October 2017 Cincinnati real estate update.

The dollar volume in sales for all four counties during through the end of October 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 $207,158 compared to 2016’s $196,906.  A 5.% increase.

According to the Cincinnati Multiple Listing Service has 4810 homes listed for sale down 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.

What does this mean? 

The number of new listings is down -2.4% from last month but up 5.9% from October 2016.  But the greater Cincinnati real estate market is still suffering from a shortage of homes for sale.  Interest rates are low and buyers are waiting for new listings to hit the market -at the right price.  Some sellers still believe they can overprice and sell.

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

• The “holidays” have arrived.  Waiting until after the holidays could cost both buyers and sellers money if interest rates rise.
• Sellers need to reduce overpriced properties now!  
• Don’t believe what you see on HGTV- using reasonable negotiating skills to make a deal usually results in a sale.

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