Warm weather and low interest rates are helping the greater Cincinnati condo market.
According to the Cincinnati Multiple Listing Service has only 645 condos listed for sale The low number of listings continues to cause problems because buyers are getting discouraged. As you can see in the chart below a -47% drop in the number of condo listings compared to September, 2014 and -34% lower than September, 2015.
Sales volume comparing year-to-date in the 4 counties continues to outpace last year. Data pulled from the CincyMLS.
The sales volume is one trend to follow most buyers want to know the average sales price In all the counties except Hamilton the average sale price is higher this year than last year at the end of September. The drop in the average sale price for condos in Hamilton County by just a few hundred dollars continues a trend that started in June of this year. of slightly lower average sale prices has continued since June. In the Cincy MLS the average sale price for a condo January- September, 2015 was $140,441 and during the same time frame in 2016 $144,598.
The CincyMLS covers all the surrounding counties (as far north as Dayton) and sale prices do vary by areas.
[table “” not found /]
Shrinking inventory of condos for sale impacts the greater Cincinnati condo market. Buyers get discouraged and sellers assuming sluggish sales are waiting until spring to list. Nobody can predict the future but I’m pretty sure interest rates will go up a little after the elections. Interest rates rising a quarter to half a point could be just enough to knock several potential buyers out of the market.