Market Conditions for Bellbrook, Ohio Reported by Nora Moyer Lipps, REALTOR Updated March 2, 2009.

Current Market Rating: 2 1 2 3 4 5 Buyer's Seller's

Current Price Trend: 3 1 2 3 4 5 Falling Rising

Report for March 2009:
As stated before, home prices in the Dayton area have fallen but not as much as other areas of the US. Average home prices here declined 7% in 2009 compared to double-digit decreases in other areas.

NOW IS THE TIME TO BUY
Currently, we have a "Buyers' Trifecta" in progress. That is, low home prices, a large inventory of affordable homes, and low interest rates. Add to this the $8,000 First-Time Home Buyer Tax Credit and this time offers an unprecedented opportunity for many buyers.

Buyers must have a 3% downpayment for FHA financing, can use VA financing and roll the funding fee into the loan, or look into using Ohio Bond Fund money.

If you are a first-time buyer (or know someone who might be) or have not owned a home in 3 years, and qualify for the income levels, you might be able to use the $8,000 tax credit available until December 1, 2009. Condos do qualify. Please visit my web site, www.NoraKnowsHomes.com and click on the highlighted link $8,000 First-Time Home Buyer Tax Credit in the center of the page.

Report for December 2008:
The Dayton area is feeling the harder economic times in job losses and in the real estate market. Sales in October dropped compared to October 2007 and the average sale price also dropped. Year-to-date sales through October show a 16% decline in number and a 5.6% decline in price. This decline in price is small compared to the double-digit percentage declines in other parts of the country. Some communities in the Dayton area MLS have held very steady. Beavercreek values are down just 1%, Centerville/Washington Township property prices are down 2% and Englewood is down under 3% for 2008.

For the Bellbrook and Sugarcreek Township area, 23 residential properties sold in October 2008 ranging from $27,000 to $184,000. The % Sale Price to List Price was 98.32%.

At this time, the overall supply of homes in the Dayton MLS is 10.9 months. Of course, this supply varies based on the community and area. Mortgage interest rates have declined recently and another rate decrease is expected soon. For first time buyers, this is an excellent opportunity especially considering the tax incentive of up to $7,500 which is available until April 30, 2009.

Report for October 2008

Summer sales in the Dayton Ohio market remained steady but slightly down for 2007. The inventory of homes listed For Sale is high and shows an overall supply of 10.4 months. The average sale price for January-August 2008 was $129,861, a drop of 5.1% from 2007. Traditionally, sales slow in the autumn season. With the uncertain economic conditions and the upcoming election, many buyers and sellers are choosing to wait on the sidelines. Housing analysts said earlier in the year that we are still one year away from reaching a more balanced market. However, recent events in the stock market and banking industry may prolong any recovery.

Financing will also be slowing sales. There is virtually no zero down financing. Buyers have to have some money for a downpayment and credit ratings are important.

In August 2008, 9 single family homes sold in Bellbrook and Sugarcreek Township. Purchase prices ranged from $173,500 to $575,000. The average price was $299,700.

In April 2008, 18 single family residential properties in Bellbrook sold. They ranged in price from $110,000 to $537,500. Currently there are 126 properties (single family residence & condos) listed For Sale ranging from a bank short-sale 3 bedroom/1 bath home at $72,000 to a log home with 2 barns on 26+ acres priced at $1,990,000. The average list price is $345,899 and the median list price is $259,900.

The downward trend in home sale activity that has been seen on a national basis occurred in the Dayton area throughout 2007 and continues into 2008. However, this trend has NOT been accompanied by a DRAMATIC INFLATION and DRASTIC DECLINE in home values in the Greater Dayton area. Average home values are typically lower for the winter months before rising and peaking during the summer.

When the Market Turns, Will You Be Ready to Buy or Sell?

With the Federal Reserve continuing to look at rate cuts, interest rates for home mortgages could go below 5% for conventional loans. If this happens, the housing market in the Midwest will turn to a more balanced market. Remember, you do not live on the East or West Coasts! Many of the news reports do not apply here. Our housing prices have been stable when compared to the high inflation in those areas. We have seen minor declines in some communities.

Now is the time to prepare. If you have wanted to sell and waited to sell, have your home ready to list.

If you have been casually looking at homes, make sure you are pre-approved and have your finances in order. If your dream home comes onto the market, you will be ready to move!

I can help you with all aspects of the selling and buying experience. Please call or email me for important information.

I look forward to hearing from you!



ZIP Code: 45305

Approximate Location Boundaries: Bellbrook is located in the southwest corner of Greene County east of Centerville via Rt 725 or south of Rt I-675.

Location Characteristics: The City of Bellbrook was settled in 1816 and was named for one of its founders, Stephen Bell, who helped plat part of what is now the "old village" area. The second part of the city's name undoubtedly refers to the many local waterways including Little Sugarcreek, Sugarcreek and the Little Miami River which enhance the local scenery.

The city first attained a population of over 5,000 when in 1970, Bellbrook annexed a large part of western Sugarcreek Township. This led to official city status in 1974 and the largest percentage increase in population in the state from 1970 to 1980 (308%). With the completion of a County sanitary sewer system and under the City's more comprehensive development controls, Bellbrook began growing again in 1979. Over 1000 new housing units have been built since that time and the 26% increase in population between the 1980 and 1990 census was the highest in the Miami Valley. As of the 2000 census, Bellbrook's current population is 7,009.



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