worth more? No, there was just a very different mix of homes that sold.

List to sale price ratio:

The List to Sale Price ratio is calculated by dividing the final sale price into the list price to find the percentage of the list price that a given home sells for. The West Chester and Liberty Township Ohio List to Sale Price Ratio is 95.68% for the six month period of July – December 2010. As you can see the monthly List to Sale Price Ratio has seen some big swings up and down in the last year. The swings up and down are an indicator of the lack of stability in the West Chester and Liberty Township real estate market right now. The highlighted center area of the graph shows what appears to be the middle ground right now for the market. The previous two months had been below this range, indicating that homeowners are accepting lower offers when compared to their list prices than had been the case in previous months. In December the list to sale price ratio for West Chester & Liberty Township move back up into the middle of the middle ground so to speak.

The one factor that remains true, through all of the market’s ups and downs is that homes that sell quickly, sell for a much higher percentage of their list price. In the most recent six months, homes that sold in the first thirty days that they were on the market sold for 97.35% of list price. As you can see, this is a much higher final sales price compared to the overall market average.

Summary:

As was stated in last month’s LowryTeam.com: West Chester, Beckett Ridge and Liberty Township real estate market update, the market remains challenging, yet full of opportunity. Clearly the value of homes in the area has fallen over the past couple of years and frankly, in certain price ranges, the values are likely to fall farther. The primary threats to the 2011 real estate market and any potential recovery are continued high unemployment and the potential loss of the mortgage interest tax deduction. Interest rates have now risen off of their lows, but still remain at very attractive levels below 5.00% which provide a great environment for buying a new home.

Your comments and questions are always welcome! Wondering what your home is worth in today’s real estate market? Request a market analysis here!

LowryTeam.com: Monthly Real Estate Trends Report – December 2010

December 27, 2010 by Eric Lowry Leave a Comment

LowryTeam.com: Monthly Real Estate Trends Report – December 2010

Hot off the presses is our LowryTeam.com Monthly Real Estate Trends Report for December 2010. This report, published monthly, provides a look back at the last six months worth of real estate data for West Chester, Beckett Ridge and Liberty Township, Ohio. It is a local trends report and makes no attempt to draw overall conclusions or make predictions for the larger real estate market. In fact we believe that anyone that makes an attempt to predict future, national real estate market conditions or draws conclusions on recent historical data nationally is just out of touch with reality. There is no such thing as a national weather forecast and there is no such thing as a real estate one either. ALL real estate is local!

The source of this data is the Greater Cincinnati Multiple Listing Service. By seeking out and understanding the trends in our market place we are better able to forecast the upcoming market conditions and counsel our clients on pricing strategies to get their home sold for the highest possible price. Any thoughts and insight into what may occur in the future are solely our opinions and forecasts.

Unit sales for the last six months (June – November) is first:

Unit sales in West Chester and Liberty Township have seen a steady decline in the last six months. The spring market saw a fairly strong sales environment which was supported by the government’s home buyer tax credits. These tax credits expired on April 30th, 2010 and you can see on the graph, that homes sales (closed units) peaked in the two months after, as these tax credit sales closed , 30-60 days later.

With no intervention or subsidy of the housing markets by the government you can see that home sales have made their way much lower in the following months.

To put these levels of home sales in proper perspective we compare them to the same time periods of the last two years. In the fall of last year (2009) we were under the influence of the original first time homebuyer tax credit which definitely had a positive impact on home sales at the time. In the fall of 2008 we were in the midst of the financial crisis with the all of the bank failures, etc. which caused a very significant slow down at the time in home sales. So when you compare the last three year’s home sales for this time period of June – November you can see that our current level of home sales are at a level that is even below the levels seen during the financial crisis.

This is a pretty amazing statistic when you consider that we are operating in an environment of both extremely low interest rates and home prices. One factor that may provide an uptick of some sort in home sales in the near term is rising interest rates. Rates have definitely risen off of their lowest levels and history tells us that when rates go up, they tend to go up fast. Some homebuyers may be fearful of missing out on these really low rates and will jump into the market to get a home under contract while the below 5.00% interest rates are still available. This could result in a small upward trend for home sales in the next few months over the current levels.

Average sale price for the last six months (June – November) is next:

You can see the movement of the average sale price for West Chester and Liberty Township, Ohio real estate sales in 2010. If you watch the trend line you can see a gradual decline for 2010. Average sale price gets quite a bit of attention in the media with reports that quote “home prices fell” or “home prices rose” in this particular quarter or month or whatever. The average sale price is nothing more than what it’s called – an average price of all of the homes sold in a particular time frame.

Homes are not worth more now than they were at the beginning of the year. Any increase or decrease in the average sale price is reflective of the activity of that time frame. A perfect example of this is the month of August which according to the graph shows a huge increase in the average sale price over the month of July. A look inside the numbers explains… In July 17 of the total 82 closed sales that month were under $140,000 in sale price, in August there were only 6 of a total 78 closed sales in that same price range. Less sales in the lower price ranges will cause the average sale price to be higher. In addition, in July there were just 4 closed sales over $400,000 compared to 9 closed sales in August over $400,000. So, was the average sale price higher because homes were worth more? No, there was just a very different mix of homes that sold.

List to sale price ratio:

The List to Sale Price ratio is calculated by dividing the final sale price into the list price to find the percentage of the list price that a given home sells for. The West Chester and Liberty Township Ohio List to Sale Price Ratio is 95.68% for the six month period of June – November 2010. As you can see the monthly List to Sale Price Ratio has seen some big swings up and down in the last year. The swings up and down are an indicator of the lack of stability in the West Chester and Liberty Township real estate market right now. The highlighted center area of the graph shows what appears to be the middle ground right now for the market. The last two months have been below this range, indicating that homeowners are accepting lower offers when compared to their list prices than had been the case in previous months.

The one factor that remains true, through all of the market’s ups and downs is that homes that sell quickly sell for a much higher percentage of their list price. In the most recent six months, homes that sold in the first thirty days that they were on the market sold for 97.09% of list price. As you can see, this is a much higher final sales price compared to the overall market average.

Summary:

The West Chester, Beckett Ridge and Liberty Township real estate market remains challenging, yet full of opportunity. Clearly thevalue of homes in the area has fallen over the past couple of years and frankly, in certain price ranges, the values are likely to fall farther. The primary threats to the 2011 real estate market and any potential recovery are continued high unemployment and the potential loss of the mortgage interest tax deduction. Interest rates have now risen off of their lows, but still remain at very attractive levels below 5.00% which provide a great environment for buying a new home.

Your comments and questions are always welcome! Wondering what your home is worth in today’s real estate market? Request a market analysis here!