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A wise person once told me…”there are 2 sides to every story and the truth is somewhere in between”….and the real estate market in greater Cincinnati is living proof of “somewhere in between”!
Last month’s report reflected increase in gross sales volume for single family homes in all four counties. And according to the Multiple Listing Service of Greater Cincinnati overall sales volume continues to beat last year’s numbers.
July was also a good month for sellers because the average sales price also went up (just a little bit) -a good sign for the local real estate market.
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But as the wise person said …”the truth is somewhere in between” the increased sales doesn’t mean we’re out of the woods yet. The best way to explain today’s real estate market is to look at the sales volume for 2006.
Another eye opener is the chart below comparing average sale prices -note 2006 prices are posted on the left side of the chart below.
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The local real estate is feeling the impact of local economy. Downsizing at P&G, escalating grocery and gas prices and concern over what’s next grabs the headlines and local buyers decide to just “wait and see”. Buyers are the only ones sitting on the fence. The inventory of homes and condos for sale in greater Cincinnati continues to shrink and while sellers are glad for less competition…the lack of fresh homes is actually deterring buyers from house hunting.