First quarter Cincinnati home sales results heat up.
(Updated 4/21/2017 Cincinnati Area Board of Realtors Market Report)
All four counties are outpacing sales compared to same time frame last year. The current average sale price for single family homes in greater Cincinnati is $188,843 compared to $178,149 for the quarter of 2016.
According to the Cincinnati Multiple Listing Service has only 4232 homes listed for sale.
Sales volume comparing year-to-date in the 4 counties is a mixed bag.. Data pulled from the CincyMLS.
The CincyMLS covers all the surrounding counties (as far north as Dayton) and sale prices do vary by areas. As you’ll see the average sale price in all the counties has increased from the same time frame last year.
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What does this mean?
This time last year 6400 residential properties (homes/condos) were listed for sale in the Cincy MLS. This year the current number of listings is 4600. The lack of properties for sale impacts buyers- who are tired of bidding wars and sellers who are afraid to list without having secured a place to live.
The impact of higher sale prices (some are not appraising-which is a another story) and dwindling supply of properties for sale may impact the local real estate market during the next few months.
Homes which have been on the market for an extended period of time are probably overpriced and need to adjust.