Norwood Ohio Real Estate Market Update June 2010

Posted on | June 22, 2010 | No Comments

It is now almost the end of June 2010, and although the first half of the year hasn’t been a walk in the park, there are some good signs trying to break through a challenging real estate market. All of the data below is pulled from January 1st, 2010 through June 17th, 2010.

ACTIVE: Currently there are 130 homes for sale in Norwood ranging from $17,900 to $299,890. The average days on market for these listings is 106 days. Want to see all the Norwood homes for sale currently?

PENDING SALE: 26 homes in Norwood, Ohio are currently under contract and moving towards closing.

SOLD: So far this year, 90 homes have sold in Norwood with an average of 50 days on market! The cheapest sale so far in 2010, $12,000. The most expensive sale of $283,750. 50 days on market is a great time period and this is down from 67 days in the previous year.

This graph shows what percentage of homes have sold in how many days.

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How is 2010 shaping up in comparison to last year? Over this same time period in 2009 there were 89 sales (roughly the same as this year). The days on market was a little bit longer at 67 days average (compared to our 50 days average in the first half of 2010). Days on market, which is an important metric that shows how long it might take to sell your Norwood Ohio home, has decreased since last year which is a good sign that the market is clearing through some inventory and homes are being priced more correctly for the market price. Last year, the average listing price for the sales in the first half of the year was around $97,000 with an average sale price of around $90,000. In 2010 this has IMPROVED to an average listing price of about $117,000 and a sale price of about $112,000.

For a more specific analysis, or to see what your house is currently worth in this market, just send me an email!

Below we see how the sale price compares with the listed price. In a perfect market, the sale price would be 100% of the listed price, meaning you achieve the total price you want.

Norwood home sales have surely benefited from the First Time Home Buyers Federal Tax Credit which has now expired. Lots of first time home buyers snatched up homes in the first four months of this year to qualify for the $8,000 credit. The true test of how the market is doing will be in the next few months when we see sales data from after the tax credit.

Want more information? Want to search the MLS for Norwood homes for sale? Want to know what that house next door sold for? Please feel free to call me anytime to chat!

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