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.

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 presuure 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.

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