What’s Happening out There? Cincinnati Real Estate Stats 2008

You may or may not want to look!  Feeling Brave? Ok then. Let’s look at some numbers!

The stats are from the Greater Cincinnati Multiple Listing Service, for Butler, Warren, Hamilton and Clermont counties.  Ready ?? Here goes!!

In the last 6 months, 7/04/08 – 12/31/08

Single Family Sales – 7084
Average List Price – $175,559
Average Sales Price – $166,517

Same 6 month time frame, one year ago, 7/04/07 – 12/31/07

Single Family Sales – 8299
Average List Price – $192,137
Average Sales Price $184,137         

              1,215 fewer sales with a $17,620 drop in average sales price. Wow!

It’s the last day of the month, and hopefully around town, a few closings are taking place at real estate and title company offices.  Those closings, when entered into the MLS on Monday after the New Year’s Holiday weekend will bring the final numbers up a bit for year end. The truth is, probably not enough to really make more than a “blip”, and certainly not enough to change the trend. So, read on if you’re feeling brave!

The following stats are all for Butler, Warren, Hamilton and Clermont Counties Combined. Single Family & Condo Sales Combined. Of course, all information is from The Greater Cincinnati Multiple Listing Service

1/01/08 – 12/31/08     Sales – 16,805 
Average List Price – $177,011       Average Sale Price – $168,355
4421 of the sales are noted as “Lender Owned, Government Owned, or Seller’s Lender Approval Required”

01/01/07 – 12/31/07     Sales – 19,967
Average List Price – $187,832       Average Sale Price – $180,394
3786 of the sales are noted as “Lender Owned, Government Owned, or Seller’s Lender Approval Required”

01/01/06 – 12/31/06     Sales – 22,706
Average List Price – $189,780       Average Sale Price – $184,071
3118 of the sales are noted as “Lender Owned, Government Owned, or Seller’s Lender Approval Required”

01/01/05 – 12/31/05     Sales – 24,203
Average List Price – $190,242       Average Sale Price – $185,164
339 of the sales are noted as “Lender Owned, Government Owned, or Seller’s Lender Approval Required”  

**Disclosure of Memory Failure Alert Here**  The Multiple Listing Service didn’t always have a search function for “short sale/lender approval”. That was added at some point when short sales became more frequent, rather than the “exception”.  I honestly can’t remember when it was added, but you can see the obvious huge jump in numbers 2006 from 2005, when as I said before, we could see that something was on the horizon, about to cause a major shift in the market.

01/01/04 – 12/31/04 Sales – 23,407
Average List Price – $182,607       Average Sale Price – $177,786
182 of the sales are noted as “Lender Owned or Government Owned”

What’s it all mean? It means that if you want to sell your home, you need to “get serious”. Check out our “Serious Sellers” Satisfaction Package!    We CAN Get Results!