Sales
Case Shiller Index Not Painting a Pretty Real Estate Picture
March 31st, 2012 categories: Sales
Standard & Poor’s/ Case -Shiller just released the home price indices for January and and real estate prices fare falling in most major metro areas. Good news is the greater Cincinnati is not considered to be a major metropolitan area and while some cities in the surrounding states show big declines- Cleveland, Ohio is off by 3.3% in the January report.
The report has 16 of 19 metropolitan areas experiencing drops in housing prices. The only cities with price increases included Miami, Phoenix and Washington D C. And while the indices don’t include the Cincinnati Metropolitan Area, Case-Shiller has been one of the best “fortune teller’s” predicting the ups and downs of the real estate market. The local real estate market (and real estate is local) has seen a bump in number of units sold- the average sales price is down. The report highlights the impact that distressed properties are having on neighborhoods all over the country and we’ll continue to have problems until all these properties are absorbed (sold). According to the Multiple Listing Service of Greater Cincinnati the glut of available homes within our area is decreasing. (chart below)
And because a chart this complex is impossible to read- let me translate. At the end of February it would take 9.6 months for the market to “absorb” all the properties for sale. Compare this to an 11 month supply in January, 2012 and a 13.3 month supply in February of 2011. So real estate sales in our local market are getting better. According to the Cincinnati Area Board of Realtors a balanced market is a 4.5-5 month inventory supply. The National Association of Realtors (NAR) says a balanced market is 5.5-6 month supply and until our inventory dips the greater Cincinnati real estate market continues to favor buyers and not sellers.
Another factor in our favor low cost of living and according to NAR’s Affordability Index greater Cincinnati continues to offer good value for the dollar, This comes into play when companies are looking to move headquarters or employees into our area. Bottom line, the real estate market is still very fragile but shows very small signs of recovery. Until the distressed properties are sold, employment picks up and financial institutions start pushing mortgages, Cincinnati’s real estate will continue be a “buyer’s market”.
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Is the Greater Cincinnati Real Estate Market Blooming?
March 21st, 2012 categories: Cincinnati Ohio, Sales
The wonderful weather almost makes us forget that spring officially began on March 20th. Everything is in full bloom-including the real estate market in greater Cincinnati. “For Sale” signs are popping up here and there and Realtor(c) are seeing lots of activity through showing and open houses.
The most expensive properties that closed during February reflect a local real estate market that’s slowly beginning to spread it’s wings.
Top Five Condo Closings: (Note that 2 of the condos sold were new construction)
Top Five Single Family Home Closings: (1 of the 5 sold was new construction)
Not a bad February for real estate in greater Cincinnati.
This year winter weather hasn’t impacted buyers from house hunting and sellers waiting for spring to put their house in the market…well it’s already blooming.
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Greater Cincinnati Real Estate Buzz
March 7th, 2012 categories: Sales, Stats
Showings are up. Showings are down. The economy is up. The economy is down. Employment is up. Employment is down. Cincinnati real estate is up. Cincinnati real estate is down.
Same news, different day. However there’s life in the local Cincinnati real estate market and the stats for 6 zip codes throughout the market reflect a wide range of days on market and list prices:
| 90-day stats for Single Family properties in MASON, OH45040 as of May 11, 2012 | |||
|---|---|---|---|
| Median List Price: | $301,823 | Average List Price: | $410,640 |
| Total Inventory: | 345 | Price per Square Foot: | $96 |
| Average Home Size: | 3,117 | Median Lot Size: | 16,643 |
| Average # Beds: | 3.83 | Average # Baths: | 3.05 |
| Homes Absorbed: | 14 | Newly Listed: | 21 |
| Days on Market: | 172 | Average Age: | 39 |
| 90-day stats for Single Family properties in WEST CHESTER, OH45069 as of May 11, 2012 | |||
|---|---|---|---|
| Median List Price: | $231,008 | Average List Price: | $289,815 |
| Total Inventory: | 286 | Price per Square Foot: | $85 |
| Average Home Size: | 2,844 | Median Lot Size: | 17,654 |
| Average # Beds: | 3.75 | Average # Baths: | 2.86 |
| Homes Absorbed: | 11 | Newly Listed: | 17 |
| Days on Market: | 172 | Average Age: | 39 |
| 90-day stats for Single Family properties in FAIRFIELD, OH45014 as of May 11, 2012 | |||
|---|---|---|---|
| Median List Price: | $148,129 | Average List Price: | $160,037 |
| Total Inventory: | 178 | Price per Square Foot: | $70 |
| Average Home Size: | 2,010 | Median Lot Size: | 14,072 |
| Average # Beds: | 3.32 | Average # Baths: | 2.29 |
| Homes Absorbed: | 8 | Newly Listed: | 9 |
| Days on Market: | 175 | Average Age: | 42 |
| 90-day stats for Single Family properties in HAMILTON, OH45011 as of May 11, 2012 | |||
|---|---|---|---|
| Median List Price: | $179,796 | Average List Price: | $186,379 |
| Total Inventory: | 501 | Price per Square Foot: | $76 |
| Average Home Size: | 2,304 | Median Lot Size: | 17,008 |
| Average # Beds: | 3.47 | Average # Baths: | 2.33 |
| Homes Absorbed: | 21 | Newly Listed: | 24 |
| Days on Market: | 181 | Average Age: | 36 |
| 90-day stats for Single Family properties in CINCINNATI, OH45208 as of May 11, 2012 | |||
|---|---|---|---|
| Median List Price: | $307,436 | Average List Price: | $418,841 |
| Total Inventory: | 164 | Price per Square Foot: | $155 |
| Average Home Size: | 2,112 | Median Lot Size: | 7,137 |
| Average # Beds: | 3.47 | Average # Baths: | 2.52 |
| Homes Absorbed: | 6 | Newly Listed: | 10 |
| Days on Market: | 208 | Average Age: | 36 |
| 90-day stats for Single Family properties in CINCINNATI, OH45233 as of May 11, 2012 | |||
|---|---|---|---|
| Median List Price: | $142,092 | Average List Price: | $199,666 |
| Total Inventory: | 100 | Price per Square Foot: | $69 |
| Average Home Size: | 2,270 | Median Lot Size: | 16,876 |
| Average # Beds: | 3.49 | Average # Baths: | 2.32 |
| Homes Absorbed: | 3 | Newly Listed: | 5 |
| Days on Market: | 208 | Average Age: | 43 |
Stay tuned for weekly updates or subscribe now or email me for specific information about your neighborhood.
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How the West was Won…in Cincinnati Real Estate
March 5th, 2012 categories: Cincinnati Ohio, Sales
The article last week the the average sale prices in random markets on the east side of Cincinnati sparked some emails…the west side numbers will probably prompt even more questions. The I-75 divide impacts not only social functions in and around town (don’t ask- if you don’t live here it’s hard to explain) but the west side seems to be feeling the impact of the housing slump more than our neighbors on the east side.
According to the Multiple Listing Service of Greater Cincinnati the average sale price for single family homes (random neighborhoods): If you need more detailed information or don’t see your area- call or email for update.
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East is East in Greater Cincinnati Real Estate
March 1st, 2012 categories: Cincinnati Ohio, Sales
And west is west-and we take the I-75 very seriously….but today I’m covering real estate on the east side of greater Cincinnati. A recent article in the Wall Street Journal questions when will the housing market hit bottom?
So how is the “local” Cincinnati real estate market doing?
Remember real estate really is local and in reviewing just a few communities listed in the Multiple Listing Service of Greater Cincinnati to compare the average sales price for single family homes from 2006 thru today looks a lot like a roller coaster ride. Cincinnati, Madeira and Mason appear to be on the road to recovery while other areas bounce up and down. The good news for us is that the local Cincinnati market never experienced wild appreciation- so while nobody likes lower home values we haven’t lost value like many of the surrounding cities and states.
West side information is coming but if your east side area is not shown below call or email me for detailed information.
In alphabetical order:
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