The Cincinnati Real Estate market continues to improve as we exit the recession. The broad numbers show great things for home sellers throughout Cincinnati. Prices and total Sales are up for the entire year and particularly in the closing months of the year.
We are beginning to move towards a seller’s market. Key indicators are a decrease of inventory, increase in price and total sales volumes. The total inventory shrank by 9.7% from November to December, and shrank 6.6% when comparing December 2012 to December 2013. At the same time prices rose by 8.6% year over year according to the Cincinnati Area Board of Realtors report.
All of this is occurring in the face or rising interest rates courtesy of the improving economy. What this tells us is that the home buyers that are purchasing are more comfortable taking on a mortgage and are qualified. More first time home buyers will help move up buyers progress into large homes, and this activity is part of a healthy real estate market.
We are expecting a very very active spring selling season so if you are thinking of selling your home call me. The time to start preparing for the spring market is now!