8116 Lesourdsville West Chester Road, West Chester, Ohio 45069

I am pleased to present my 2nd Quarter 2009 Real Estate Market Report for West Chester, Beckett Ridge and Liberty Township, Ohio. In this report you will find detailed real estate information and statistics. The source of this information 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. Any thoughts and insight into what may occur in the future are solely my opinions and forecasts.

I am very focused on providing the best information possible and to being the real estate expert in our area. Please let me know if you have any questions regarding any of this information. So let’s get started:

SALES:

There were 294 units sold for the 2nd Quarter of 2009 compared to 364 units sold in the 2nd Quarter of 2008. This represents a decrease of 19.23%. If you simply leave it at that, it looks pretty bad, however if you dissect the market a little, you will see that things can look a little different depending on the price range. Below, you will see the sales broken down by price range, which paints a picture of several different markets within the West Chester and Liberty Township, Ohio real estate market.

Price Range	2009 Units	2008 Units	+ or – %
Less than $200,000	140	143	-2.10%
$200,000 – $249,999	72	100	-28.00%
$250,000 – $299,999	40	56	-28.57%
$300,000 – $399,999	25	39	-35.90%
$400,000 – $499,999	13	17	-23.53%
$500, 000 +	4	9	-55.55%

AVERAGE SALE PRICE:

The average sale price in the 2nd Quarter of 2009 for the West Chester and Liberty Township Ohiomarkets was $214,898 compared to $231,621 in the 2nd Quarter of 2008, which constitutes a decrease of 7.22%. So, let’s talk about what this means and what it doesn’t mean. First, it does mean that the average price of all of the homes that sold was quite a bit lower, 7.22% lower in fact. However, what this doesn’t mean is that the value of our homes fell by 7.22% in this period. This average sale price is affected quite a bit by the fact that a much larger percentage of sales occurred in the under $250,000 range, thus causing the average to be lower. So, is this good news or bad news? Really to be honest, it is no news. To know the value of your home and just how much the value has fallen you need a detailed, analytical analysis of the current market value. You cannot draw a conclusion from market averages, and certainly not from what you read in the newspaper, Cincinnati Enquirer, USA Today or otherwise.

SUPPLY OF HOMES FOR SALE:

The oversupply of homes for sale is where the pricing pressure comes from. Too many homes for sale in relation to how many are selling is a critical indicator to monitor as we watch for signs of market stabilization. At the end of the 2nd Quarter of 2009 we had 729 homes for sale in the West Chester, Beckett Ridge and Liberty Township, Ohio marketplace compared to 924 homes for sale in 2008. This represents a huge reduction in the amount of homes for sale. With a current inventoryof 729 homes for sale, based on our current rate of sale we have just under 7.5 months worth of inventory for sale. Meaning if we continue to sell homes at the current pace and no new listings come on the market, it would take us just under 7.5 months to sell them all compared to a 7.6 month supply one year ago. So, because the pace of sales has fallen so dramatically, the level of inventory is really the same on a relative basis. However, just like unit sales, these numbers can vary greatly by price range as you can see below.

PRICE RANGE	HOMES FOR SALE	MONTHS SUPPLY
Less than $200,000	251	5.38
$200,000 – $249,999	159	6.63
$250,000 – $299,999	85	6.38
$300,000 – $399,999	114	13.69
$400,000 – $499,999	45	10.39
$500,000 +	75	56.39

INTEREST RATES:

At the end of the 2nd Quarter of 2009 interest rates on a Thirty year fixed rate mortgage were hovering around a range of 5.30% – 5.40%. Just one year ago at the end of the 2nd Quarter of 2008 interest rates for the same mortgage were 6.25% – 6.50%. This is a very clear example of the extreme value of today’s interest rates.

TOP 10 SALES:

The top 10 sales of the 2nd Quarter of 2009*:

1. 7230 Londondale Drive	West Chester	$640,000
2. 6998 Lesourdsville-WC	Liberty Twp.	$625,000
3. 8162 Alpine Aster Ct	Liberty Twp.	$540,000
4. 7254 Barrister Ct	West Chester	$506,000
5. 7427 Great Waters	West Chester	$493,000
6. 6249 Lancashire Trl	Liberty Twp.	$490,000
7. 6049 Winding Creek	Liberty Twp.	$483,000
8. 7663 Overglen Dr	West Chester	$465,900
9. 7111 Linn Rd	Liberty Twp.	$460,000
10. 7500 Susan Springs	West Chester	$439,000

*These sales are not necessarily those of Eric Lowry

Summary:

The West Chester, Beckett Ridge and Liberty Township real estate 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. I would expect in the market overall for the rate of decline to slow, however, only when the supply of homes for sale drops and the number of buyers increases, will prices stabilize. It will take a number of years to return to the values that we once experienced. Exactly how long will be determined by the overall economy including the unemployment rate and of course how long interest rates are able to remain low. This is a great market to buy a home and is particularly good for 1st time homebuyers. It is also very favorable for homeowners looking to move up to a larger home. Any loss experienced on the selling side should be more than made up for on the purchase side.

Your comments and questions are always welcome!

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

Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

West Chester, Ohio Real Estate: New Listing In Beckett Ridge!

July 22, 2009 by Eric Lowry Leave a Comment

West Chester, Ohio Real Estate: New Listing In Beckett Ridge!

New Listing On LowryTeam.com…

5254 Woodcliff Court, West Chester, Ohio 45069

West Chester, Ohio 45069

Lakota Schools

$269,900 – Two Bedrooms – Two Full Baths, One Half Bath

This Is A Terrific Ranch Style Home In West Chester, Ohio:

The Woods Of Beckett!
Terrific Updated, Island Kitchen
Cathedral Family Room w/ Gas Fireplace
Large Master Suite w/ Deck Overlooking Wooded Setting
Finished, Walkout Lower Level
Lower Level Features Fireplace, Bar, Bedroom & Full Bath
Formal Dining Room w/ Laminate Floors
First Floor Laundry
Beautiful Outdoor Setting – Perfect For Entertaining
Beckett Ridge Golf Course View
Close To Shopping, Dining & Expressways

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

Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio

West Chester Ohio Real Estate: Why Some Homes Are Selling

June 2, 2009 by Eric Lowry Leave a Comment

West Chester Ohio Real Estate: Why are some West Chester, Liberty Township & Beckett Ridge, Ohio homes selling and others are not?

Some quick observations regarding why some homes are selling and others are not. I have been out showing a large number of homes in the past two weeks to a number of different clients and here are a few quick thoughts on this matter:

1.) Get It Priced Right! – No surprise here, but it really stands out when a home is priced too high compared to the competition. The buyers see it quickly and they don’t spend much time looking at the house, they just move on.

2.) Clean your home inside and out! – yes, this seems pretty obvious, but after all of my recent showings it is clear to me that it is not obvious to everyone.

3.) Leave your home for showings! – Do not stay in your home for showings – we’ll figure out that you have freshly painted walls or double ovens, etc. The buyers want to look at your home privately, don’t stay around and make them uncomfortable!

There is more, but I said “quick observations”.

Wondering about the value of your home in today’s market? Request a Free Market Analysis.

Check Out My Feature Homes For Sale In West Chester and Liberty Township, Ohio

West Chester & Liberty Township, OH Real Estate Market Update

May 14, 2009 by Eric Lowry Leave a Comment

West Chester & Liberty Township, OH Real Estate Market Update

1st Quarter 2009 home sales compared to 1st Quarter 2008 for West Chester and Liberty Township, Ohio

In the 1st quarter of 2008 244 units were sold vs. 195 units in February 2009. This represents a decrease of 20.08%. This continues the trend of a large drop in closed sales when compared to the year ago period. Unit sales continue to be soft, with the overall economy and job security issues having a big impact on potential buyers. The 1st time homebuyers tax credit is influencing the activity in the under $225,000 market in a positive way.

2008 Units	2009 Units	+ or –
244	195	-20.08%

(Just as a point of reference for how far home sales have fallen: In March of 2006 alone we closed 170 units vs. 195 units for the first three months of this year.)

The average sale price for the first quarter of 2009 was down 8.32% compared to the same period in 2008. As you can see in the table below, the average sale price in the first quarter of 2008 was $226,635 compared to $207,772in 2009. As I have said before, 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 and also a lessening of the pricing presuure that is currently being applied by distressed property sales, such as bank owned homes and short sales. In many of the price ranges there remains a significant oversupply of homes for sale.

However, there are dramatic differences in what is going on in the different price ranges. If you are thinking of selling your home you must understand the market within the market that your home is in. Some of the price ranges have such an oversupply of homes for sale and others are much more in line with what might be normally expected.

2008 Avg Sale Price	2009 Avg Sale Price	+ or –
$226,635	$207,772	-8.32%

Here is the article from the Cincinnati Enquirer detailing the Greater Cincinnati housing numbers:

Q1 home prices down 17 percent

By Lisa Bernard-Kuhn • lbernard@enquirer.com • May 12, 2009

Sale prices of single family homes in the region slid more than 17 percent in the first quarter – fueled by the sale of foreclosed properties and other discounted real estate, according to a national report released today.

In Greater Cincinnati and Northern Kentucky, the median sale price fell to $106,500, a 17.1 percent decline from the first quarter in 2008, according to data from the National Association of Realtors.

The median sale price is the point at which half the homes sell for more and half sell for less.

Nationally, the median sale price for a single family home slid to $169,000, down 13.8 percent from the first quarter of 2008.

Overall, sales dipped 3.2 percent from the year-ago period.

“I think we’re near a bottom, but we’re not there yet,” said David Resler, chief economist at Nomura Securities.

While prices could hit bottom as soon as this summer, he said, they are likely to remain stable and start edging higher slowly. But the nascent signs of recovery in the housing market could be short-lived if employers continue to lay off workers in bulk.

First-time buyers accounted for half of all purchases during the first quarter, and 134 out of 152 metropolitan statistical areas reported lower median existing single-family home prices compared to the first quarter of 2008.

The biggest drop, of more than 50 percent, was in Fort Myers, Fla. Prices fell 40 percent or more in Saginaw, Mich.; Akron, Ohio; San Francisco; San Jose, Calif.; Phoenix; Sarasota, Fla. and Riverside, Calif.

The biggest price gain, of more than 21 percent, was in Cumberland, Md. The only other metro area that saw a double-digit increase was in Davenport, Iowa, which saw the median price climb nearly 14 percent.

“We are very much in a bifurcated market with sharp differences between foreclosures and short sales on one hand, and traditional homes on the other,” said Lawrence Yun, chief economist for the national Realtors, in a release. “In many cases, homes are selling below replacement construction costs, which speaks to the great values in the current market.”

In the first quarter, short sales and foreclosures accounted for nearly half of transactions, weighing down median home prices in most markets.

Short sales occur when a bank or lender agrees to accept less that what is owed on a home mortgage. The discounted properties along with foreclosures sell for about 15 to 20 percent less than market rate homes, Realtors say.

Yun said the $8,000 tax credit for first-time buyers included in the economic stimulus package signed by President Barack Obama earlier this year should boost sales.

“We expect a measurable increase in home sales during the second half of the year, which would help stabilize prices in most areas,” he said.

The Associated Press contributed.

Wondering about the value of your home in today’s market? Request a Free Market Analysis.

Check Out My Feature Homes For Sale In West Chester and Liberty Township, Ohio