The heat and sunshine during June was great for grass and flowers but the number of condos popping up on the market continues to shrink. The Cincinnati Multiple Listing Service has only 690 condos 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 -46% drop in the number of condo listings compared to June, 2014 and -36% lower than June 2015.
Sales volume comparing year-to-date in the 4 counties continues to outpace last year. 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 except Hamilton the average sale price is higher this year than last year at the end of June. However the drop in price for Hamilton is small enough -less than $2,000- to just raise a little concern. In the Cincy MLS the average sale price for a condo January- June, 2015 was $138,568 and during the same time frame in 2016 $143,233. Don’t panic the MLS covers all the surrounding counties (as far north as Dayton) and sale prices do vary by areas.
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Taking the chance by repeating and repeating – the ongoing 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.