Is the Greater Cincinnati Condo Market Improving?

Cincinnati Dream CondoGreater Cincinnati’s 2013 condo prices haven’t returned to peak levels but average prices continue upward in Butler, Clermont, Hamilton and Warren Counties -good news for many condo owners who were hit hard by the sluggish real estate market.

The recent ups and downs of the national real estate market have been covered extensively in the press, by the National Association of Realtors and the local newspaper. The Multiple Listing Of Greater Cincinnati tracks all the listings and sales for our entire area and in the chart below -the average sales prices of condos in the four county area. The average sale price for 2013 is an estimateGreater Cincinnati Condo Sales 2004-2013

Comparing the height of the real estate market in 2005 to the end of 2013, the greater Cincinnati condo market 13% below peak prices. However if you come the end of last year to this -average sale prices have gained approximately 7% -ending 2013-which is slightly better than how single family homes ended 2013.  Some condo complexes suffered major losses when foreclosures and occupancy rates prevented borrowers from obtaining FHA mortgages.  As time goes on many of the problems are getting resolved which has contributed to a stronger market for condo life styles.

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