Cincinnati Real Estate

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Kathy S. Koops GRI

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Why Were Home Sales Lower in February?

filed under: Real Estate posted on March 28th, 2016

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Why were home sales lower in February?

The National Association of Realtors said that sales nationally of existing homes fell 7.1 percent last month to a seasonally adjusted annual rate of 5.08 million.  I can list lots of reasons why there were fewer home sales but the biggest obstacle remains- the average number of homes on the market has gone down. Homes are selling briskly and we all have clients ready to buy but cannot find anything to buy or end up in a bidding war when a well priced property hits the market.  In February Cincinnati did slightly better than the national average but without properties available for sale- our area may not be able to maintain the gains.

Keeping Current Matters produced the infographic which sums up the “state of real estate”.  They politely refer to lack of well priced new listings hitting the market as “sparse inventory” and don’t address the elephant in the room where properties have been on the market much longer than average and remain at an unrealistic price point.  Hopefully the “spring” real estate market results in lots of new blooms -listings of homes and condos.

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