So how do these things affect your real estate needs? Well if you’re a seller, some neighborhoods are “in-demand” and bidding wars are happening. For the rest of the houses and condos on the market in normal neighborhoods any increase in showing appointments should also increase the number of purchase contracts written. Good news for everybody.
The number of single family homes for sale in July of 2013- 9248 and 1415 condos compared to today’s number of properties for sale is a good indicator of why some buyers have decided to sit on the sidelines and wait for their dream home to come on the market. According to the Multiple Listing Service of Greater Cincinnati potential buyers have 8721 single family homes and 1251 condos – a nice increase in the number of single family homes and hanging steady with condos listed since the last zip code report but a significant drop since last year.
Pending sales (sold houses and condo but not closed yet) hit 3371 with an average list price of $149,900 signals sales in our area. For some neighborhoods it’s great news -with buyer bidding wars. However for most of the greater Cincinnati real estate market it’s business as usual. Price it right to grab the next qualified buyer or sit on the market for several months.
Stay tuned for market updates.