Warning: Expensive Cincinnati Homes
Warning: Expensive Cincinnati Homes
Warning: Expensive Cincinnati homes continue to sell during the first half of 2017.
Prices are up compared to the same timeframe in 2016. The average sale price during the first 6 months of 2017 for the 10 most expensive homes was $2,338,163 versus $2,032,100 in 2016.
What’s important to remember about the chart below only details sales information for homes listed in the Multiple Listing Service of Greater Cincinnati. Currently, there are areas with new construction, not listed in the Cincy MLS where the buyer works directly with the builder. Tracking those sales is more difficult.
According to the Cincy MLS the most expensive sales/closings during the first six months of 2017:
[table “” not found /]Sellers of expensive homes need to listen to the warnings about over pricing too.
The top 10 homes that sold within 30 days sold for 97.65% of asking price. Properties that stayed on the market for 3 months or more sold at 89.99% of list price. A 7% to 8% loss for the seller. The average list price for the top 10 was $2,507,600 which equates to a potential loss of $200,00 for over pricing. Huge dollar amounts on high priced homes but also expensive for sellers with $250,000 to $300,000 homes.
The numbers show over pricing costs huge dollar amounts on high priced homes but equally expensive for sellers with $250,000 to $300,000 homes.
The Days on Market, the number of days before an accepted purchase contract also increased during the first half of 2017. The average days on market for the first half of 2016 was 77 days versus 179 days this year.
The take away for both buyers and sellers: while the average sale price continues to increase higher priced homes are taking longer to sell.
