There are lots of Cincinnati condos for sale and finding and targeting the right buyer can be a game of “cat and mouse”!
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Sometimes the best way to “catch” the mouse in the current real estate market is take a quick look at what the price “average cats” were able to sell their condos around greater Cincinnati. According to the CincyMLS in 2012, 1916 condos sold/closed within the 4 counties serving our area. (Butler, Warren, Hamilton and Clermont) The average sale price was$128,020 and 165 was the magic number for average number of days on the market. So if you’re currently trying to sell your $100,000. condo and it’s been on the market for a year- what gives?
Selling time and average price are impacted by lots of things:
- # of Bedrooms
- Interest Rates
- Mortgage Worthiness of Complex
Last year sellers in Warren County sold 333 condos with an overall average sale price of $140,861. However pricing was impacted by number of bedrooms and the chart below (all data for all the charts pulled from CincyMLS)
No surprise- 2 bedroom condos were the big seller in 2012 and pricing/financing usually plays into what size units buyers can afford. And as you look at the numbers for the other 3 counties, 2 bedroom units swept the “best selling” category.
Hamilton County had the highest number of sales with almost 3 times as many 2 bedroom as 3 bedroom units changing hands.
And finally Butler County which had the only sales for 5+ bedroom condos- a very unique commodity in our marketplace.
Looking at the “days on market” all the counties -but Butler- 3 bedroom condos sold in a shorter time frame than 2 bedroom units. In many locations investors are snapping up 2 bedroom units to use as rental income which brings up the point of the ability of buyers to obtain a mortgage. Lending guidelines have impacted complexes with too many rentals or problems with HOA reserves/funds- so ask you agent about the status of FHA\VA mortgage funding prior to making a decision to sell.