West Chester & Liberty Township OH Real Estate: Real Estate Market Snapshot

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What is a Market Snapshot?  A Market Snapshot is a detailed real estate market report providing you with information on homes for sale and recent home sales in the West Chester, Liberty Township, Beckett Ridge, Fairfield Township, Monroe or Mason Ohio home.

Detailed information on each home is included on an interactive map as well as statistical data, all of which comes directly from the Greater Cincinnati Multiple Listing Service (MLS).

 

Thinking of buying a home in West Chester, Beckett Ridge or Liberty Township, Fairfield Township, Monroe or Mason Ohio?

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

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

West Chester & Liberty Township, Ohio Real Estate Market Update

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February 2009 home sales compared to February 2008 for West Chester and Liberty Township, Ohio

In February 2008 79 units were sold vs. 65 units in February 2009.  This represents a decrease of 17.72%.  That is quite a 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 –
79 65 -17.72%

The average sale price for February 2009 was down 12.28% compared to the same period in 2008.  As you can see in the table below, the average sale price in February 2008 was $228,849 compared to $200,757 in 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 pressure 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.

2008 Avg Sale Price 2009 Avg Sale Price + or –
 $228,849 $200,757 -12.28%

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

Liberty Township, OH Real Estate Update: January 2009

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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

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!

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!