Continued warm weather and low interest rates help to fuel sales in the greater Cincinnati condo market.
According to the Cincinnati Multiple Listing Service has only 652 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 -42% drop in the number of condo listings compared to October, 2014 and -33% lower than October, 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 but most buyers want to know the average sales price Good news in October all the average sale price is ahead of when compared to October, 2105. In the Cincy MLS the average sale price for a condo January- September, 2015 was $139,655 and during the same time frame in 2016 $147,295.
The CincyMLS covers all the surrounding counties (as far north as Dayton) and sale prices do vary by areas.
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Low number of condos for sale continues to impact the greater Cincinnati condo market. As the weather changes (eventually) and interest rates rise slightly many potential buyers will drop out of the market. Sellers waiting for the right time may find themselves sitting on properties much longer because even small mortgage rate hikes knock a good percentage of condo buyers out of the game.