How's the real estate market in Greater Cincinnati? The Cincinnati real estate market has slowed significantly from the record-setting year of 2005. But we are beginning to see significant signs of improvement.   A month-to-month comparison of homes sold in 2010 vs. 2009 is provided here and shows market conditions for home sales in Greater Cincinnati improving steadily over the last ten months. May, 2010 saw a 25% increase in the number of homes sold (closed) over May, 2009, and a 3% increase in average sale price.  June, 2010 saw a 4.2% increase in number of homes sold compared to June, 2009, and a 6.3% increase in the average sale price. In Cincinnati, 2005 was a record-setting year for the number of residential homes sold and sale prices in most neighborhoods peaked early in 2006.  The chart below looks at the past five years of Cincinnati real estate sales in 12-month increments ending 06/30/10.  Both average sale price (ASP) and median sale price (MSP) have been in a steady decline in Greater Cincinnati for the past 3 1/2  years, however, we may have turned the corner. The 12-month period from 07/01/09 - 6/30/10, finally shows an increase in all three measures: number of homes sold, ASP & MSP over the preceeding 12-month period ending 06/30/09.  Also, of note is that the percentage of closed sales that were lender or government owned is down to 19.4% of total sales during the most recent 12-mo period from a high of 28.8% of total sales in the preceeding 12-mo period ending 06/30/09.

Is it a good time to purchase?     Yes!  Current conditions in the Cincinnati real estate market make it a good time to purchase a home: prices are down significantly, there’s a good supply of homes for sale, mortgage rates are mortgage rates are historically low and Cincinnati has a solid history of steady appreciation over time.  The current market conditions equal good opportunities for home buyers.

 

Market conditions & statistics for individual neighborhoods within Greater Cincinnati vary greatly. Contact Gayle Moore, RE/MAX Preferred Group, to request updated stats for a specific neighborhood(s). Historically, our overall housing market in Greater Cincinnati experiences a 3-4% annual rate of appreciation. The past 4 years have been an exception.