just ask cathy...
Helping to educate buyers & sellers to make sound real estate decisions.

________________________________________________________       
WELCOME BOONE COUNTY BUYERS AND SELLERS! Let's take a look at how 2012 summer inventory is stacking up for the Boone County area as we start into this gorgeous month of August!  Nice to have it a little bit "cooler" than last month, yes?  Now you can really get out there to view some of these homes without feeling like you are in a sauna and being soaking wet all day!

So as we begin our look at statistics for the Boone County market, we find that today, August 1st, we have a whopping 684 single family homes for sale in Boone County (however, that number is 32 LESS THAN where we were at last month).   The median list price is now at $89,900 (which is about $10,000 MORE THAN the median list price from last month).   The average "days on market" expectation for these homes before they sell is at 67 days, so sellers take note. Both the median list prices and days on market are starting to increase slightly from last month. Usually we see a little less on the list price and more days on market now that school will be starting soon, however, this is a "transistional" month as everyone begins to adjust from the unstructured summer schedule to the more structured school schedule. (Ah.... I can see all the smiling faces now!)

We also should point out that there are currently 251 Boone County sales PENDING right now, with a median sale price of $85,500 and an average days on market of 70. 

The true litmus test for predicting marketing analytics is found in Boone County single family homes that have sold in the last 6 months.  These are the homes that the appraisers are looking for as new comparatives to rank new appraisals in the market.  So if we take a look at the solds for the area, we find that 682 Boone County single family homes were sold in the last 6 months with a median list price of  $55,000 and a median sale price of  $51,075.  That means there was a 7.2%  spread between asking and final sales price...something to note if you are buying or selling in this market!  Contrast this statistic with the 6 month spread reported just last month at 8.7% and the month before that at 10% .  What we are seeing is the decline of elasticity between asking and final sales price! 

However, as I noted last month, as a full time Realtor® out there every day placing bids for my buyers, I still notice that on the really good deals, buyers are bidding at or over the asking price....NOT UNDER ALL ALL!  So I caution you that even though these statistics show a picture of sellers taking less for their properties, please note that there are plenty of situations where properties are going for OVER their asking price, especially on HUD or Bank owned properties that are priced competitively.  Buyers will need to stay tuned to the foreclosure market to know how to proceed on their bid, so be sure to talk with your Realtor® before placing your bid on these types of properties. 

If you are looking in the Boone County area, be sure to check out these categories as you scout out the market for YOUR great deal... 

Single Families       Multi Families        Condos        Farms       Foreclosures

Proceed with knowledge and be empowered to make the right decisions in all your real estate transactions. 
_________________________________________________________
NORTHERN KENTUCKY Real Estate Sales - Cathy Miles Realtor®
CINCINNATI, OHIO Real Estate Sales - Cathy Miles Realtor®  
I specialize in helping buyers and sellers with their real estate needs in Northern KY and in Cincinnati, OH . With passion, I invite you to board my boat for your next destination and allow me the opportunity to help you navigate the ever changing currents of this incredible market! 
  just ask cathy...513.673.7726
Helping to educate buyers & sellers to make sound real estate decisions.
_________________________________________________________________________________________________________________________________
KY /OH Realtor®/EXIT/www.mileshometeam.com / I-Fax: 888.398.3974 /cathy@mileshometeam.com