The greater Cincinnati residential real estate market began its recovery in 2013 followed by brisk sales in 2014 and 2015 further supporting the local real estate rebound. From the worst real estate market in 2011 to the brisk start of 2016 both sellers and buyers are facing the new housing reality.
Comparing March of 2015 to March of 2016 buyers had fewer new listings to shop:
Some buyers feel they are priced out of the housing market while others are finding it difficult to look at newly listed properties before somebody writes a contract. Buyers need to make sure their “resumes” are in good order- great lender letter and not too many contingencies written into the contract. Homes and condo sales exceeded continued to climb in March. The total number of “units” rose 6.63% and the average sale price rose by 4.17% when compared to March 2105. The good news for sellers of single family homes-the average sale price increased by 4.98% while condos decreased by -2.89%.
Probably the most interesting note (comparing March 2015 to March 2016) is the shrinking number of homes and condos for sale. The number of properties for sale continues to decline from over 12,000 properties in June of 2012 down to less than 8,000 at the end of March, 2016. Competition is great and the sinking inventory does help to drive prices up…but the lack of homes for sale has become a bigger problem because the number of sellers not listing -because they can’t find their next home – is actually hurting the greater Cincinnati real estate market. Buyers who were outbid once or twice have decided to wait before buying their first or next property and, eventually, this shaking and moving real estate market will slow down waiting for a fresh supply of properties.
How real estate numbers impact the purchase or sale of a home or condo depends on many factors and for details Contact