The Cincinnati Area Board of Realtors won’t publish the final sales numbers for 2015 until late January or early February which means the numbers listed below for 2015 may vary slightly as the data is cleaned up. However comparing the 2014 versus 2015 single family homes sales in a few select areas paints the picture of real estate sales that continue to edge up slightly in number of units as well as the ever important average sales price.[table “” not found /]
According to the Multiple Listing Service of Cincinnati 19,845 single family homes were sold/closed during 2014. The average sales price was $179,782 and the highest priced sale came in at $3,500,000. 2014 boasted 7 sales at $2,000,000 or above of which one was a newly constructed home. In 2015, the average sale price was $186,397 with 21,172 homes sold/closed by the end of the year. As the local Cincinnati real estate market improves, 2015 boasted 13 single family home sales at $2,000,000 plus with the highest sale price hitting $3,100,000. And once again only one of those high end sales came from new construction.
Also our market continues to handle a fair number of cash sales- in 2014, 5,042 of the sold/closed single family deals were for cash versus 4,854 in 2015. The average cash sale price in 2014 was $97,885 and in 2015 $103,244. And when the money involved begins to sink in knowing the highest cash sale in 2014 was for $2,600,00 and 2015 for $3,100,000 – mind boggling sums for average home buyers to comprehend.
What does all the “selfie” information mean to you? It may assist some home owners appeal new tax appraisals or it may start the wheels spinning on deciding whether to remodel or move. One thing you will need to make any decisions is more detailed information so don’t hesitate to Text/Call