What is a Market Snapshot? A Market Snapshot is a detailed real estate market report providing you with information on homes for sale and recent home sales in your West Chester, Liberty Township, Beckett Ridge, Fairfield Township, Monroe or Mason Ohio neighborhood.
Detailed information on each home is included on an interactive map as well as statistical data, all of which comes directly from the Greater Cincinnati Multiple Listing Service (MLS).
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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 Ohio markets 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 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.
Everywhere you look these days there is news on home values. It’s in newspapers, like the Cincinnati Enquirer, it’s on the web on sites like CNBC.com and USAToday.com and many others. Some is positive news and some news is very negative.
There are somethings to keep in mind here before you go off the deep end regarding your homes current market value. The first is, don’t forget your basic math. Average sale prices have been going up in some areas, down in others. The average sale price is the just the value that occurs when all of the sales that occur in a given market are added up and divided by the number of sales. For example, if 100 homes have sold for a total sales volume of $16,570,000. the average sale price would be $167,500. This simply represents the average of all of the homes that have sold and does not establish anything remotely close to a property’s value.
The second thing to remember is, when you hear these national news reports and economists discussing the rising or falling home prices, they are talking about national averages and these have nothing to do with our market values in West Chester, Beckett Ridge, Liberty or Fairfield Township areas.
The best way to determine the value of your home is to get it analyzed by an experienced real estate professional. There are many factors in determining home values today and picking an average out of the air could hinder the sale of your home and frankly could cost you money. In today’s real estate market it is more important than ever to price your home appropriately.
It’s time for the Tuesday Open House. What is Tuesday Open House?? Well, it’s clearly not an “open house”. Open Houses don’t sell homes, 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…
Real Estate Market Update: How is the real estate market? That is the big question today. The answer is very different depending on many factors. What you heard on the Today Show or read in the USA Today is not going to be the answer though. Getting your real estate market information from some national expert is a little like getting a national weather forecast: “In the US today it’s going to be a high of 67 with a chance of showers.” Really…where? It’s not much different with real estate. Some media report will say that home sales or prices will have dropped by some percent across the country. Again, I say really…where?
Real estate is local and in the market we have today it is hyper-local. Meaning the market is very different in one area of Cincinnati vs. another. The real estate market is also very different depending on the price range of the home. The first time homebuyer price range is very active right now and supply and demand are largely in balance. Higher price ranges continue to have quite an imbalance of homes for sale, thus continuing to cause pricing pressure. The moral of the story is… for accurate, local real estate information, contact an experienced local real estate expert. For more local real estate information, check back here later in the week for my RealEstate-Ink Market Update Report.
Need Mulch? Are you preparing your home to get it on the market for sale soon? Don’t forget the curb appeal. As the old saying goes… you only get one chance to make a good first impression. So clean up the landscaping and get yourself some fresh mulch. I’m not sure that there is a better way to go than to get it from the boy scouts. They even deliver! You can see the article in the Cincinnati Enquirer here or you can just go directly to the boy scouts site right here. I am placing my order this week.
Liberty Township Newsletter for March: The Liberty Township March newsletter is online and has a lot of good information whether you are a Liberty Township resident, potential resident or just live nearby and are interested in the area. There are articles on everything from the new fire station to information on parks, road improvements, population statistics and much more. You can find the Liberty Township newsletter here.
Our Facebook Fan Page of the week is:Cincinnati Reds.How could this week’s Fan Page Of The Week be anything else? It is less than two weeks until opening day! As of this writing their page has 96,043 fans. The Reds fan page as you might imagine has a lot of very interesting information and news concerning all of your favorite Reds players and of course Reds ticket information. Check it out.
While you are on facebook checking the Cincinnati Reds fan page out, please visit and become a fan of our facebook page:
What is a Market Snapshot? A Market Snapshot is a detailed real estate market report providing you with information on homes for sale and recent home sales in the West Chester, Liberty Township, Beckett Ridge, Fairfield Township, Monroe or Mason Ohio home.
Detailed information on each home is included on an interactive map as well as statistical data, all of which comes directly from the Greater Cincinnati Multiple Listing Service (MLS).
Waiting for the bottom in real estate is similar to grabbing a Yo-Yo at the bottom, you are usually a little early or a little late
There are many people out there waiting for the bottom to hit in many facets of the economy, including real estate. Perhaps there will be a big announcement one morning across newspaper headlines and across the internet “THE BOTTOM IS HERE: NOW IS THE EXACT MOMENT TO BUY”. Of course by the time the announcement comes the bottom will have hit and the exact time to buy real estate will have come and gone.
A great analogy to the bottom of the real estate market is a yoyo. Take a yoyo in your hand and use it. Can a person grab the yoyo at the exact moment it hits bottom every time? Chances are a person will grab it just before it hits bottom or just after, rarely at the exact bottom. Real estate is the same game, if it is indeed a game. If people knew, absolutely knew, the exact time to buy stocks, real estate, or any other investment then no one would ever have a financial worry.
For people who believe in investing in real estate, now is a great time to buy. Interest rates won’t be low forever, in fact interest rates have been inching up the past 10 days now. Most mortgage experts expect interest rates to return to the 6.00% range over the next few months to a year.
Real estate has either already hit the bottom, is about to or is already on its way up, we’ll know for certain sometime in the future. If you want to buy at the bottom, buy now. Or wait until it’s too late, when you can look back and say, “If only I had bought then.”
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 Ohio markets 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.
