City wide the number of showings skyrocketed during the past week- buyers are literally coming out of the woodwork looking for a piece of real estate to buy. Data pulled from the Multiple Listing Service of Greater Cincinnati shows that potential buyers have 7351– single family homes and 1253 – a slight bump up in the numbers 0f single family homes and condos available since the last township report.
2 of the 6 townships listed in this report have higher median list prices for single family homes and condos. The median list price for single family home rose in Springfield Township- a hopeful sign that a market hard hit with housing slump may have begun to revive itself. Also some good signals in terms of areas recovering equity, buyers shopping but the townships and other areas still have too few new listings to keep the real estate traffic at a consistent level.
A recent survey from the Ohio Association of Realtors indicates that many renters are looking to become owners which is great news for sellers. Traditionally as landlords raise rents, tenants begin to compare rental prices versus owning a property and buying begins to make sense. As the renters enter the buying market the churn begins as current owners gain confidence that they can sell and move up. The greater Cincinnati real estate market has seen pockets of this activity -but until renters consistently move into ownership mode….many potential sellers aren’t motivated enough to list properties now.