Cincinnati Real Estate

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Kathy S. Koops GRI

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Fiction or Fact About Cincinnati Real Estate

filed under: Real Estate posted on January 28th, 2015

Display of Statistics

http://www.physics.csbsju.edu/stats/display.html

Mark Twain was quoted saying “Figures don’t lie, but liars figure.” …add to it that people tend to have selective hearing when it comes to real estate values and pricing and you’ll have a better picture about today’s homes sales versus actual sale prices.  So let’s take a look at fact or fiction for the local Cincinnati real estate market.

Fact-it’s true, local real estate sales have increased- the number of condos and single family homes sold is rising.

Fiction -that the average sale price has increased at the same rate. Prices in many parts of town are slightly ahead or almost equal to 2006.  Unfortunately the chart shows some areas are still well below historical peak prices.

The chart below reflects data pulled from the Multiple Listing Service of Greater Cincinnati for single family home sale prices in six zip codes:
cincinnati homes for sale, cincinnati real estate, Mark Twain, Multiple Listing Service of Greater Cincinnati

Comparing average sale prices from 2006 to today presents potential sellers with all sorts of problems.  They heard “real estate sales rising” and misinterpreted it as “home values rising and therefore my home is worth $$$$$$$”.  A quick peek at the chart reflects 2014 average sale prices are ahead of 2012 but, in many areas, below what you paid in 2006.  So when a real estate agent sits down with potential sellers to discuss pricing and marketing  -the first hurdle is communicating the reality about the real estate numbers game.  Don’t get me wrong, things are improving slowly-but still have a lot more ground to cover before we are back to the “good old days” when discussing home values.

The latest national data published by S/P Case-Shiller report yesterday highlights a slowdown in the US housing market in November, 2014. Click here to read news release.  Real estate is local so while key cities may be lagging, the greater Cincinnati area should continue to chug along at slow and steady pace.

Before you make a decision to buy or sell, it’s important to get the the latest sales numbers for the neighborhood or complex.  The data from Cincy MLS is probably the most comprehensive when it comes to analyzing the local real estate market- so call me or any member of the MLS for a report.

If you’re not sure about sale prices remember each home and subdivision has unique characteristics- send a request for a full market evaluation.

 

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