Real Estate Information Archive

Blog

Displaying blog entries 1-3 of 3

Anderson Township and Newtown - Market Snapshot February, 2010

by The Cincinnati Team

There were 26 homes sold in the Forest Hills School District, both Anderson Township and Newtown, in the month of February, 2010. Additionally, there are 77 pending sales.Anderson Township and Newtown Market Snapshot - February, 2010

 

 

 

 

 

 

 

 

 

 

Every expectation indicates that the extension and expansion of the home buyer tax credit will help home sales in the first half of this year.  Pending sales are expected to increase as the April 30 deadline approaches for purchase contracts to be in place.  These contracts must close by June 30 to qualify for the $8000 or $6500 credits.

But, what should we expect in the second half of the year?  Economists say that the health of the housing market will depend upon jobs.  The Gross Domestic Product is predicted to grow 3%, but jobs still show a mixed picture.  At this point unemployment could increase to 10.5% in the second quarter before improving. 

Factors that make economists believe that the job market is moving in the right direction include the fact the temporary employment is up, more than a million jobs are being created by the census and that job markets that were hurt by the downturn are now adding jobs.

Realtors have confidence as sales continue to show gains across the board.

Anderson Township and Newtown, Ohio Real Estate Sales Statistics for 2009

by The Cincinnati Team
With the statistics for Cincinnati real estate sales showing the end of the 2009 year, it is interesting to take a look at the graph showing the median and average sale prices for the past five years in Anderson Township and Newtown in the Forest Hills School District.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Overall, in the Cincinnati area, demand has increased in the lower price levels due to the government stimulus incentives.  As a result, the number of sales prices in the lower levels have been increasing.  We are still seeing foreclosure activity and increasingly encountering short sales (where the sale price is not sufficient to cover the mortgage payoff and other costs).
 
Prices in the middle and upper ranges continue to be softer, but are improving, especially in the better areas.  Jumbo loans rates are getting somewhat better.  This fact, plus the expansion of the government stimulus to include those reselling after at least five years in their home will increase the move-up buyer pool. 
 
So what does the future hold?  It is felt by many that we could see larger numbers of short sales in higher price levels.  How did people get in this position?  Either they bought in the midst of the housing bubble and paid far more than what their homes would command today or they piled on debt by refinancing their homes to pay for cars, vacations or everyday expenses.
 
The other thing we can assume is that as the market improves, lenders will not go quite to the loose lending practices of the last cycle, but definitely will swing the pendulum back to the middle.
 
It is still my feeling that people who carefully purchase over the next year or so will be very happy when they look back on things a few years later.

Market Analysis of Anderson Township and Newtown's Real Estate

by The Cincinnati Team

Let's take a look at the housing market in Anderson Township and Newtown, Ohio...in Cincinnati's close-in suburbs.   We are grouping them together because they tend to attract the same group of buyers looking for similar properties in the Forest Hills School Distict.  Homes are from new construction to 60+ years old, with the price range varying from $80-1,000,000.

To give you prespective about the market, the graph shows sales for the past five years, through October 31, 2009.  You can easily see the increase in prices and the decrease as the recession strengthened.  Part of that price decrease can be attributed to a higher percentage of lower priced listings sold. 

With loans harder to acquire, higher priced homes listed at over $450,000 have struggled to find buyers, both because of the inability to sell the buyer's home and the difficulty in getting significant down payments.Market Analysis - Anderson Townshio and Newtown, Ohio - October, 2009 This brings down the median price.

 

 

 

 

 

 

 

 

 

 

 

Currently the area has 359 active listings on the market.  There are 76 pending sales.  Homes sold in an average of 88 days on the market (DOM). If you use the last year's number of sales and compare it to the number of active listings, there are approximately 8.5 months of inventory on the market.  Looking only at the number of pending sales to active listings, a more robust market would be anticipated. The National Association of Realtors indicates that six months of inventory is a balanced market.

Displaying blog entries 1-3 of 3

Syndication

Categories

Archives

                Preferred Group                                                Last modified: 8/28/17