Well some areas are experiencing spikes in prices and lack of inventory while other neighborhoods have an abundant numbers of homes and condos for sale …..but because of poor pricing strategies, the properties have been for sale for a long, long time.
According to the Multiple Listing Service of Greater Cincinnati–
Fewer homes and condos are for sale than during the same time frame last year.
The housing market isn’t horrible but it isn’t going to be as good as it was last year either. Solds for this past for January through April 2014 were off slightly for the same time frame in 2013
However the number of solds for the actual month of April were higher in 2014 than 2013- and the dollar volume also increased over last year.
The troubling number appears when you look at the up and down average/median sale prices- without a long term upward trend in prices. Rise and fall and rise and fall and ……
Many younger buyers (the normal first time buyers) have decided to rent, people who want to move-but cannot afford to lose on the sale of their current property and the more stringent mortgage loan requirements are slowing real estate activity. When the economy picks up, first time buyers and “underwater home owners” will begin to buy and sell. And if we learned anything from the last real estate melt down-lending requirements should not be changed to induce unprepared buyers into owning real estate.