The total number of residential properties for sale is 6620 a -23% drop compared to August, 2015. The shortage continues to discourage buyers.
The average sales price for single family homes continues to outpace the same time frame when comparing the fist 8 months of 2015 to 2016. According to the Multiple Listing Service of Greater Cincinnati the average sale price for a single family home January- August of 2015 was $188,856 while this during the same time frame this year the price increased by +4% to $196,635.
Single family home sales volume for the 4 counties. Data pulled from the CincyMLS.
All 4 counties sales volume and average sale price is higher than last year. As noted above the lack of homes for sale continues to cause problems for everybody-buyers, sellers, lenders, appraisers and agents.[table “” not found /]
While many areas have pricing hot spots the $200,000 to $400,000 price range is the “sweet spot” in many neighborhoods. 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 3102 homes priced under $200,000. 1548 priced between $200,000-$400,000 and 1266 priced at $400,000 and up 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!