The Cincinnati real estate market continues to improve in most metrics, but did show some year over year contraction in one key metric.
Home Prices Rise in Cincinnati
Year over year the trend of higher home prices continues. This is the most telling factor of the overall health of the Cincinnati real estate market. Property prices are appreciating and gaining in value. While the interest rates are creeping up slightly to 4.33% affordability is high and the economy is improving. Lower than normal inventory is driving the price increases, but buyers are still bargain hunting. Sellers do have some leverage in our city but their homes have to be in move-in condition AND be priced very close to market price.
Buyers, accustomed to many years of a buyer’s market and good deals on homes, are slow to realize the new marketplace and continue to be selective. In a number of recent cases buyers are seeing their preferred properties sold before they can make an offer. If you see a good property there is a high chance that it will sell rather quickly so move appropriately and offer fair market value. This is not 2008!
Fewer Home Sold in Cincinnati
There were fewer homes sole in Cincinnati in February 2014 compared to February 2013. The volume was slightly smaller, but still an improvement over January. The weather certainly did not help and may be a big contributor. Since the city was mostly snowed in this January it would make sense that there were fewer closings in February. The reality is that, if at all possible, we all stayed indoors this winter.
If you have considered selling your home contact me today. We can talk about how to prepare your property for sale this spring. 513.518.1140