September 2017 Cincinnati real estate update.

The dollar volume in sales for all four counties during through the end of September 2017 continues to outpace sales compared to same time frame last year.  The current average sale price for single-family homes in greater Cincinnati is $207,373 compared to 2016’s $196,862.  A 5.% increase.

According to the Cincinnati Multiple Listing Service has 5027 homes listed for sale up slightly from last month.

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Sales volume comparing year-to-date in the 4 counties below.  Data pulled from the Multiple Listing Service of Greater Cincinnati:

The CincyMLS covers all the surrounding counties (as far north as Dayton) and sale prices do vary by areas.  Average sale prices continue to climb in all four counties but the shortage of homes for sale continues to cause problems.
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What does this mean? 

In the 4 counties, as the average list price of $236,946 continues to climb the average sale price was $207,373.  A 12% difference between asking and sale prices- something sellers need to watch.  

The actual number of single-family home sales in the four counties is below September 2016.

The lack of new listings continues to impact sales. Frustrated buyers have quit looking at old listings. And sellers waiting for a buyer to pay more than market continue to be frustrated because the property hasn’t sold.  

The final note on September 2017 home sales in Cincinnati update:  

• Price, price, price!  The 3 most important words in Cincinnati real estate. Overpriced listings die a slow death waiting for an offer.
• Sellers need to reduce overpriced properties now!  Don’t wait until “the holidays” or you will still be on the market next spring.
• Homes are selling every day.  Buyers and sellers need to be realistic when it comes to negotiating. 

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