A quick look at Cincinnati real estate trends points to a shrinking number of single family homes for sale and slightly higher average sales price.
Instead of jamming the housing markets many potential buyers are staying put. The lack of properties for sale may help the sale of homes already listed- but more buyers usually converts to rising sale prices…and the “stale” smell of many homes that have been for sale for months and months is not a good incentive.
Single family home sales volume for the 4 counties. Data pulled from the CincyMLS.
All 4 counties ended the year on high note with higher dollar sales volume in 2015 versus 2014. And the lucky sellers experienced higher average sale prices during 2015. Not a bad ending for a good year in greater Cincinnati real estate.[table “” not found /]
January has gotten off to a great start and while we can expect a few snowfalls to slow some buyers and sellers down- it’s already mid-January and we’re just now experiencing cold weather. The watchdogs are warning of higher interest rates, more stringent credit requirements and the lack of homes for sale affecting the 2016 real estate market. Personally I feel the lack of homes for sale was and will continue to be the biggest hurdle during the next 12 months.