12 months of positive numbers! How sweet it is! Not everywhere is performing like a rock star, but many places are seeing sustained improvements in units sold as well as avg price. Cincinnati as a whole is looking like a pretty sweet place to buy a house!
Let's start with a look at the Inventory:
The Red line being 2012 we can see that overall in Cincinnati, Inventory is quite low. Many sellers continue to sit out the market in a "wait and see" position. This creates a curious potential for having significantly low inventory amounts as we push out the end of the year. If this trend continues, it great news for sellers - low inventory creates stronger pricing and the occasional bidding wars over properties...you remember those right?
Next a quick peek at Home Sales:
Here is where we start to see some real goodness - Don't you just love the way that red line continues in an upward fashion? Now, as you can see 2010 that sudden drop into July. This is due to that wonderful tax credit that came to an end - once finished, it closed out a quiet and depressing year. I do expect our numbers to dip through July, and I believe there is a good chance that we may see a dip below 2011 numbers for sales. It's bound to happen some time and we shouldn't panic - folks are settling in and getting ready for school to start - once the inventory bumps up we will watch that line rise again.
As for Average Prices:
Now here we're jumping quite nicely. Not so good news for buyers - especially those who have been "waiting for the bottom". That never works out well - as you can see by this chart, the bottom was in February of 2012 and we have continued up ever since. I apply this mostly to the lack of inventory - supply and demand...simple stuff as long as you have a supply of what people are demanding.
So based on this information - if you have been thinking about selling your home in Cincinnati area - NOW is the time to get that puppy on the market! Give me a call, email or text and I'll be happy to help you figure out what the market is willing to pay for your home. But if you are looking to do some research on your own, check out this great resource.