Friday, August 29, 2014 / by Eric Lowry
West Chester and Liberty Township Ohio Real Estate Market Report
West Chester and Liberty Township Ohio Home Sales were up 2.96% in July when compared to the sales in West Chester and Liberty Township in July 2013. Home sales in West Chester and Liberty Township in July 2014 were the highest for July since 2005. A lack of available homes for sale in West Chester and Liberty Township have been and may still be holding back significant sales growth right now.
West Chester and Liberty Township Ohio Average Sale Prices were up 6.43% in July 2014 when compared to July of 2013. Average sale prices for West Chester and Liberty Township for year to date 2014 are up 8.53% compared to 2013. Now through 7 months of 2014 the trend with home prices continues to be positive, with slow and steady improvement.
Days On Market for West Chester and Liberty Township Homes that closed in July 2014 was 64 which is dramatically lower than July 2013. 64 days on market is very low when compared to almost any time period in recent history. As we have been saying for awhile, brand new listings that are staged for sale and priced correctly continue to sell very quickly.
List to Sale Price Ratio for homes sold in West Chester and Liberty Township Ohio in July 2014 was 97.43% which was basically the same as July 2013's 97.31% The list to sale price ratio is simply the percent of the current (last) list price of a home that it actually sells and closes for. We do believe that the list to sale price ratio can be a pretty good indicator of a real estate markets overall strength.
The Inventory of Homes for Sale in West Chester and Liberty Township has been low for quite some time now and has even dropped lower. The current level of supply is at just over 3.8 months worth compared to last month when the months supply was just about 4.5 months.
Interest Rates in the West Chester and Liberty Township area remain very low and have largely been very stable. The current rate for a 30 year fixed rate loan is approximately 4.25% for a conventional loan and approximately 4.125% for an FHA loan.
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