A total of 1,123 homes were sold locally last month at an aggregate $171.4 million. Average selling price was $152,600. “Despite 18% fewer sales than the same period one year ago, things are looking up,” said Karen Schlosser, president of the Cincinnati Area Board of Realtors. “There is much more Open House activity since the first of the year. That should bode well for the upcoming spring market.”

Nationwide, January home sales were off .4% from December, seasonally adjusted. They were off 23.4% from a year ago. “Buyers today continue to be in the driver’s seat,” said Schlosser. “They have multiple homes to consider in their price range, home prices are attractive, and mortgage interest rates remain favorable.”  She said local buyers’ understanding that home ownership is a sound, long-term investment will help escalate buying activity. She reported that in some instances there have been recent cases of multiple offers on the same property for sale. That shows buying demand is climbing. In addition, increased limits — beginning next month for FHA financing – should spark higher home sales as the year goes on.

                    Closings           Gross Volume                      Average Price

Jan. 2008     1,123                  $171,369,589                            $152,600

Jan. 2007     1,370                   $213,403,162                           $155,769

Variance     -18.03%                    -19.70%                                -2.03%

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From my vantage point as a realtor- while the numbers on not positive, our market is doing significantly better than the national average.  If you are an investor looking to add to your portfolio- this may your time to buy.