Sales
Are Condos Selling in Greater Cincinnati?
May 14th, 2012 categories: Sales
If you live in Hamilton or Clermont Counties the dollar sales volume for condos is ahead of 2011…. the other 2 counties are lower. Like all of the local Cincinnati real estate market, condos sales have some bright spots and lots areas with slower/lower sales. Complexes which experienced fewer problems with short sales and foreclosures and have maintained FHA financing certification are surviving the slowdown. If your complex has lots of foreclosure/short sale activity- you will most likely experience problems until the “distressed inventory” is sold.
One bright spot in the condo market (unlike single family home sales) is sale prices in Butler and Hamilton Counties are higher than they were in 2012. This is especially good news because both counties have a lot of complexes feeling the effects of lender requirements for occupancy.
| 2011 | 2012 | |||
|---|---|---|---|---|
| # Units | Avg Sales Price | # Units | Avg Sales Price | |
| Butler | 128 | $77,642 | 80 | $81,012 + |
| Clermont | 50 | $102,270 | 59 | $93,600 |
| Hamilton | 234 | $131,530 | 261 | $143,476 + |
| Warren | 69 | $129,873 | 59 | $93,600 |
The prospect of tons of foreclosed homes and condos hitting the market in the next few years (Shadow Inventory) and uncertain economic times are impacting condo sales in the greater Cincinnati area. If you’re buying or selling and want up to date information – just call.
| Discussion: No Comments »
Home Sale Prices Are Not Gaining in Greater Cincinnati
May 9th, 2012 categories: Sales
Cincinnati real estate sales volume for single family homes in Butler, Clermont, Hamilton are higher than last year, however the Warren County dollar volume is lagging behind 2011. So when you read reports that home sales are improving …the story is partly accurate but also somewhat misleading.
Higher sales volume doesn’t always convert to higher prices and a look at the chart below reflects the lower sale prices.
| 2011 | 2012 | |||
|---|---|---|---|---|
| # Units | Avg Sales Price | # Units | Avg Sales Price | |
| Butler | 799 | $129,075 | 948 | $128,826 |
| Clermont | 481 | $151,068 | 529 | $149,834 |
| Hamilton | 1892 | $144,959 | 2054 | $143,382 |
| Warren | 578 | $164,450 | 529 | $149,834 |
The market will continue to adjust to the very slow decrease in home inventory and renters sticker shock as landlords begin to take advantage of higher than average vacancy rates in many complexes. The one big unknown is the impact of the next wave of foreclosures and the daily struggle with short sales. Lenders are promising to speed up their internal processes in order to expedite sales of distressed sales….but we’ve heard that claim before!
Stay tuned for the sales results for the condo market in greater Cincinnati. Let me know if you have any comments or questions.
| Discussion: Comments Off
Condo Sales Activity in Greater Cincinnati
April 12th, 2012 categories: Sales
According to the Multiple Listing Service of Greater Cincinnati sales volume for condos within the four county area is displaying some ups and downs.
Hamilton and Warren Counties are experiencing a surge in sales…while Butler and Clermont are still lagging behind 2011. The condo market in greater Cincinnati has been impacted by both “short sales” and “foreclosures”- making it harder for complexes to qualify for FHA mortgage money. Buyers typically need to use FHA backed mortgages and when communities have problems with vacancies, uncollected home owner’s fees and other issues-lenders are not willing to invest mortgage money.
| 2011 | 2012 | |||
|---|---|---|---|---|
| # Units | Avg Sales Price | # Units | Avg Sales Price | |
| Butler | 103 | $73,472 | 58 | $81,941 |
| Clermont | 39 | $97,563 | 35 | $85,645 |
| Hamilton | 162 | $129,583 | 173 | $141,980 |
| Warren | 39 | $125,018 | 53 | $138,321 |
The average sale price in all but Clermont County are higher than 2011 which is a good indicator that prices are starting to inch their way up. All in all the extra mild winter, low interest rates and rising rents are fueling the condo market. Gains in employment throughout the area will help the local real estate market…but the unemployment numbers seem to remain constant- so only time will tell.
Looking to sell or buy now- contact me.
| Discussion: Comments Off
Is Your Lender Involved in Local Cincinnati Real Estate Sales?
April 10th, 2012 categories: Sales
Inch by inch the real estate landscape is improving in greater Cincinnati.
All the real estate markets throughout the country have been impacted heavily by both short sales and foreclosures and in both cases lenders are usually involved. The Multiple Listing Service of Greater Cincinnati has been tracking “lender involved listings for several months and if we take a look at the stats for the end of February -there is a decrease in the their share of the current real estate market.
In February of 2011 “lender involved” listings comprised 28.58% of the market and this February only 24.29% – a nice 4% decline. Perhaps a better indicator is the number of sales which was 46.10% in 2/2012 and 41.12% this past February. While it’s true many lenders are still sitting on lots of properties (Shadow Inventory) the slight decline in our numbers reflects a slightly more active real estate throughout greater Cincinnati. And though the number of “lender involved” sales are declining, there’s a pretty good chance that most buyers are having to wait for deals to be accepted because lenders are managing many of today’s sellers and properties.
Today’s buyers and sellers are not only affected by the percentage of “lender involved” properties but also by the impact they are having on appraisals. Mortgage lenders have become extremely shy about lending one penny more than the appraised amount and sellers often find themselves shorted at the last minute because the buyer cannot secure a mortgage that matches the sale price.
If you need help navigating the current real estate landscape or need resources to help with mortgage problems-contact me now.
| Discussion: Comments Off
Greater Cincinnati Single Family Home Sales
April 3rd, 2012 categories: Sales
The first 3 months of 2012 ended on a high note when looking at sales volume of single family homes in greater Cincinnati!
Single family home dollar sales volume in Butler, Hamilton and Warren Counties are ahead of the same time frame in 2011. Clermont is only slightly behind and could make up ground in the coming months. However, while the dollar volume is inching up- average sales prices are lower – except for sellers in Warren County.
| 2011 | 2012 | |||
|---|---|---|---|---|
| # Units | Avg Sales Price | # Units | Avg Sales Price | |
| Butler | 548 | $126,815 | 637 + | $125,761 |
| Clermont | 359 | $148,919 | 352 | $144,865 |
| Hamilton | 1338 | $145,209 | 1383 + | $141,609 |
| Warren | 382 | $201,921 | 377 | $207,622 + |
If you currently have a property listed for sale, it’s important that you have frequent discussions with your agent about market conditions. As new listings hit the market sellers may need to adjust their pricing strategy to attract traffic through the property.
The most common complaint agents hear from sellers is that “nobody even made an offer so how do know it’s overpriced?” Well today’s buyers often have dozens of properties to view. If your property is priced above the competition- nobody bothers to look-let alone make an offer. Also if your property is the most expensive within the price range-but appears the same as the others to potential buyers- is another reason that buyers don’t make an offer.
Today’s sellers need to keep to match their pricing to the pulse of the buyers in the market…or suffer the consequences of lots of showings and no offers.
| Discussion: Comments Off
