Cincinnati Real Estate

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Kathy S. Koops GRI

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Condo Prices in Greater Cincinnati

filed under: Real Estate posted on December 4th, 2015

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The condo prices in greater Cincinnati are dipping in some areas as the end of the year approaches.
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Dollar sales volume for the Cincinnati condo market update comparing January through November sales in 2014 to 2105 continues as a split decision with 2 counties ahead of last year and 2 counties losing ground. According to the Multiple Listing Service of Greater Cincinnati:
Cincinnati Real Estate

17 condos priced at $700,000 have sold and closed since January.  Some were new construction and the rest were resales.  The average list price for the group was $1,045,212 and the average sale price $975,567.  The high ticket condos experienced 389 average cumulative number of days on the market before they closed.  Detailed report on the 17 sales click here.

The average sale price dropped in 2 counties and the number of sales compared to last year fell in 3 counties.

  2014   2015  
  # Units Avg Sales Price # Units Avg Sales Price
Butler 400 $94,766 443 $88,981
Clermont 294 $108,886 267 $111,970
Hamilton 1447 $168,514 1440 $158,096
Warren 393 $149,563 339 $156,545

The lack of condos for sale, problems with complexes which don’t qualify for FHA financing and buyer indecision continue to impact the greater Cincinnati condo market.  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.  An interesting spike occurred in mid October when both the listing and sales prices inched their way up.  Stay tune for the next month’s report to find out if the gains continue.

Condo Pirces in Greater Cincinnati

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.  Once again the lack of FHA/VA approval or overpricing are the 2 main reasons impacting the condo market.  Also the new rules affecting closings went into effect in October and ultimately may have impacted some of the closings that were scheduled for November but were delayed by lenders.

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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