Perception may not be a reality when it comes to Cincinnati real estate. There’s a vague feeling that homes priced $400,000 and up are not selling.
According to the Multiple Listing Service of Greater Cincinnati, 1940 single family homes priced $400,000 and up sold during the first 11 months of 2017. Compare this to 2076 homes sold during the same period of 2018. The higher end average sale price for 2017 was $593,141 versus $602,773 January through November 2018. So far so good.
The old adage of “price it right” remains true is this crazy housing market. Days on Market for all single-family homes sold in Cincinnati Jan-Nov 2017 averaged 38 days versus 64 days for homes priced $400,000 and up. The average days for 2018 for all single-family homes sold averaged 34 days versus 63 for the $400,000 plus market. The longer number of days may be adding to the perception that higher priced homes aren’t selling.
Area by area the $400,000 plus home sales during November 2017 and 2018 show some hot and slow spots. Overall the total number sold ($400,000 +) January through November 2017 -1940 units. 2018 units sold 2076.
So is perception reality or are there pockets of higher priced homes selling faster than others? The answer to both questions is yes. It remains important for sellers to review accurate data for their neighborhood (and in some cases their subdivision) before hitting the market at the right price.
The year hasn’t ended yet and December sales are off to a mixed start. If you have been on the market for an excessive number of days (see chart above) it may be time to change potential buyers perception about your house.