Cincinnati Real Estate

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Kathy S. Koops GRI

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Greater Cincinnati Condo Update

filed under: Real Estate posted on June 9th, 2016

Downtown Cincinnati -Walnut StreetThe greater Cincinnati condo market update 2016.

No lack of buyers looking for a condo to buy  however the number of condos for sale just a lack of inventory with just 711 listed for sale.

CondoSearch

Sales volume comparing year-to-date in the 4 counties continues to outpace last year.  Data pulled from the CincyMLS.
Cincinnati Condos
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 average sale price is higher this year than last year at the end of April.  The average sale price for a condo January- May, 2015 was $139,930 and during the same time frame in 2016 $140,867 according to the Cincy MLS.  A slight increase in the average sale price but not as much as many sellers need in order to be able to afford selling at this time.  There are still many condo owners who purchased during the boom times and while they cannot afford to pay the mortgage they cannot afford to bring large sums of money to the closing table.

  2015   2016  
  # Units Avg Sales Price # Units Avg Sales Price
Butler 194 $83,012 200 $93,496
Clermont 109 $114,911 131 $121,153
Hamilton 568 $162,694 629 $155,562
Warren 157 $154,460 187 $160,594

Mortgage rates remain stable and low.  Graduation parties and end of school activities have slowed and buyers are hunting again.  In the simplest terms- we really need more condos and homes on the “shelves” so shoppers will find and buy.  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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