LowryTeam.com Real Estate Trends Report – March 2012 Home Sales West Chester & Liberty Twp. OH

Here is the newest edition of our LowryTeam.com Monthly Real Estate Trends Report. This report, published monthly, provides a look at the first three months worth of real estate home sale 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 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.

This month we are breaking the data down into several different blog posts.  This first article will cover home sales for the for the first three months of 2012 (January – March):

A close look at the home sales for West Chester & Liberty Township Ohio:

As we move into April and look back at the first three months of home sales for West Chester and Liberty Township, the trend that we are seeing right now is one that continues to support the belief that the housing market locally has stabilized in terms of home sales. The 1st quarter sales last year (2011) were weak, so our comparisons of the home sales figures continue to show improvement when compared to 2011. Sales in the first three months of 2012 have shown a significant, 10.80%  increase over the home sales numbers for the first three months of 2011.  While sales have shown a pretty nice uptick in this time frame, a little historical perspective is helpful in understanding where we are in the overall health of the real estate market.  March 2012, while much improved over the previous few months, was the third lowest March home sales number we have seen since 2001. In fact the March 2012 home sales total was less than half of the total that was seen in March of 2005 and 2006.

 

As can be seen by the graph above we seem to be trending along a path very similar to 2010’s home sales.  However, the months of April – June of 2010 were very much effected (inflated) by the homebuyer tax credit that was in place in 2010.  Thus we are unlikely to stay on a track that will keep us even with 2010.  The more likely senario we believe is that we will track along a path somewhere between the home sales of 2010 and 2011. 

Summary:

As we have stated previously in the LowryTeam.com: West Chester, Beckett Ridge and Liberty Township real estate market update, the market remains challenging for home sellers and is full of opportunity for homebuyers. The real estate market in West Chester and Liberty Township has really become two distinctly different markets when you look at the differences in activity and levels of inventory for sale broken down by price range.  We will take a look at this trend in our next article.

The primary threats or obstacles to the recovery of  real estate market are continued high unemployment, a continued oversupply of homes for sale and the potential loss of the mortgage interest tax deduction. Interest rates continue to hover at the historical low levels of around 4.25%.

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

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