Are We Ready to Declare Victory in the Cincinnati Real Estate Market?
According to the media gurus the housing market is recovering and the greater Cincinnati real estate market is holding its own!
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The National Association of Realtors has shared several articles providing different perspectives on the current state of real estate. Pick the story that fits your needs -”Housing Prices are Accelerating“, “Home Prices Still Have a Long Way to Climb” or “Pending Home Sales Decline in August“. The mixed messaging is confusing for both buyers and sellers -but remember real estate is local. The best way to get a handle on today’s is too review what’s happening with sales volume and average sale prices within the 4 counties that make up our local real estate market.
According to the Multiple Listing Service of Greater Cincinnati sales volume for single family homes 2011 vs 2012:
Local Cincinnati real estate gross sales volume is greater in 2012 than it was for the same time frame in 2011. As long as pending sales remain high we can expect to maintain slight momentum in home sales. Weather, elections, interest rates and the area economy will continue to play an important role in the local real estate recovery…and only time will tell.
| 2011 | 2012 | |||
|---|---|---|---|---|
| # Units | Avg Sales Price | # Units | Avg Sales Price | |
| Butler | 2227 | $141,645 | 2626 | $143,196 |
| Clermont | 1263 | $163,464 | 1508 | $163,084 |
| Hamilton | 5114 | $161,494 | 5561 | $166,853 |
| Warren | 1528 | $214,471 | 1739 | $210,926 |
The average sales price in both Clermont and Warren are down slightly from 2011 but all counties have higher sales volume -which is good as buyers take up some the slack in inventory. Don’t forget 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.
