The super low number of condos for sale hasn’t deterred buyers from hitting the Cincinnati condo market. In 2015 year 2896 condos with an average sale price of $139,897 sold/closed. The number of closings in 2016 rose to 3186 with an average sale price of $151,237. The increase amounts to a 7.5% increase in average sale price and 9% more units sold.
According to the Cincinnati Multiple Listing Service has only 558 condos listed for sale
Sales volume comparing year-to-date in the 4 counties continues to outpace last year. Data pulled from the CincyMLS.
The CincyMLS covers all the surrounding counties (as far north as Dayton) and sale prices do vary by areas.
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The lack of condos (and single family homes) for sale continues to drag on the local real estate market. The spring market has begun as sellers put away Christmas decorations and realize it’s time to move on. Hopefully a sufficient supply of well priced condos hit the market. Of course any wild swings in the weather will have a slight impact -it is Cincinnati! Mortgage rates have risen slightly and are expected to rise more through the year-how high nobody knows for sure. Mortgage hikes have a direct impact on sale prices as potential buyers are forced to lower expectations along with how much they spend. Sellers need to get constant updates on prices in their area in order to stay competitive.
Unrealistic 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.