Friday, November 14, 2008

Market Statistics for North Easter Cincinnati

Looking at Hamilton County, Warren County and Clermont County sales for the 3rd quarter of 2008 comparatively to the 3rd quarter of 2007:

For the 3rd quarter:
there were 4750 units of residential sales, generating $838,100,176.00 in total revenue with a median sales price of $135,000.

Comparing this to the 3rd quarter of 2007:
with 5310 units of residential sales, generating $994,888,363.00 in revenue with a median sales price of $143,000.

This represents a comparative decline of approximately 6% in value to homes sold in the 3rd quarter of 2007. In looking at current sold units and comparing them to the same time frame in 2007, we see a 40% decline in sold properties. This indicates that November 2008, will not be as strong in units sold as October 2008, which came in with stronger than anticipated sales. Below is a brief excerpt for the National Association of Realtors report. You can find the report in entirety at: http://www.realtor.org/press_room/news_releases/2008/phs_down_on_tight_credit

- From the National Association of Realtors-

Pending home sales fell on the heels of a strong gain a month earlier as credit tightened and economic conditions deteriorated, according to the latest survey. The Pending Home Sales Index declined 4.6 percent to 89.2 from an upwardly revised reading of 93.5 in August, but is 1.6 percent higher than September 2007 when it stood at 87.8. Lawrence Yun, NAR chief economist, said pending sales have been above year-ago levels for two months in a row. “The month-to-month weakening in pending home sales is understandable, but because the index remains above year-ago levels it means we’re still in a broad period of stabilization,” he said. “Conditions remain mixed around the country, but markets that are showing annual sales gains include Long Island, N.Y.; Boston; Minneapolis; Denver and Washington, D.C., in addition to consistent solid gains in California and Florida.”
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