West Chester Real Estate: January 2009 Home Sales

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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 Units2009 Units+ or –
5855-5.17%

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 Price2009 Avg Sale Price+ or –
 $219,688$202,077-8.02%

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Liberty Twp, Ohio Real Estate: New Listing 7031 Valley Falls Court

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My Newest Listing…

 

7031 Valley Falls Court, Liberty Township, Ohio 45011

Liberty Township, Ohio 45011

Lakota Schools

$325,000  – Four Bedrooms – Three Full Baths, One Half Bath

This is a beautiful, ranch style home in Liberty Township:

  • 2000+ Square Foot Custom Built Ranch Home
  • Terrific Luxury Home Opportunity 
  • Open Foyer w/ Ceramic Tile Floors
  • Bright, Open Great Room w/ Gas Fireplace
  • Large Kitchen Features Island, Counter Bar, Breakfast Nook & Double Ovens
  • Formal Dining Room
  • Large Master Suite Features A Luxury Bath, Walk-In Closet & Walks Out To Multi-Tiered Rear Deck
  • Finished Walkout Lower Level Features Rec Room, Study, 4th Bedroom, Full Bath & Media Room
  • Short Sale Property Is Subject To Lender Approval Of The Sale
  • This Is A Great Deal!
  • Close To Schools, Shopping, Dining & Expressways!

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

West Chester & Liberty Township, OH Real Estate News

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♦Everyone it seems is interested in foreclosure and short sale properties.  Well how about this real estate deal:

The sale is planned for March 5th according to the Cincinnati Enquirer.  It should be noted that the shopping complex is continuing to operate business as usual.

♦Homearama 2009 has been delayed until September this year.  The show featuring the finest luxury homes in the area has normally been held in June each year.  Several weeks ago the Cincinnati Home Builders Association annouNced that the show had been delayed by the economy.  Read the full story regarding the Homearama 2009 here.

The price point of the homes built will be between $550,000 and $950,000.  Home builders that have committed to the show so far are: The Drees Company, Fischer Homes, John Henry Homes, Pendragon Homes and Summit Custom Homes.  More details on the luxury home show can be found in this article.

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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 Units2008 Units+ or –
13588-34.81%

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 Price2008 Avg Sale Price+ or –
 $266,751$232,831-12.72%

 

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West Chester & Liberty Township, Oh Real Estate: Housing Stimulus Possibilities

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Fix Housing First Coalition Seeks To Revive Economy

The National Association of Home Builders (NAHB) is spearheading Fix Housing First, one of the largest coalitions of housing advocates ever assembled in the United States, to push for a housing recovery plan that will revive the economy.

  “If we are going to successfully pull our nation out of recession, we must address housing first,” said NAHB President and CEO Jerry Howard.  

Fix Housing First, which consists of more than 600 organizations, home building companies and manufacturers continues to add new members on a daily basis, is pressing for a major stimulus package to stem the decline in home values, stabilize financial markets and reignite consumer demand. To get the economy moving again, the coalition is urging Congress to support enhancements to the home buyer tax credit and provide below-market 30-year fixed-rate mortgages for home purchases… 

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Liberty Township, Ohio Real Estate: New Listing 6636 Eagle Creek Drive

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My Newest Listing…

6636 Eagle Creek Drive, Liberty Township, Ohio 45011

Liberty Township, Ohio 45011

Lakota Schools

$289,900  – Four Bedrooms – Two Full Baths, One Half Bath

This is a beautiful, move in ready home in Liberty Township:

  • 2900+ Square Foot Custom Built Home
  • Two Story Foyer w/ Hardwood Floors
  • Two Story Great Room w/ Beautiful Stone Fireplace
  • Large Kitchen Features Island, Hardwood Floors, Breakfast Nook & Planning Desk
  • Formal Dining Room w/ Recessed Ceiling, Crown Molding & Chair Rail
  • First Floor Study w/ Oak Paneling & French Doors
  • Cathedral Master Suite Features A Sitting Room w/ Fireplace, Luxury Bath & Huge Walk-In Closet
  • Terrific Three Season Room Overlooks Rear Yard
  • Walkout Lower Level
  • Three Car Garage
  • One Year Home Warranty
  • Close To Schools, Shopping, Dining & Expressways!

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