Cincinnati Real Estate

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Kathy S. Koops GRI

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1st Quarter Condo Sales in Greater Cincinnati

filed under: Real Estate posted on April 11th, 2016

Condo sales in greater Cincinnati comparing the 1st quarter of 2015 versus 2016.

No lack of buyers looking for a condo to buy  however the number of condos for sale has sunk to a new low with just 798 listed for sale.   And yes the low number of listings continues to cause problems because buyers are getting discouraged.  As you can see below -last March compared to March 2016 – the numbers have fallen significantly.

Cincinnati Condos

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Sales volume comparing year-to-date in the 4 counties is lower in all but Warren County.  Data pulled from the CincyMLS.
Cincinnati Condo Sales
And while the sales volume is one trend to follow -the average sale price is what most buyers and sellers always ask about.  In all the counties while the number of units sold decreased the average sale price increased.  Hamilton County is the only county experiencing a lower average sale price.  During the 1st quarter of 2015 the average sale price for a condo was $136,029 and in 2016 $132,175 according to the Cincy MLS.  The MLS covers all the surrounding counties (as far north as Dayton) and sale prices do vary by areas.

  2015   2016  
  # Units Avg Sales Price # Units Avg Sales Price
Butler 122 $79,985 94 $87,730
Clermont 50 $121,929 62 $123,804
Hamilton 270 $164,364 294 $139,728
Warren 75 $146,396 99 $161,703

The continued drop in the number of homes and condos for sale continues to impact potential buyers decision about getting into the house hunting mode versus deciding to stay put until the number of homes and condos on the market increases substantially.  Unfortunately sale prices are rising and many of the fence sitters may find themselves priced out of the local Cincinnati real estate market.

Do you have questions real estate in your complex or neighborhood-send a request for a full market evaluation.  Anything else – Call/Txt

 

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