Price reductions are the new real estate market in Cincinnati!

We’ve experienced a long stretch of real estate prices climbing at a record pace.   Now the trend is adjusting to slightly lower demand for Cincinnati real estate.

Compared to 24-Hour Market Watch for January with 105 new listings and 81 price reductions.  May with 205 new listings and 71 price reductions and June with 175 new listings and 75 price reductions-the trend has shifted.

Sellers need to adjust their expectations when it comes to pricing.  Yes, some areas have too few homes for sale.  Pricing may not be an issue if your home is located in a hot spot. 
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The majority of the homes and condos listed right now need to look closely at pricing and maybe make adjustments.  Chances are if your property isn’t under contract and has been for sale for more than 60 days (and there are always exceptions) it’s time to reduce the price.

The numbers indicate that more sellers are reaching the same conclusion and adjusting to the new real estate market in Cincinnati.