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.
Sales volume comparing year-to-date in the 4 counties is lower in all but Warren County. Data pulled from the CincyMLS.
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.
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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.