January 2008 – Where we stand…

  My most recent research and observations of real estate in West Chester and Liberty Township, Ohio.In terms of homes available for sale (inventory),  the numbers continue to reflect a large oversupply of homes for sale.  Compared to January 2007, the number of homes available for sale in West Chester and Liberty Township, Ohio has risen from 683 to 761 as we begin the new year, an increase of 11.42%.  This is definitely not the direction/trend that we need to see as we watch for the market to show signs of improvement. As far as sales go, September – November 2007 sales were down 11.88% compared to the same three months of 2006.  These numbers represent unit sales (the number of homes sold) in West Chester and Liberty Township, Ohio.The median sale price in West Chester and Liberty Township, Ohio was down 2.01% in this same three month time frame compared to 2006.  The median sale price in September – November 2007 was $219,000. Days on market continues to climb.  The average days on market for the homes that sold and closed in September – November 2007 was 82 days vs. 72 days in 2006 ( a nearly 14% increase). Clearly homes are taking much longer to sell.  Keep in mind that these numbers do not take into account homes that have not yet sold. As I have said before, there is much to watch and many questions to be answered in the coming months!  One thing that I am certain of, it is a great time buy a home with phenomenally good prices and low interest rates. There are plenty of very nice homes for sale and many sellers are very motivated!   Also, contrary to what you might hear and/or believe there is not a problem with getting mortgages. The mortgage “mess” that you read about and hear about in the news should have no effect on your ability to get a mortgage. Tell me what you think!