Has the Local Economy Affected Cincinnati Real Estate?
September 9th, 2010 categories: Sales
Real estate news continues to be okay for sales of single family homes within the greater Cincinnati area. According to the Multiple Listing Service of Greater Cincinnati, sales volume is either equal or slightly ahead in Butler, Clermont and Hamilton counties, The only county with a 2010 sales volume which is less than 2009 is Warren- and it is only a hair behind. The local real estate market is still impacted by the delayed closings from the tax credits and the next few months will show whether or not we will continue to move along or go into a stall. Unemployment appears to be the largest sticking point when it comes to the housing market- and until potential buyers feel they have job security sales will continue to sputter along.
However, as the chart below indicates, increased sales volume doesn’t convert into huge price gains for sellers.
| 2009 | 2010 | |||
|---|---|---|---|---|
| # Units | Avg Sales Price | # Units | Avg Sales Price | |
| Butler | 2224 | $143,216 | 2149 | $148,875 |
| Clermont | 1125 | $166,457 | 1199 | $169,109 |
| Hamilton | 5303 | $145,748 | 4971 | $165,943 |
| Warren | 1348 | $219,282 | 1358 | $216,185 |
And again this month Warren is the only county showing a small decrease in average sale price.
So while unemployment continues to impact local real estate- sales have slowed but prices and volume continue to creep (and I mean creep) up.
If you need help figuring out today’s real estate realities- call or email me now.
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