Cincinnati Real Estate

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Kathy S. Koops GRI

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Cincinnati Condo Market Update

filed under: Real Estate posted on May 16th, 2016

The Cincinnati condo market update.

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 750 listed for sale.   And yes the low number of listings continues to cause problems because buyers are getting discouraged.  As you can see in the chart below a -53% drop in the number of condo listings compared to April, 2014 and -30% lower than April 2015.

Cincinnati Condo Market

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Sales volume comparing year-to-date in the 4 counties continues to outpace last year.  Data pulled from the CincyMLS.
Condo Sales in Cincinnati
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 except Hamilton the avereage sale price is higher this year than last year at the end of April.  The average sale price for a condo January- April, 2015 was $138,353 and during the same time frame in 2016 $137,410. according to the Cincy MLS.  Don’t panic 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 155 $82,885 147 $91,483
Clermont 82 $113,010 91 $122,960
Hamilton 408 $163,785 461 $149,813
Warren 108 $152,319 141 $158,276

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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