West Chester & Liberty Township OH Real Estate: Has The Real Estate Market Stabilized?
Has the Real Estate Market Stabilized?
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West Chester & Liberty Township OH Real Estate: Tuesday Open House – June 15, 2010
It’s Tuesday, so this must be the Tuesday Open House.
What is Tuesday Open House?? Well, it’s clearly not an “open house”. Open Houses don’t sell homes… good internet marketing does… but it seemed like a good title for this weekly blog post.
It is my way of throwing the doors open on the RealEstate-Ink.com blog and offering up a few quick articles and facts on real estate for the West Chester, Liberty Township, Beckett Ridge, Mason and Fairfield Township, Ohio areas. It is not intended to be all about homes for sale, but it will be about that some of the time…
The Union Centre Bash: There have been a number of questions recently regarding the Union Centre Bash and when it was, etc. So after a little research I found that it is no longer called the Union Centre Bash, but is now known as the Union Centre Boulevard Blast. It is scheduled to be August 13 -15, 2010. According to an article in the Journal News that I found online the “Blast” will be more of a regional draw, employing some best practices from similar showcases across the country. The direction of The Blast will be directed at families, adults, teens and children with multiple activities happening at the same time, “sort of like what you’d see at a state fair. You can reach the entire article online here >>Union Centre Boulevard Blast
New Listing: 5466 Sugar Maple Run, Liberty Township, Ohio. Check out this new listing in Falling Water subdivision in Liberty Township, Ohio. This is a terrific two story home located on a private, wooded lot and features a finished, walkout lower level, island kitchen w/ adjoining morning room & hardwood floors and much, much more!
Searching for foreclosures or short sales? Get a list of all of the foreclosed (bank owned) homes and short sale homes listed for sale in our area for free. Don’t pay for a list of foreclosures, short sales or distressed properties and don’t pay a subscription fee to any website for one either. These are homes that are listed for sale and you can have the information on these homes for sale, for free and without any obligation by just clicking here
2010 Home Sales in West Chester & Liberty Township, Ohio: The tax credit is over and now is when we find out if the homebuyer tax credits for both the First Time HomeBuyer and the move up homebuyer have had an impact on home sales overall. The key thing to watch moving forward is the unit sales numbers each month for West Chester & Liberty Township compared to last year. As can be seen on the graph, the last couple of months have seen home sales above last years totals. The real indicator of the housing market’s recovery will be what happens moving forward with home sales. Clearly the homes sales in West Chester & Liberty Township Ohio picked up when the tax credits were in effect, but what remains to be seen is; Will the home sales in the next few coming months remain at or above last year’s numbers so that the total sales numbers for the year remain above last year? If the sales remain stable and we can stay at or above last years sales numbers, then we would have to judge the tax credits to be a success in stablizing the housing market. If the sales numbers in the few months are not able to be sustained and in fact fall to levels below last year, then all we will have accomplished will be to move sales up into the early months of the year from the later months (July, August, September) and we will not have really improved the West Chester & Liberty Township housing market in the long term. What you can see on the graph is a steady increase in the home sales from January through May of this year in a much more dramatic peak than in the last two years indicating that there clearly was an impact from the homebuyer tax credit incentives. We will continue to monitor the home sales numbers and we will see where we go from here. >>You can read my 2010 1st Quarter Real Estate Market Report here
Our Facebook fan page of the week is: West Chester Farmer’s Market You can find information on the Farmers Market, the products that are available there through the summer and more. As of this writing their page has 129 fans, so I ask that you check out their fan page, become a fan and invite your Facebook friends to do the same.
While you are on Facebook checking out the West Chester Farmer’s Market fan page, please visit and become a fan of our facebook page:
Click Here To Search The Entire Cincinnati MLS Database Of Homes For Sale!
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West Chester & Liberty Twp OH Real Estate Market Report 1st Qtr. 2010
I am pleased to present my 1st Quarter 2010 Real Estate Market Report for West Chester, Beckett Ridge and Liberty Township, Ohio. In this report you will find detailed real estate information and statistics. The source of this information 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. Any thoughts and insight into what may occur in the future are solely my opinions and forecasts.
I am very focused on providing the best information possible and to being the real estate expert in our West Chester, Beckett Ridge & Liberty Township, Ohio area. Please let me know if you have any questions regarding any of this information. So let’s get started:
SALES:
There were 189 homes sold in the 1st Quarter of 2010 compared to 195 homes sold in the 1st Quarter of 2009. This represents a decrease of 3.08%. If you simply leave it at that, it doesn’t look too bad. However, if you dissect the market a little, you will see that things can look a little different depending on the price range. Also, we must keep in mind that in the 1st Quarter of 2010, sales with out question have been supported / propped up by the goverment’s tax credit incentives for both 1st time homebuyers and repeat buyers. We did not have these incentives in place in the 1st Quarter of 2009, thus one could surmise, pretty easily I think, that the percentage decrease would have been quite a bit larger if not for the tax credit incentives.
Below, you will see the sales broken down by price range, which paints a picture of several different markets within the West Chester and Liberty Township, Ohio real estate market:
| Price Range | 2010 Units | 2009 Units | + or – % |
| Less than $200,000 | 93 | 97 | -4.12% |
| $200,000 – $249,999 | 36 | 44 | -18.18% |
| $250,000 – $299,999 | 27 | 30 | -10.00% |
| $300,000 – $399,999 | 21 | 20 | -5.00% |
| $400,000 – $499,999 | 4 | 2 | 100% |
| $500, 000 + | 8 | 2 | 300% |
AVERAGE SALE PRICE:
The average sale price in the 1st Quarter of 2010 for the West Chester and Liberty Township Ohiomarkets was $223,139 compared to $207,772 in the 1st Quarter of 2009, which constitutes an increase of 7.40%. So, let’s talk about what this means and what it doesn’t mean. First, it does mean that the average price of all of the homes that sold was quite a bit higher, 7.02% higher in fact. However, what this doesn’t mean is that the value of our homes rose by 7.40% in this period. This average sale price is affected quite a bit in this case by the fact that we saw a pretty good increase of sales of higher priced homes compared to the market as a whole. This occurred while we had a decrease in the percentage of sales closed in all of the ranges under the $400,000 range, thus causing the average to be higher.
So, is this good news or bad news? Really to be honest, it is no news. To know the value of your home and just how much the value has fallen you need a detailed, analytical analysis of the current market value. You cannot draw a conclusion from market averages, and certainly not from what you read in the newspaper, Cincinnati Enquirer, USA Today or otherwise.
SUPPLY OF HOMES FOR SALE:
The oversupply of homes for sale is where the pricing pressure comes from. Too many homes for sale in relation to how many are selling is a critical indicator to monitor as we watch for signs of market stabilization. At the end of the 1st Quarter of 2010 we had 720 homes for sale in the West Chester, Beckett Ridge and Liberty Township, Ohio marketplace compared to 743 homes for sale in 2009. Meaning we have not seen a huge reduction in the amount of homes for sale. With a current inventory of 720 homes for sale, based on our current rate of sale we have just under 7.39 months worth of inventory for sale. Meaning if we continue to sell homes at the current pace and no new listings come on the market, it would take us just under 7.39 months to sell them all compared to a 7.75 month supply one year ago. So, relative to the pace that homes are selling, we have seen a small reduction in the inventory of homes for sale. However, just like unit sales, these numbers can vary greatly by price range as you can see below.
| PRICE RANGE | HOMES FOR SALE | MONTHS SUPPLY |
| Less than $200,000 | 299 | 6.42 |
| $200,000 – $249,999 | 140 | 6.46 |
| $250,000 – $299,999 | 80 | 6.49 |
| $300,000 – $399,999 | 98 | 9.19 |
| $400,000 – $499,999 | 49 | 14.00 |
| $500,000 + | 54 | 20.22 |
INTEREST RATES:
At the end of the 1st Quarter of 2010 interest rates on a 30 year fixed rate mortgage were hovering around a range of 4.95% – 5.05% which is largely the same as they were just one year ago. We have seen interest rates start to increase in the last few weeks though. Just two weeks ago that thirty year mortgage was right around 4.75%. So in the last two weeks rates have increased approx. .30%. This is still a very clear example of the extreme value of today’s interest rates.
TOP 10 SALES:
The top 10 sales of the 1st Quarter of 2010*:
| 1. 6694 Southampton Lane | West Chester | $833,900 |
| 2. 7347 Wetherington Drive | West Chester | $778,965 |
| 3. 7311 Tamarron Place | West Chester | $725,000 |
| 4. 6883 Harbour Town Drive | West Chester | $563,545 |
| 5. 7277 Southampton Lane | West Chester | $535,000 |
| 6. 7237 Clawson Court | West Chester | $529,900 |
| 7. 7286 Southampton Lane | West Chester | $529,900 |
| 8. 4200 Tylers Estate Drive | West Chester | $515,000 |
| 9. 5816 Ferdinand Drive | West Chester | $478,000 |
| 10. 6745 Cherry Laurel Drive | Liberty Twp. | $430,000 |
*These sales are not necessarily those of Eric Lowry and the Lowry Team.
Summary:
The West Chester, Beckett Ridge and Liberty Township real estate market remains challenging, yet full of opportunity. Clearly the value of homes in the area has fallen over the past couple of years and frankly, in certain price ranges, the values are likely to fall farther. I would expect in the market overall, for the rate of decline to slow, however, only when the supply of homes for sale drops and the number of buyers increases, will prices stabilize. It will take a number of years to return to the values that we once experienced. Exactly how long will be determined by the overall economy including the unemployment rate and of course how long interest rates are able to remain low. This is a great market to buy a home and is particularly good for 1st time home buyers. It is also very favorable for homeowners looking to move up to a larger home. Any loss experienced on the selling side should be more than made up for on the purchase side.
Your comments and questions are always welcome!
Wondering what your home is worth in today’s real estate market? Request a market analysis here!
Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio
West Chester & Liberty Township, OH Real Estate Report – 2nd Quarter 2009
I am pleased to present my 2nd Quarter 2009 Real Estate Market Report for West Chester, Beckett Ridge and Liberty Township, Ohio. In this report you will find detailed real estate information and statistics. The source of this information 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. Any thoughts and insight into what may occur in the future are solely my opinions and forecasts.
I am very focused on providing the best information possible and to being the real estate expert in our area. Please let me know if you have any questions regarding any of this information. So let’s get started:
SALES:
There were 294 units sold for the 2nd Quarter of 2009 compared to 364 units sold in the 2nd Quarter of 2008. This represents a decrease of 19.23%. If you simply leave it at that, it looks pretty bad, however if you dissect the market a little, you will see that things can look a little different depending on the price range. Below, you will see the sales broken down by price range, which paints a picture of several different markets within the West Chester and Liberty Township, Ohio real estate market.
| Price Range | 2009 Units | 2008 Units | + or – % |
| Less than $200,000 | 140 | 143 | -2.10% |
| $200,000 – $249,999 | 72 | 100 | -28.00% |
| $250,000 – $299,999 | 40 | 56 | -28.57% |
| $300,000 – $399,999 | 25 | 39 | -35.90% |
| $400,000 – $499,999 | 13 | 17 | -23.53% |
| $500, 000 + | 4 | 9 | -55.55% |
AVERAGE SALE PRICE:
The average sale price in the 2nd Quarter of 2009 for the West Chester and Liberty Township Ohiomarkets was $214,898 compared to $231,621 in the 2nd Quarter of 2008, which constitutes a decrease of 7.22%. So, let’s talk about what this means and what it doesn’t mean. First, it does mean that the average price of all of the homes that sold was quite a bit lower, 7.22% lower in fact. However, what this doesn’t mean is that the value of our homes fell by 7.22% in this period. This average sale price is affected quite a bit by the fact that a much larger percentage of sales occurred in the under $250,000 range, thus causing the average to be lower. So, is this good news or bad news? Really to be honest, it is no news. To know the value of your home and just how much the value has fallen you need a detailed, analytical analysis of the current market value. You cannot draw a conclusion from market averages, and certainly not from what you read in the newspaper, Cincinnati Enquirer, USA Today or otherwise.
SUPPLY OF HOMES FOR SALE:
The oversupply of homes for sale is where the pricing pressure comes from. Too many homes for sale in relation to how many are selling is a critical indicator to monitor as we watch for signs of market stabilization. At the end of the 2nd Quarter of 2009 we had 729 homes for sale in the West Chester, Beckett Ridge and Liberty Township, Ohio marketplace compared to 924 homes for sale in 2008. This represents a huge reduction in the amount of homes for sale. With a current inventoryof 729 homes for sale, based on our current rate of sale we have just under 7.5 months worth of inventory for sale. Meaning if we continue to sell homes at the current pace and no new listings come on the market, it would take us just under 7.5 months to sell them all compared to a 7.6 month supply one year ago. So, because the pace of sales has fallen so dramatically, the level of inventory is really the same on a relative basis. However, just like unit sales, these numbers can vary greatly by price range as you can see below.
| PRICE RANGE | HOMES FOR SALE | MONTHS SUPPLY |
| Less than $200,000 | 251 | 5.38 |
| $200,000 – $249,999 | 159 | 6.63 |
| $250,000 – $299,999 | 85 | 6.38 |
| $300,000 – $399,999 | 114 | 13.69 |
| $400,000 – $499,999 | 45 | 10.39 |
| $500,000 + | 75 | 56.39 |
INTEREST RATES:
At the end of the 2nd Quarter of 2009 interest rates on a Thirty year fixed rate mortgage were hovering around a range of 5.30% – 5.40%. Just one year ago at the end of the 2nd Quarter of 2008 interest rates for the same mortgage were 6.25% – 6.50%. This is a very clear example of the extreme value of today’s interest rates.
TOP 10 SALES:
The top 10 sales of the 2nd Quarter of 2009*:
| 1. 7230 Londondale Drive | West Chester | $640,000 |
| 2. 6998 Lesourdsville-WC | Liberty Twp. | $625,000 |
| 3. 8162 Alpine Aster Ct | Liberty Twp. | $540,000 |
| 4. 7254 Barrister Ct | West Chester | $506,000 |
| 5. 7427 Great Waters | West Chester | $493,000 |
| 6. 6249 Lancashire Trl | Liberty Twp. | $490,000 |
| 7. 6049 Winding Creek | Liberty Twp. | $483,000 |
| 8. 7663 Overglen Dr | West Chester | $465,900 |
| 9. 7111 Linn Rd | Liberty Twp. | $460,000 |
| 10. 7500 Susan Springs | West Chester | $439,000 |
*These sales are not necessarily those of Eric Lowry
Summary:
The West Chester, Beckett Ridge and Liberty Township real estate market remains challenging, yet full of opportunity. Clearly the value of homes in the area has fallen over the past couple of years and frankly, in certain price ranges, the values are likely to fall farther. I would expect in the market overall for the rate of decline to slow, however, only when the supply of homes for sale drops and the number of buyers increases, will prices stabilize. It will take a number of years to return to the values that we once experienced. Exactly how long will be determined by the overall economy including the unemployment rate and of course how long interest rates are able to remain low. This is a great market to buy a home and is particularly good for 1st time homebuyers. It is also very favorable for homeowners looking to move up to a larger home. Any loss experienced on the selling side should be more than made up for on the purchase side.
Your comments and questions are always welcome!
Wondering what your home is worth in today’s real estate market? Request a market analysis here!
Check Out My Feature Homes For Sale In West Chester, Fairfield and Liberty Township, Ohio
