Cincinnati real estate sales continue to increase in the first quarter of 2013. More homes are under contract and more properties are closing compared to one year ago. Almost 19% more home sold this May compared to last year. To accompany this great sales volume, home prices are up as well. Compared to May 2012 the average price of a home sold in May 2013 is up by 11.2% according to CABR.
Cincinnati Home Prices Increase 7.6% in 2013
It is important to carefully read the headlines about property values. What is being shown here is that sale prices are up – and loosely that translates to increased property values. It is no guarantee that EVERY home is appreciating, but it is a general positive sign that the housing stock prices in the region are increasing.
More Home Sale, Higher Home Price, Fewer Housing Options
The one number that is down in this recovering housing market is the number of homes in the local inventory. There are fewer homes on the market – a lot fewer. To be exact there is 15.6% fewer houses for sale this May compared to May 2012. This may be contributing to the higher sale prices and quicker pace of sales.
The reality is that we are back in a sellers market. If you are looking to sell you need to put your house into move-in-ready shape and prepare yourself to move quickly. Houses in great condition that are priced well are selling within days of hitting the market. If you are in the buying market prepare to act fast because the best houses are selling fast.
Interested in buying or selling a home in Cincinnati – call me soon! 513-518-1140