Greater Cincinnati Market Trends – August 2009

There is always quite a bit of discussion about the current real estate market, whether it’s “around the water cooler”, or headlines on the national news.  I think that it is important to cut through the misinformation, and dissect the headlines.  All real estate markets are different, even within one market area, such as Greater Cincinnati. For instance, Union Township in Clermont County is experiencing a different market than Hyde Park, or Madeira.  There has been a drop in average home prices in Milford and Mason, but Oakley has held steady.

Let’s concentrate on the combined Butler, Warren, Hamilton and Clermont county area market stats.  If you want specific stats about your school district or town, just let me know. I would be glad to provide that information to you!

Now, let’s look at this spring and summer selling season to date 2009, compared to 2005 – 2008. All information comes from the Greater Cincinnati Multiple Listing Service.

Stats:      2005 – 2009, to Date.   April 1 – July 31.

   Year      # of Sales      Average List Price      Average Sales Price

   2005     10,144            $187,403                                $182,223
   2006        9,868           $189,233                                 $183,643
   2007       8,821            $190,810                                 $183,342
   2008        7,320           $183,007                                $174,375
   2009        6,908           $166,842                                 $157,191

I think it is easy to draw more than a few conclusions with this information. Here are two thoughts:

1- Sellers were still not willing to accept that home prices were falling, as evidenced by the drop in average sales price in 2007, but a rise in average list price.
2 – The gap between list to sales price continued to widen, 2007 to present, as more distressed properties enter the market, pulling down overall home prices and averages.