Keeping an Eye on the Market – Where are We? Where Have We Been? #2

We are all keeping our eyes on the real estate market.  Whether you are currently in the market as an actively shopping buyer, or considering selling your home, you know the numbers matter.  Those of us that are actively involved with assisting customers and clients should clearly be keeping an  eye on the numbers! What is interesting about this real estate environment is that anyone with a deed and a mortgage on real property is paying attention to the number like never before.

Let’s keep an eye on the market together.  I will update you monthly with stats from the Greater Cincinnati Multiple Listing Service, so that you can see the trends as I do.

Let’s look at the Butler, Warren, Clermont and Hamilton County area, sold properties.  Single family and Condo sales activity.  The last 6 months. Then, let’s compare to the same 6 month time period, 2007.

Per the Greater Cincinnati Multiple Listing Service:

Single Family Sold – Last 6 Months: 7812 total units
Average List Price: $184,822
Average Sales Price: $175,741

Single Family Sold – Same Time Period, 2007: 9114 total units
Average List Price: $197,883
Average Sales Price: $189,999

1302 Fewer Sales in 2008 -  $14,258 drop in average sales prices

Attached Homes/Condos/Town homes Sold – Last 6 Months: 950 total units
Average List Price: $160,672
Average Sales Price:  $154,558

Attached Homes/Condos/Town homes Sold –Same Time Period, 2007: 1277 total units
Average List Price: $148,534
Average Sales Price: $144,087

327 Fewer Sales in 2008 – $10,471 rise in average sales prices. Why? In the current 6 month time period, there were 3 condo units that closed, with a sales price over $1,000,000, bringing up the average sales price figure