Cincinnati home sellers are wondering when the local housing market will recover, a buyer will point at their property and write a contract.
Well the latest sales stats for the four counties that comprise the greater Cincinnati real estate market are bouncing ahead of last year’s numbers. According to data pulled from the CincyMLS,
Across the board, sellers are experiencing higher average sale prices through July of this year over the same time frame in 2012.[table “” not found /]
Buyer demand for houses and condos continues and while the average sale prices for single family homes in greater Cincinnati continue to out perform last year, the average sale price is still lower than it was during the height of the real estate market. The number of foreclosures seems to be shrinking however approximately 35% of the properties sold in greater Cincinnati are considered “distressed properties”. According to RealtyTrac the national average sale price of a house vs. a foreclosed property is impacting the “average sale price” in almost every market- and will continue to impact local real estate sale prices for quite some time.