Cincinnati Housing Stats for the Last 9 Years
New Numbers for a New Year!
Hello all! It’s been crazy- busy at our home, and I’m sure at yours too. I hate to be a cliché and write about looking back, and looking forward, but hey, it’s January of a new year. What can I say?
Ok. I promise. I’ll keep my philosophical ranting, and resolution making and breaking discussions, off this page, and stick to some good old fashioned MLS market data to keep you up to date.
The following data is for single family homes only, Butler, Warren, Hamilton, and Clermont County.
This data is compiled from The Greater Cincinnati Multiple Listing Service, as of about 10:30 a.m. or so today.
Once again, a “Distressed Property” is a bank owned or government owned foreclosed on property, or a property still owned by a consumer, but requiring bank approval for a “short sale”.
| Year | # of Sales | Average List Price | Average Sales Price | Distressed Sales | % of Distressed to Overall Sales |
| 2000 | 17,032 | $163,431 | $159,100 | 71 | .004 |
| 2001 | 17,908 | $169,587 | $164,638 | 82 | .0045 |
| 2002 | 18,318 | $177,317 | $171,973 | 128 | .007 |
| 2003 | 19,604 | $183,015 | $177,841 | 187 | .0095 |
| 2004 | 20,563 | $189,020 | $183,910 | 222 | .01 |
| 2005 | 21,172 | $196,919 | $191,355 | 374 | .017 |
| 2006 | 19,923 | $194,147 | $187,947 | 3018 *Wow! | .15 |
| 2007 | 17,536 | $193,378 | $185,531 | 3624 | .24 |
| 2008 | 15,170 | $179,057 | $170,116 | 4372 | .28 |
| 2009 | 15,038 | $167,822 | $158,210 | 4124 | .27 |
Obviously, the numbers speak to the issues we have all experienced in the local real estate market. I want to point out that, while indeed, there was an explosion of distressed properties for sale over the last few years, the MLS wasn’t as strict or accurate “pre-market correction” as it is currently. In other words, we didn’t keep track as well of short sales. Many real estate agents didn’t even know what a short sale was until the last couple of years. I remember a conversation in early 2007 with 25 year veteran about my fear that we would be seeing more and more short sales in the coming years. Her response…”what’s a short sale?” So there you have it.
Here are some current numbers:
2010 To Date as of 10:30 a.m. January 4, 2010
| Status | Volume | Average List Price | Median List Price | # of Distressed Homes Listed | % of Overall Inventory |
| Active | 8231 | $240,144 | $159,900 | 770 | 9 % |
| Pending | 1660 | $157,854 | $114,900 | 611 | 37% |
One thing that jumped out at me here is that while the average list price in the 4 main counties of Greater Cincinnati is $240,144, the average list price of the home under contract, waiting to close, is significantly lower: $157,854. That tells me that the lower priced “bargains” continue to fuel this market. It will be interesting, of course, to see what this next year brings. The good news is that if this is your snapshot in time to be entering the real estate market as a buyer, there is still plenty of good reason to do so: low interest rates, tax credits, good inventory, and you still have the upper hand in most markets and price points.
Sellers: don’t be discouraged. If this is your snapshot in time to put your home on the market, just be sure to hire the team of agents with a proven track record, good marketing ideas, and a head for numbers ( hint, hint). Priced well to be the “next best value”, your home will sell. The RealCincy Group is here to offer advice and keep you up to date on the competition. In Ohio & Kentucky, we can help. With our OUTSTANDING marketing and trend watching, we’ll get your home sold
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