Get ready to take some notes-single family home sales in greater Cincinnati continues to gain steam!
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Whether you’re attending the University of Cincinnati or commuting to work in the burbs, the local Cincinnati real estate market continues to generate questions about “values”. How much is a single family home worth today? There are 2 ways to answer the question-one is to look at the overall dollar sales volume for single family homes that sold/closed in the 4 county area.
The “cliff note” version is that sales volume for the first eight months of 2012 are higher than sales for the same time frame in 2011. The second way to answer the “home value” question is to compare average sale prices in 2011 vs 2012. And as the numbers of sales of single family homes continues to inch up (last month’s numbers)-area sellers assume that average sale prices are also increasing by leaps and bounds. Actual sale prices have increased in 3 counties and decreased by just a few hundred dollars in Clermont County. In short, values are up only slightly.
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The slight increase in the price of sales is good news for sellers however it’s not an indicator that properties have regained all the value lost over the past few years. Each property is unique so if you’re considering the possibility of selling -consult with your Realtor and review the current numbers for your piece of real estate….or send a request for a market evaluation.