One way to track the health of Cincinnati’s real estate market is to look for new construction. Lots of new homes going up is a sure sign of confidence in the local economy. It’s when builders know if they build a “spec home” (a home that is not sold before construction) it will sell in a relatively short time frame.
According to the Multiple Listing Service of Greater Cincinnati 230 newly constructed homes have sold/closed during the first 6 months of this year. It’s important to note that not all builders or new homes are listed in the Cincy MLS- however using the data from the ones that are listed paints a picture of slow recovery for new construction in greater Cincinnati.
It’s hard to predict whether the sales numbers for newly built homes in 2012 will exceed 2011- but with 676 new homes currently listed in the MLS and I think we have a good chance to stop the decline and maybe even gain a few sales over last year.