Home sales continue to outpace the number of new listings which is driving up sale prices in some areas.
Comparing the average sale price for single family homes during the first 2 months of 2015 ($164,111) to 2016 ($168,380) our area experienced a 2.6% increase.
Fewer and fewer single family homes are for sale.
At the end of February, 2016 buyers were looking at 5675 single family homes for sale. A 18% drop from February, 2015 and a 25% drop from 2014. And as the number of homes listed gets smaller so does the pool of buyers.
Single family home sales volume for the 4 counties. Data pulled from the CincyMLS.
3 of the counties start 2016 ahead of last year. Warren County remains slightly below 2015 in gross sales volume and average sale price. The lack of homes for sale may be impacting home sales in Warren County.[table “” not found /]
Spring is on the verge of arriving and hopefully all the potential sellers waiting for spring will finally get their homes on the market. As long as interest rates remain low – and buyers are not sidetracked by nice weather and politics the greater Cincinnati real estate market should be very busy for the next several months.