It’s hard to believe that half of 2014 has flown by as we begin the second half of the year. Traditionally in Cincinnati, the spring real estate market -from late March through mid June- has the highest sales volume during the year. However the area is still suffering from a lack of houses for sale and lots of confused buyers who underbid on new listings and end up losing out to more motivated buyers.
Last year buyers had 9400+ single family homes available for sale. This year -8700 homes which sounds like a lot until you analyze how quickly well priced new listings are selling. As long as interest rates remain low home sales should continue to chug along at a steady pace during the second half of 2104. The question is whether average sale prices will hold steady, rise or start a slow decline as buyers wait for more homes to go up for sale.
The average listing sale prices for some of greater Cincinnati indicate some neighborhoods may have problems with pricing. Very high list prices and much lower sale prices reflect that sellers may be willing to wait a longer time to find the right buyer which makes negotiating a contract more difficult for everybody.
The chart below covers single family homes:
In Oakley 30 homes sold/closed and 3 of the properties sold for over asking price and 5 sold for asking price. This is a great example of motivated buyers jumping on new listings and making great offers. Many of the properties sold within a few days of hitting the market. If you are interested in more real estate pricing information check out Real Estate.