Cincinnati Real Estate

Greater Cincinnati's Real Estate Connection

Kathy S. Koops GRI

Contact Me Today. Let's Work Together.

Cincinnati Condos Sales 2015 vs 2016

filed under: Real Estate posted on January 9th, 2017

Cincinnati condo sales 2015 vs. 2016 ends on a high note.

High note on scale

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  

Search

Sales volume comparing year-to-date in the 4 counties continues to outpace last year.  Data pulled from the CincyMLS.
Bar chart comparing 2015 vs 2016 condo sales

 

The CincyMLS covers all the surrounding counties (as far north as Dayton) and sale prices do vary by areas.

  2015   2016  
  # Units Avg Sales Price # Units Avg Sales Price
Butler 486 $88,721 518 $97,289
Clermont 290 $112,793 379 $122,015
Hamilton 1583 $158,303 1689 $171,451
Warren 440 $155,782 521 $167,331

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.

Questions real estate in your complex or neighborhood-send a request for a full market evaluation.  Anything else – Call/Txt

 

Comments are closed.