The latest salvo of information about home sales in greater Cincinnati is accurate….but it’s not the whole story!
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Mark Twain was quoted saying “Figures don’t lie, but liars figure.” …add to it that people tend to have selective hearing when it comes to real estate values and pricing and you’ll have a better picture about today’s homes sales versus actual sale prices. It’s true, local real estate sales have increased- the number of condos and single family homes sold is rising. False -that the average sale price has increased at the same rate. Prices in many parts of town are slightly higher than last year (some are actually lower) but the area has not bounced back to pre-slump sale prices.
The chart below reflects data pulled from the Multiple Listing Service of Greater Cincinnati for single family home sale prices in six zip codes:
Comparing average sale prices from 2006 to today presents potential sellers with all sorts of problems. They heard “real estate sales rising” which was interpreted as “home values rising and therefore my home is worth $$$$$$$”. A quick peek at the chart reflects 2012 average sale prices are hovering closely to 2011 and below what you paid in 2006. So when I (or any other agent) sits down with potential sellers to discuss pricing and marketing -the first hurdle is communicating the reality about the real estate numbers game. Don’t get me wrong, things are improving slowly-but still have a lot more ground to cover before we are back to the “good old days” when discussing home values.
Before you make a decision to buy or sell, it’s important to get the the latest sales numbers for the neighborhood or complex. The data from Cincy MLS is probably the most comprehensive when it comes to analyzing the local real estate market- so call me or any member of the MLS for a report.
If you’re not sure about sale prices remember each home and subdivision has unique characteristics- send a request for a full market evaluation.
Related Article: 2012 Housing Ends with a Whimper