The total number of single family homes for sale is 6312 about -23% lower than last June. Not a bumper crop when it comes to motivating buyers to write a purchase contract.
The average sales price for single family homes continues to outpace the same time frame when comparing the fist 6 months of 2015 to 2016. According to the Multiple Listing Service of Greater Cincinnati the average sale price for a single family home January- June of 2015 was $186,828 while this during the same timeframe this year the price increased +4% to $194,561.
Single family home sales volume for the 4 counties. Data pulled from the CincyMLS.
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All 4 counties sales volume and average sale price is higher than last year. The continuing decline in the number of homes for sale is causing problems for everybody-buyers, sellers, lenders, appraisers and agents.
The $200,000 to $400,000 price range is the “sweet spot” in many neighborhoods. Homes in great condition hitting the market that range are selling quickly. The “sweet spot” varies by area and even neighborhoods so buyers and sellers need to be aware of what’s happening in their own backyards. There are 3052 homes priced under $200,000 scattered all around greater Cincinnati. Many are located in areas where buyers are literally circling waiting for a property to go on the market- which makes you wonder why more potential sellers aren’t cashing in while the market is hot.
And while the current real estate market favors sellers- many listing are sitting unsold as a result of overpricing. It’s a win/win market for sellers who priced their properties to sell quickly. In short-price it right!