Home/condo sales locally have been steady and, in most cases, we are experiencing a very slight increase in the average sale prices. But that doesn’t mean that problems from the real estate melt down are behind us. March sales numbers for sales volume were down and certain markets around the area are still struggling with left overs of foreclosures and shorts sales. However the the average sale price is up and the biggest problem we’re facing is lack of inventory- just not enough homes and condos available for sale. That tells me that sellers are not confident enough to jump into the market because they really don’t know what to expect as far as sales price.
It’s a catch 22- many sellers are looking at the real estate market differently- reflecting on how bad things were instead of getting up-to-date market information from their agent.
According to the Multiple Listing Service of Greater Cincinnati potential buyers have 7704 single family homes and 1260 condos – a few more single family homes and condos listed since the last zip code report.
The Easter/Passover weekend slowed down the showings -but the continued good weather should bring out buyers and the their agents.
Stay tuned for market updates.