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.

An Interest Rate Drop, A Can Of Paint And A Must See Video

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First the interest rate drop.  Interest rates have dropped considerably in the last week and a half with the 30 year fixed rate mortgage falling from 6.20% to just 5.60%.  A more than welcome decrease.  Interest rates do continue to be very volitale.  This article on the CNBC website provides more details on the volitility.  FHA financing is the new trend in home mortages.  I will provide an update and more information on this in the next few days.

And what a little bit of paint can do for the appearance of a home listed for sale.  Especially in today’s real estate market, anything that can be done to make your home show better and be more appealing should be done. The freshness of a new coat of paint both visually and in the fresh smell when you walk in the door are hard to deny.  This is a great home in West Chester, Ohio, listed for $165,000 and is now freshly painted throughout most of the interior.  

Your comments and questions 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!

The Secrets To Selling Your Home In West Chester & Liberty Twp, Ohio Right Now!

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Are these really secrets?  No, but they are certainly the keys to selling your home in this market!

Secret #1:

Your home must standout!  The condition of your home must be great, (good doesn’t cut it).  The decor must be tasteful, it must be clean and fresh.  Your home must be updated;  for example, new countertops and appliances in the kitchen, new carpet, maybe a new or re-finished deck, etc.  Spring is coming, (I think), so look at the front of your home.  Is it clean, freshly mulched, no weeds, etc.?  

Need more information on this, email me and I will send you my checklist, “20 Steps To Help You Sell Your Home”.   Have questions call me.

There are so many homes for sale right now that the homes that are cluttered, dark and out-dated are being and will continue to be overlooked by today’s buyers.  And, these homes will continue to sit on the market for sale.

Secret #2:

Your home must be priced right!  The price of your home must be great, (good doesn’t cut it).  “Trying a little higher price” on your home for a while has never been a good strategy, now in this real estate market in West Chester and Liberty Township, Ohio it is a really bad strategy.  The homes that are selling are priced aggressively.  This may be hard for some homeowners to accept, but it is the truth!

So…  these aren’t really secrets, but they are the answers to the question “What will it take to get my home sold in this market in West Chester and Liberty Township, Ohio?”.

Wondering what your home is worth?   Click here to find out!

Your comments and questions are always welcome!

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!

Absentee Voting for the Primary Election Begins

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Absentee voting for the March 4th Ohio primary election begins on Friday.

Any registered voter can request an absentee ballot.  Many voters request a ballot due to being out of town on election day or for a variety of other reasons, but simply wanting to vote early is more than enough reason.

Read an article on absentee voting in Butler, Warren and Hamilton counties here.

Whether you vote with an absentee ballot or in person on March 4th, please remember to vote.

Get more election information here:

Ohio Secretary of State’s site

Butler County Board of Elections site

As always, I would love to hear your comments!