VIDEO TRANSCRIPT
Eric Sztanyo:
What’s the real estate market looking like in Anderson Township in 2019? That’s what we’re going to talk about in this video.
Hey, everyone, welcome back. This is Eric Sztanyo from Keller Williams Realty and teamsztanyo.com, where we are helping families find their way home, and we’re in a new office, which is super exciting. Just moved in yesterday and got to do a little bit more decorating, but we’ll get to that.
ANDERSON TOWNSHIP REAL ESTATE MARKET IN 2019
We did a video last year in 2018 on the market dynamics in Anderson Township, the southeast side of Cincinnati, Ohio. Now, I wanted to come back and do a quick update and show you guys what’s going on in 2019 to give you an idea, if you’re looking to sell your home or if you’re looking to buy a home, what’s the market looking like in Anderson Township, so let’s dive right in. I want to show you a few charts, and then we’ll do a few takeaways from those charts.
Anderson Township Real Estate – Median Sales Price
The first one we’re looking at here is the median price sold in the last two years, so from June, 2017, to June, 2019, and what we see in this chart is that the median price has gone up 5.8%. So, there’s been a consistent rise over the last three years, but what we’re seeing is that rise is a little bit steadier than it had been. We did a video last year on this and this same exact number, with 32% increase, so it’s like the last three or four years has been a lot of… The median price of the sold homes has been continuing to go up and up and up. Now, it’s still gone up the last three years, but we’re starting to hit not necessarily maybe a tipping point, but at least it’s definitely curving off and slowing down.
The next chart we’ll just look at really quick, and then this is similar, it shows another story, is the average price as well as the median price. The average price has only gone up 1%, 1.1, so, again, the video we did last year, I believe that was in the 20s, so it’s telling the same story.
Anderson Township Real Estate – Months of Supply
Now, I want to look at this next chart, which is the months supply of inventory for the last two months. This chart is really eyeopening, and we’re seeing really historic lows, or at least the broker in my office mentioned this is the lowest he has seen the months supply of inventory in the last 20 years. So, what does that mean, a months supply of inventory? It means all the homes that are on the market, so, in June, it’s… We’re roughly at 1.4. It would take 1.4 months to sell all the homes that are on the market versus 2.3 in June, 2017. Now, that’s low in June 2017, but it’s even down 38% over the last three years. So, what we’re seeing is there’s no inventory out there. If you’ve been trying to buy a home, you know this. It’s like, “Man, where are all the houses?” All the inventory is just being gobbled up by buyers, so that’s a really important piece of data to look at.
Anderson Township Real Estate – Average Days on Market
The last one I want to look at here is the average days on market. What we see back in June, 2017, the average days on market was 24.7. In June of 2019, that number dropped to 22.2, so what that stat is saying is, if you put your home on the market, you’re going to… The average number of days before you’re going to go under contract or go pending on your house is 22.2 days. That’s down 10% over the last two years, so super low inventory, super low days on market.
Takeaways for Sellers and Buyers
What are some of the takeaways we can get from here? The median price is still going up, but it’s slowing, and that could indicate a few things. Because what we’ve seen over the last one, two, three years is that median price is going up pretty high, and now we’re starting to see it level off a little bit, it could indicate that the market is slowing. It also could indicate that the buyers are just saying… They’re pumping the brakes a little bit. They’re saying, “Okay. I know the inventory is low and there’s not a lot out there. I do want to buy a house, but there’s a limit to how far you can push the price,” so that’s what could be happening. We know the interest rates are still low, and so the fact that the median price is not just continuing taking off is telling us a little bit about the market, so what are the takeaways here?
If you’re a seller, you’ve probably heard that, hey, it’s a seller’s market. It’s been a seller’s market, and it still is. If you want to have the least amount of hassle in selling your home, knowing that the inventory is super low, that the days on market is only about 20 days … if you want to sell your home fast and have about the least amount of hassle while still having a really high average price and median price, now is the time. You don’t want to wait any longer because we’re starting to see some trends in these charts that it’s leveling off here, so, if you’ve been thinking about selling your home, it’s still a fantastic time to do that, and then if you’re a buyer, what’s your takeaway here?
You know that inventory is low. You know that the days on market is low. You know that the prices are still up, so what we say to buyers is get your stuff together. Know what you’re looking for. It’s okay to go out there shopping and looking at houses because that’ll help you understand what you’re looking for a little bit more, but you got to make sure you’re pre-approved. You got to be ready to pull the trigger. If a home comes on the market and you’re like, “Yes, that fits 80 or 90% of my criteria. It definitely hits the top five things I wanted in a home,” then you’ve got to pull the trigger on that home.
That’s a little bit of an update for the real estate market in Anderson Township. If you are looking to buy or sell, give us a call at Team Sztanyo. We’d love to help you out. We are helping families find their way home. Thanks for watching this video, guys. We’ll see you next time.