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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      

Filed Under: Real Estate Information, Real Estate Market Statistics Tagged With: Beckett Ridge, Cincinnati Enquirer, Eric Lowry, Home Prices, Homes For Sale, Housing Market, Housing Statistics, Liberty Township Real Estate, LowryTeam.com, Ohio, Sibcy Cline Realtors, West Chester Ohio Real Estate

West Chester Real Estate: January 2009 Home Sales

February 25, 2009 by Eric Lowry Leave a Comment

It’s time to take a look at how January 2009 home sales compared to January 2008.

With regard to sales, in January 2008 58 units were sold vs. 55 units in January 2009.  This represents a decrease of just 5.17%.  I say “just” because today the Cincinnati Area Board of Realtors reported sales being down 19.29% (unit sales) for the Greater Cincinnati area. So being only down 5.17% for the West Chester and Liberty Township, Ohio real estate market feels like a victory!!

2008 Units 2009 Units + or –
58 55 -5.17%

The average sale price for January 2008 was down 8.02% compared to the same period in 2009.  As you can see in the table below, the average sale price in January 2008 was $219,688 compared to $202,077 in 2009.  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.  The average sale price was down 18.49% in January 2009 when compared to January 2008 for the Greater Cincinnati Area Board of Realtors.

2008 Avg Sale Price 2009 Avg Sale Price + or –
 $219,688 $202,077 -8.02%

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

Filed Under: Real Estate Information, Real Estate Market Statistics Tagged With: Beckett Ridge, Cincinnati, Housing Market, Housing Statistics, Liberty Township Real Estate, Mortgages, Ohio, Realtor, Top Real Estate Agent, West Chester Real Estate, West Chester Realtor

Liberty Township, OH Real Estate Update: January 2009

January 13, 2009 by Eric Lowry Leave a Comment

As I mentioned in my previous post on the West Chester real estate market, the last three months have been very turbulent.  There is a great deal of uncertainty regarding the availability of mortgages for buyers and in the financial markets in general.  I can say with absolute certainty however,  that if you are thinking about buying a home, whether it is new construction or an existing home, the opportunities are terrific with regard to the home prices and there is no question about the ability to get a mortgage, the money is out there!

Today we will take a look at how the Liberty Township, Oh real estate market fared in the last three months of 2008.  The West Chester and Liberty Township markets are very connected and to many folks would be considered one and the same.  They share the same school district (Lakota Schools) and are geographically adjacent.   However breaking them down a little gives us better detail of just what has been going on.

To read part one of this real estate market update click here

With regard to sales, in 2007 135 units were sold vs. 88 units in 2008 in Liberty Township.  This represents a decrease of 34.81%.  This is quite obviously a huge decrease in sales.  A little further look into these numbers finds that in 2007, new construction accounted for 44 of the 135 sales (32.59%).  In 2008 just 15 of the 88 sales (17.05%) were new construction.  New construction sales were way down and this is definitely an indication of the scaling back that home builders have done.  The amount of market (spec) homes that are available for sale is very small and has been for some time now.

 

2007 Units 2008 Units + or –
135 88 -34.81%

The average sale price for the last three months of 2008 was down 12.72% 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 $232,831 compared to $266,751 in 2007.  With the new construction sales taken out of the numbers the average sale price would be down 5.25% in the last three months of 2008 when compared to 2007.  The impact new construction has on these numbers is significant due to the fact that typically the average sale price of new construcion homes is much higher which can skew the overall numbers, especially in a market like Liberty Township, OH which has a large presence of new construction.

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 –
 $266,751 $232,831 -12.72%

 

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

Filed Under: Liberty Twp Community Info, Real Estate Information, Real Estate Market Statistics Tagged With: Homes For Sale, Housing Market, Housing Statistics, Lakota Schools, Liberty Township Housing Statistics, Liberty Township Real Estate, Mortgages, Realtor, West Chester Ohio Realtor, West Chester Realtor

West Chester, OH Real Estate Update: January 2009

January 7, 2009 by Eric Lowry

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

Filed Under: Real Estate Information, Real Estate Market Statistics, West Chester Community Info Tagged With: Cincinnati, Home Values, Homes For Sale, Housing Market, Housing Statistics, Ohio, Real Estate Market Statistics, West Chester Real Estate, West Chester Realtor

West Chester Oh Real Estate: October 2008 Home Sales

December 6, 2008 by Eric Lowry

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.

Filed Under: Financing, Real Estate Market Statistics Tagged With: Cincinnati, FHA Financing, Housing Statistics, Interest Rates, Liberty Township Housing Statistics, Mortgages, West Chester Ohio Realtor, West Chester Real Estate

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

April 20, 2008 by Eric Lowry

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!

Filed Under: Financing, Real Estate Information, Real Estate Market Statistics Tagged With: Cincinnati, Housing Statistics, Liberty Township Real Estate, Ohio, Realtor, West Chester Real Estate, West Chester Realtor

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