Greater Cincinnati Real Estate- Up or Down?
March 5th, 2009 categories: Beckett Ridge, Mason Ohio, Real Estate News, Real Estate Sales
The other day a friend asked general questions about the price decline in the local real estate market. Well like many things today- there are several ways to answer the question.
According to the Multiple Listing Service of Greater Cincinnati (MLS), the “Big Picture” answer is a 14.7% decline in sales volume of single family homes and a 7.78% decline in sales price (January – December Variance 2007 -2008).
It’s the “Big Picture” view because the data includes the entire area of MLS -which expands far beyond the local counties of Butler, Clermont, Hamilton and Warren.
Newspapers and TV usually take the “Big Picture”view when reporting about the current state of real estate. And while we are in a minor slump – our area is not experiencing the real estate woes of California, Las Vegas, Miami or southeast Michigan.
Real Estate is local and sometimes, we need to look at the “Little Picture” to understand pricing for specific areas. Mortgage appraisers look at the “Little Picture” in order to determine value for the lender. So if just purchased a single family home in the White Blossom subdivision of Mason Ohio-(07′ to 08″ sales price decline 2.3%), the appraiser would not be comparing the property to all single family homes in Mason (07″-08″ sales price decline of 4.5%)
Sales price of single family homes comparing 07′ to 08′: West Chester declined 5.68% and Beckett Ridge declined 6.4%.
Condo sales price comparing 07′ to 08′: Mt Adams declined 10.52% and downtown Cincinnati declined 8.93%.
Buyers and sellers want the best real estate deal and understanding whether they are looking at the “Big Picture” or the “Little Picture” is critical.
If you need more details about your neighborhood or subdivision-call or email.
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