The greater Cincinnati real estate market isn’t flooded with million dollar homes (and condos) but year to date 74 homes and 6 condos priced at $1,000,000 and up have sold/closed according to the Multiple Listing Service of Greater Cincinnati. (Sale date 01/01/15-07/15/15 in Butler, Clermont, Hamilton and Warren Counties.)
The number of listings and sales for million dollar homes comprises a very small percentage of the Cincinnati real estate market. During the same timeframe that 74 $1,000,000+ plus homes sold/closed 9984 homes sold/closed in the 4 county area. Condos sales were 6 at $1,000,000+ and 1427 total in the MLS. Single family home sales spread out through all the counties while the condo sales have been in Hamilton County. What was unusal was that all of the sales but 1 occurred on the east side of town. The one exception was a home sale in Glendale. West siders shouldn’t think their market is lower priced because the west side of I-75 currently has 10 homes at $1,000,000+ listed for sale.
The luxury market hasn’t escaped the “price it right” in Cincinnati. One of the higher priced sales had been up for sale -on and off- for over 2 years. The final sale price was 20% below the original listing price- an adjustment of hundreds of thousands of dollars.
Condos sales in Hamilton County continue to lead the pack.
Million dollar listings are selling so if your property has been on the market for an extended time-you may want to review up-to-date data and think about “repositioning” your home or condo -in short, think about a price reduction.