What's the Real Estate Market Like For Waynesville Ohio?

By
Real Estate Agent with RE/MAX Elite 513.265.3004 www.LizTour.com SAL.2002007747

A Waynesville Ohio HomeWhat's the Real Estate Market Like For Waynesville Ohio?

You've heard nothing but grim real estate news news if you watch the TV and read the major magazines, but since they're primarily national in focus, you don't get to hear what's happening in YOUR market, and THAT is what you really want, isn't it?  So we're going to cover what's happening in the Wayne School District in this report, and if after we're done you have questions, please don't hesitate to contact us!

In a way, Waynesville and the Wayne School District is a tale of two cities.  Okay, maybe not cities, but there's a lot of variety!  You've got some older historic homes, some new developments, and a fair number of estate homes out in the rural parts.  Big, custom built homes with acres of land.  The Waynesville area offers a home for pretty much every price point. 

Mix in a convenient location perfect for people commuting into the Dayton metro area, you're just minutes away from a host of entertainment, shopping, hospitals and much more.  Perhaps a little far of a commute for most people working in Cincinnati, but not undoable.  And with Caesars Creek State Park and the Little Miami River and Trail easily accessible, and Hisey Park too, recreational activities abound.  Further, Wayne School District continues to shine on the state report cards!

Due to it's location between Dayton and Cincinnati, homes for sale may be in either one or both MLS.  Not all agents in the area are members of BOTH boards, so not listing a home for sale in both may make the home invisible to some potential buyers.

The following data is pulled from each respective MLS.  Most homes listed in Cincinnati MLS are also listed in Dayton MLS, but the overlap is not complete.

Waynesville Ohio Home Sales information

Comparing the two tables you'll see the Cincinnati MLS data consistently underperforms the Dayton MLS entries in all fields except Average Days on Market.  Cincinnati MLS entries have a lower average price (perhaps more foreclosures which typically have lower prices and sell faster if in reasonable condition).

Overall, the Dayton MLS with the larger numbers of Homes Sold each year provides a more accurate overall picture.  After 2005, prices trended downward until 2010 then returned to lower values so far 2011 Year To Date.  However, comparing the 2011 numbers to 2009 would show some slight increase.

So what does this mean if you're a potential Waynesville area home buyer or seller?

As a buyer, prices are still depressed from the 2005-2007 time frame.  There was an approximate 10% drop after 2008 and prices have not returned to those levels.  Overall, the 2008, 2009 and 2011 prices are essentially equivalent and stable.  There's no indication of further decline, and combined with current interest rates, buying in the near future would seem to not have a high risk of prices decline after purchase.  Obviously, this is dependent upon the individual home and circumstance.  Hire a knowledgeable REALTOR(R) to provide guidance for the process.

As a seller, prices appear stable.  While you won't recoup previous values of the peak years, you may at least sell without high risk of further depreciation.  Depending on the year you purchased and changes to the home and condition, there may be a risk of selling for less than your purchase price.  Please consult a knowledgeable REALTOR(R) for an assessment of your home if you're considering selling your Waynesville home.

We hope the information we provided is helpful to you.  If you have specific questions or are in need of a REALTOR(R) to assist you with buying or selling a Waynesville home, please contact The Liz Spear Team of RE/MAX Elite.  We'll be happy to discuss with you our services and how we can best assist you.

Serving Warren County's residential real estate needs,

Liz and Bill aka BLiz

Posted by

REALTORS(S) Serving Warren County Ohio & Adjacent Areas

The Liz Spear Team of RE/MAX Elite
Elizabeth & William Spear
Ask for us by name if you visit the office!

EHO Two locations: Lebanon & Mason, OH
Liz direct:  513-265-3004
Bill direct: 513-520-5305     
Fax: 866-302-8418

MailTo:  LizSpear@Go-Concepts.com

Our Website:  www.LizTour.com

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Ambassador
828,384
John McCormack
AlbuquerqueHomes.com
Albuquerque Homes Realty * www.AlbuquerqueHomes.com

BLiz -

A great post stocked full of great information for both buyers, sellers and the good people in Waynesville Ohio area.  Google will love your for this post too!

Best regards from the Q

November 13, 2011 12:19 AM
Ambassador
1,438,617
Liz and Bill Spear
RE/MAX Elite Warren County OH (Cincinnati/Dayton)
RE/MAX Elite 513.265.3004 www.LizTour.com

John, We're trying to work through all the major cities/towns in our immediate service area to provide a baseline for future reports.  We don't think there are many area agents blogging the info, so you're probably right about the Good results :)

November 13, 2011 12:22 AM
Rainmaker
1,030,477
Endre Barath, Jr.
Realtor - Los Angeles Home Sales 310.486.1002
Berkshire Hathaway HomeServices

Liz and Bill, I found the data very telling, most people will enjoy your analysis as well. Here in Los Angeles the top of the Market was around 2004/2005 looks like for you there was a delay by a year or so, and now it is coming back.

November 13, 2011 02:21 AM
Rainmaker
1,385,746
Roger D. Mucci
Lets shake things up at your home today!
Shaken...with a Twist 216.633.2092

This one took some research my friends, great information for buyers and sellers in Waynesville.

November 13, 2011 06:18 AM
Rainmaker
999,247
Conrad Allen
Webster, Ma, Realtor
Re/Max Professional Associates

Hi Liz & Bill - Great information.  The bottom line is prices are down around 25% from their highs but have leveled out.  This is the beginng of the comeback.  History will show that 2010 was the bottom.

November 13, 2011 06:33 AM
Ambassador
1,438,617
Liz and Bill Spear
RE/MAX Elite Warren County OH (Cincinnati/Dayton)
RE/MAX Elite 513.265.3004 www.LizTour.com

Endre, For our area it varies a bit, but the '05-07 range is just before we nosed over.  The buyers at the peak are the ones obviously finding it the hardest to sell and without writing a big check to depart.  It's harsh, but at least our paper losses are typically not much worse than 10%, vs. some areas of the country where they'd be happy if it was ONLY 10%.

Roger, Trying to pull this data was mentioned in our previous post, had to take a break and make it a Round 2 :)

Conrad, For this one I'd definitely lean on the Dayton MLS data. The Cincinnati MLS data includes a major REO agent who doesn't post to Dayton MLS, and his sales may be skewing the data downward.  We're glad to see this area seems to have bottomed out and heading back in the right direction.

November 13, 2011 07:33 AM
Rainmaker
279,738
Gail C. Harris
Reach the BEACH with Gail C. Harris (cell: 703.868
Resource Network, LLC SFR, AHWD, ACRE, SMAR Board Director

If only 10%.  We purchased our home at the height of the market at $674,000.  Our neighbors purchased a few months after us at $745,000.  They just sold as a short sale at $433,000!!  That's a over 40%!!  It looks as if we won't be selling anytime soon, although we had hoped to retire in 2 years, it looks like that's not going to happen, unless we want to spend a lot of the money we saved for retiremenet to sell!!  One would have thought the government would have bailed us all out and enabled us to stay in our homes.  Perhaps lowering our mortgages back to 2002 rates and asking that we stay in our homes for a minimum of 3-5 years.  This way many people would not have lost their homes and/or their credit scores.  :) Great post.

November 13, 2011 09:10 AM
Rainmaker
1,385,746
Roger D. Mucci
Lets shake things up at your home today!
Shaken...with a Twist 216.633.2092

I know, I recall your previous post............this is tedious stuff, need to have your wits about you.

November 13, 2011 09:36 AM
Ambassador
1,438,617
Liz and Bill Spear
RE/MAX Elite Warren County OH (Cincinnati/Dayton)
RE/MAX Elite 513.265.3004 www.LizTour.com

Gail, It's certainly a tough problem to solve.  I've always disliked the concept of "too big to fail" while the "small people and businesses" are allowed to go down the tubes.  Either help everyone, or help no one, but be consistent.

November 13, 2011 09:38 AM
Ambassador
1,438,617
Liz and Bill Spear
RE/MAX Elite Warren County OH (Cincinnati/Dayton)
RE/MAX Elite 513.265.3004 www.LizTour.com

Roger, Brain fry can be a terrible thing :)

November 13, 2011 10:13 AM
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Liz and Bill Spear

RE/MAX Elite Warren County OH (Cincinnati/Dayton)
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