Cincinnati Real Estate

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Kathy S. Koops GRI

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What’s My Greater Cincinnati Condo Worth? September 2015

filed under: Real Estate posted on October 13th, 2015

Cincinnati

The subtle change in weather resulted in some spectacular changes in the leaf colors and the change will also affect the worth of condos in greater Cincinnati.
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Dollar sales volume for the Cincinnati condo market update comparing January through September sales in 2014 to 2105 is a split decision with 2 counties ahead of last year and 2 counties losing ground. According to the Multiple Listing Service of Greater Cincinnati:
Condo Sales

Condo sales/closings took a hit in September with 3 counties experiencing a drop in the average sale prices and 2 counties showing a drop in the number of condos sold.

  2014   2015  
  # Units Avg Sales Price # Units Avg Sales Price
Butler 330 $95,265 372 $89,794
Clermont 251 $107,327 214 $112,424
Hamilton 1236 $170,826 1249 $158,892
Warren 337 $159,992 337 $154,429

Fewer people out shopping for a condos during August impacted the number of closings in September.  The chart below compares listing prices to sale prices for the past 12 months.  This month’s numbers show a trend of higher list prices and lower sale prices.
Condo Values in Greater Cincinnati

January through September 2014:                      January through September 2015:
2154 condos sold/closed                                                    2179 condos sold/closed
$148,591  average sale price                                              $141,606 average sale price
$112,689 median sale price                                               $113,000 median sale price
83- average -days on market                                             75 average- days on market

Lessons learned:
Seasonal changes impact both condo and homes sales in the greater Cincinnati area.  The traditional “peak season” for real estate has ended and while there a number of condos that have been on the market for some time- buyers are ignoring them and placing offers on new listings.  Lack of FHA/VA approval or overpricing are the 2 main reasons impacting the condo market.

Questions Call/Txt about sale prices in your complex send a request to find out about the marketability of your condo.

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