Are We Out of Sales Jail Yet?

Are we out of sales jail yet?  The numbers say NO.  April was a tough month for home sales in Cincinnati.   The Cincinnati Real estate market continues to try to find a real bottom.   In April 2007 there where 1,968 homes sold in Cincinnati.  In April 2008 there where 1,635 homes sold in Cincinnati.  This is a April to April reduction in homes sold of 16.92% – ouch.    

It also looks like the larger homes are not selling as well.  The average sales price dropped from $170,625 in April 2007 to $152,471 for April 2008.  This is a combination of fewer more expensive home sales and an actual drop in the price of a home.  

On the other hand, the Months of inventory has continued to fall.   We started 2008 with 13.31 months of inventory and now we are down to 9.49 months of inventory.    New builders have fewer homes on the market and home sellers are slow to add their home to the inventory pile.  2008 will be a rough year, but homes are still selling.  Make sure your home is priced right, fixed up and has a fantastic marketing plan.

 
Cincinnati real estate stastics are from the Multiple Listing Service of Greater Cincinnati.