Summer is officially over but the condo market is still blooming in greater Cincinnati.
According to the Cincinnati Multiple Listing Service has only 636 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 -52% drop in the number of condo listings compared to August, 2014 and -33% lower than August, 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 August. The continued drop in the average sale price for condos in Hamilton County may just be a blip but the thrend of slightly lower average sale prices has continued since June. In the Cincy MLS the average sale price for a condo January- August, 2015 was $140,358 and during the same time frame in 2016 $144,000. The CincyMLS 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.