Cincinnati Real Estate

Greater Cincinnati's Real Estate Connection

Kathy S. Koops GRI

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The “Good Old” Days in Real Estate

filed under: Real Estate posted on August 11th, 2015

Home Values in CincinnatiToday’s sellers are confused about media reports versus reality when it comes to home prices in the Cincinnati area.  So I thought it might be helpful for sellers and potential sellers to understand about the “good old” days in real estate.

The housing boom peaked in early 2006 and then the “bust” began.  So if you purchased your home in 2005/early 2006 -at the top of the housing boom- chances are the value of your property just recently inched up to original purchase price.  Of course there are always exceptions where some homes charged out the housing bust ahead of schedule and some areas may take several more years to recover.

The numbers for the average and median sale prices in the 4 county area Multiple Listing Service of Greater Cincinnati  show where prices were in 2005 compared to July 31st of this year.

Average prices in Cincinnati real estate

The average single family homes sale price for the 2005 was $191.335 -at the end of July it was $195,460 a 2.2% increase.  Checking on median sale prices $151,900 in 2005 and currently at  $153,000 a .75% increase gives you a more realistic picture of the true price increase since 2005.   In 2005 -21,172 homes sold and in 2014(last full year for data)  17,547 homes sold/closed.  So while prices inch up the number of sales is still well below the boom market years.  Nobody likes to hear there home is worth less or the same as they paid-but that’s reality.  Adding appreciation dollars to your home without looking at how low the sale prices dropped for several years can leave some sellers understandbly upset when a Realtor (R) provides stats reflecting much lower asking and sale prices.  Lots of today’s poetential sellers are ok with their mortgage payments, taxes and insurance but may find themselves “under water” ( owe more on the home than they net at sale) often leading to “short sales” when they decide to sell.  One thing to remember our local housing market is fairly stable-but some potential sellers must delay putting their home on the market until housing prices increase….trying to minimize the amount of money they need to bring to closing.

Every house and neighborhood is unique so before you make any decisions about what your home is worth–  get specific data for your home.

 

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