2012 Midyear Update For Warren County Property Values By Schools
How are the various Warren County school district home values performing? Are they showing recovery in value? We've extended our analysis from our Warren County home value April report to include the 2nd quarter of 2012. All data is obtained from Cincinnati MLS and is for a combination of single family residences and condominiums. We're comparing 2011 complete year to each quarter of 2012. We're only covering the districts that are primarily in Warren County, there are others on the edges of the county (e.g. Goshen, Loveland, Blanchester, Clinton Massie) that primarily belong to adjacent counties.
Here's the summary table for the 2012 comparison to 2011:
We've color coded green any Median or Average price in 1st and 2nd quarter that exceeds the 2011 Median and Average prices. You'll note that there is a significant increase in green from 1st quarter to 2nd quarter, with most school districts demonstrating recent prices above those of 2011.
Now you're probably wondering what the blue color coding is about for Mason schools. We know from our Mason market reports that the Mason single family home market is VERY hot, so the initial 2nd quarter numbers being lower was a definite disconnect. However, most of the other school districts have some condos involved in the market, but they're pretty negligible for the most part. Mason is an exception. There is a strong condo presence in Mason and the price point between the Mason condos and the Mason single family homes is quite significant. We want to note that if we were to remove the condos from the 2nd quarter data, Mason values would be around $300k for Average and Median prices, obviously a strong recovery....so don't worry about your Mason home values, they've certainly recovered and then some!
The continued lag in Kings and Lebanon values is difficult to explain. There's no real rational reason. Both school systems are excellent, and both living areas offer a fantastic quality of life. Perhaps the higher gas prices for most of the year have made buyers a bit more hesitant for these locations that are just a few miles further from Cincinnati and Dayton. We've gotten showing feedback on some of listings citing "too far out" as a reason not to pursue a home the buyers otherwise liked. We do expect these areas to rebound, but our crystal ball is broken so difficult to project when we'll see improved numbers. We'll keep tracking and reporting.
So overall we're seeing a solid indication that Warren County real estate recovery is in full swing.
Obviously circumstances can vary within a school district, so for a personal assessment of how YOUR home would be valued, please contact us for a free no hassle consultation.
And if you've got your eye on a particular subdivision as a buyer, we can give you an analysis on that community's trends too!
Serving Warren County's residential real estate needs,
Liz and Bill aka BLiz