Sales
Is the Cincinnati Real Estate Market Repeating Itself?
February 9th, 2012 categories: Cincinnati Ohio, Sales
The state of the Cincinnati real estate market always sparks interest from neighbors, friends and buyers wandering around the different neighborhoods. The median sale prices for the last five years available from the Cincy MLS provided some eye popping numbers. The sales of single family homes is definitely up…..but median sales prices for the 4 counties reflects a real estate market still looking to make a comeback.
Butler County currently has 1844 active listings of single family homes. The average list price is $180,245- median list price is $155,000.
Last 5 years:
Clermont County currently has 1007 active listings of single family homes. The average list price is $202,925 median list price is $161,580.
Last 5 years:
Hamilton County currently has 3945 active listings of single family homes. The average list price is $217,059- median list price is $124,900.
Last 5 years:
average list price is $217,059- median list price is $124,900.
Last 5 years:
Call or email if you would the real estate “numbers” for your area!
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Absorption Rates in the Greater Cincinnati Real Estate Market
February 3rd, 2012 categories: For Sellers, Sales
Buyers and sellers often hear the term “absorption rate” used in throughout the greater Cincinnati real estate market.
Realtors, banks and relocation companies usually analyze “absorption rates” in order to determine how much inventory is currently available within the area. The formula is fairly simple:
- # of closed sales in the last year /12 = # of sales per month
- # of current active listings/ # of sales per month = # of months of inventory
- # of months of inventory = absorption rate
Looking at a few areas throughout the metro Cincinnati real estate market, Glendale has a 10.5 month inventory of single family homes for sale and Bridgetown has a 14.82month supply of condos.
Absorption rate is important when discussing whether it’s a “buyer’s” or a “seller’s” market. According to the Cincinnati Area Board of Realtors and the National Association of Realtors inventory in excess of 5 months tips the balance in the buyer’s favor. The more houses and condos on the market puts pressure on sellers to reduce prices in order to attract the next buyer.
And the Cincinnati real estate remains a market is definitely a buyer’s market…but some areas are showing more balance.
Most of the areas within the greater Cincinnati real estate market are still “buyers” markets but the chart below reflects that some areas with more than 12 months of inventory.
Greater Cincinnati Absorption Rate-Months of Available Inventory
| Single Family | Condo | |
|---|---|---|
| Anderson | 9.2 | 10 |
| Bridgetown | 7.3 | 14.2 |
| Clifton | 8.2 | 15.2 |
| Fairfield | 6.48 | 14.62 |
| Glendale | 10 | 3 |
| Hyde Park | 7.2 | 14.4 |
| Mason | 7 | 7.5 |
| West Chester | 5.58 | 10.62 |
| Wyoming | 8.21 | 7.6 |
The rate fluctuates as more houses and condos are listed and sold so if you don’t see your area on the chart or would like up-to-the -minute info-call or email.
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High Priced Real Estate in Greater Cincinnati
January 30th, 2012 categories: Sales, Stats
Number one question in real estate – What did that house or condo sell for?
And there is lots of interest in the high priced homes- as if the McMansion sales will help the rest of the market. High priced sales do reflect more confidence in the economy- so while not a scientific indicator of the local Cincinnati real estate market – comparing sales for the same time frame in 2012 to 2011 provides interesting information.
According to the Multiple Listing Service of Greater Cincinnati the top 5 single family home sales in Butler, Clermont, Hamilton and Warren for 1/1/-1/28 comparing 2011 to 2012-
January 2012 home sales, while lower in price, are spread all over the greater Cincinnati market and that is good news for sellers. 2011 sales were concentrated in Indian Hill and other high end areas were not getting the activity. It appears that 2012 is changing the trend.
Condo sales for the same time frame:
Prices are up slightly and city sales seem to be outpacing the suburbs.
Overall the greater Cincinnati real estate market is holding and seems to be gaining a little bit of steam as we start 2012. The great weather (no heavy snow) is helping. In order to keep track of progress I’ll keep track of the top 5 every 30 days or so.
However if you can’t wait a month or would like detailed information about your area-call or email today.
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And the Real Estate Survey Says…
January 28th, 2012 categories: Foreclosures & Short Sales, Sales
The Campbell/Inside Mortgage Finance Housing Pulse Tracking Survey is a unique look at the national real estate market based on a monthly survey of more than 2,500 real estate agents. The questions are based on what’s really happening in real estate markets across the United States and provide a “gut” view of the day-to-day activity.
And the Housing Trends Survey says…
No surprise- cash buyers (mostly investors) are putting downward pressure on home prices. In December 74% of investors used all cash to purchase homes. Cash and FHA backed mortgages comprise the bulk of the buying market throughout the country (sort of like the good old days when most mortgages were FHA). The chart below shows the trend through the end of 2011.
Source: Campbell Inside Mortgage Finance HousingPulse Tracking Survey
And as we all expected the sale of distressed properties rose steeply as the year ended. Many lenders are sitting on tons of inventory (shadow inventory) and after waiting for the robo-signing problem to end, lenders began again the foreclosure process.
Source: Campbell/InsideMortgage Finance HousingPulse Tracking Survey
The federal government is currently hatching more programs to help the real estate market. Maybe, before the mess housing even more, they should test market the new programs is just a few areas and work out the bugs. I don’t know what you think-but the thought of folks in Washington managing a foreclosure rental program is scary to me.
Need more details about the local Cincinnati real estate market- call or email today.
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How Are Existing Home Sales?
January 24th, 2012 categories: Sales
The National Association of Realtors (NAR) is a great resource for information about the housing market.
Soruce: calculatedriskblog.com
The headline for the graph is that the number of properties for sale declined 21.2% from December 2010 and that means we are edging closer to balanced market for both buyers and sellers. It doesn’t mean that prices have recovered to the market highs.
The next graph is the level of sales by year indicating a slight gain over the past few years.
Source: calculatedriskblog.com
Perhaps the most interesting fact is that all-cash sales comprised 31% of the purchases in December, 2011-which was up from 28% in November, 2011 and 29% in December of 2010. According to NAR, investors are responsible for the bulk of the cash sales. Unfortunately the Multiple Listing Service of Greater Cincinnati doesn’t provide data for cash sales in our area- but we’re probably fairly close to national levels.
Call or email if you need more detailed information about our local real estate market.
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