Well the owners of the “priciest listings” in Cincinnati feel their homes and condos are worth a lot. The five highest priced single family and condos currently listed for sale in the Multiple Listing Service of Greater Cincinnati are:
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But no matter how much research and data your Realtor provides for you to review or what criteria you use to decide a list price -ultimately “buyers” really determine the true value. According to the CincyMLS data shown below reflects what buyers are willing to pay so far in 2014.[table “” not found /]
If you just look at the numbers there’s a disconnect between the home owner’s perceived value and what buyers actually are willing to pay. The usual way for the real estate market to handle “the disconnect” is for sellers to make price adjustments or make the decision to sell at some other time. Some sellers stay the course, sticking to a small price changes in hopes the housing shortage will motivate buyers to raise their offers. Bidding wars usually occur on well priced new listings not on properties that have been on the market for an extended period of time.
Real estate market watchers are predicting a softening for home sales but the greater Cincinnati area can boast 15 properties marked as pending sales (sold but not closed) over a million dollars since the beginning of the year. If we continue to have a balanced sales covering all the price ranges, our local real estate market may continue to recover at a slow and steady pace. Who knows how high or low the priciest listings will be during 2014.