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6.6 Months Housing Supply (7 Months, February 2013)

32% of homes sold were on the market for less than a month. (January 2014, 33%)

32% were on the market 4 months or longer. (January 2014, 27%)

Average DOM* for Sales

Buyer’s Market When housing supply rises above 5-6 months, it is considered a Buyer’s market. Check out what’s happening in your neck of the woods!

Single Family 103 Days Condo 109 Days *Days on Market

Lender-Involved Sales Bank-Owned (REO) Pre-Foreclosure Short Sales

31% Source of Purchase Funds 38% Cash

Sales Down 3% As Compared To February 2013

43% Conventional 13% FHA 4% VA 2% Other

Average Sales Price $155,408 Up 8% Over February 2013

Residential (Single Family & Condo) Market Stats for Greater Cincinnati As Of February 28, 2014 Source: Multiple Listing Service of Greater Cincinnati, Inc. Copyright© Karen Schlosser February 2014


Residential (Single Family & Condo) Unit Sales 2009-2014YTD Source: Multiple Listing Service of Greater Cincinnati, Inc. NOTE: There was a tax credit from April 9, 2008*- April 30, 2010 *This tax credit was instituted in November 2008 and retroactive 3000

Up Down Sales Up from January 2014, despite our frigid, snowy weather conditions, Down from February 2013 by a smidgen. All in all, headed in the right direction.

2500 2000 1500

1,301 1,208

1000 500

Jan

Feb

Mar 2014

Apr 2013

May

Jun 2012

Jul

Aug

2011

Sep 2010

Oct

Nov

2009

Active Residential Inventory (Single Family & Condominium) January - December 2005-2014YTD Source: Multiple Listing Service of Greater Cincinnati, Inc.

Low Inventory Trend Continues

19,000 18,000 17,000 16,000 15,000 14,000 13,000 12,000 11,000 10,000 9,000 8,000 7,000 6,000

8,529 8,547

JAN 2014 2009

FEB

MAR

APR 2013 2008

MAY

JUN JUL 2012 2007

AUG

SEP 2011 2006

Dec

OCT

NOV

DEC 2010 2005

Perhaps the better word is “lower” inventory than previous years. I, for one, do not want to curse the market by saying it’s too low and then return to the alltime high’s doubling where we are today. Our market is clicking along nicely, let’s be grateful.


2009-2014 YTD Number of Months of Housing Supply Source: Multiple Listing Service of Greater Cincinnati, Inc. 15 14 13 12 11 10 9 8 7 6

7.1 6.6

A "balanced" market is considered between 5-6 months of inventory. 5 4 3

JAN

FEB

MAR

APR

2014

2013

MAY

JUN

JUL

2012

AUG

2011

SEP

OCT

2010

NOV

DEC

2009

Residential Average Sales Price Single Family & Condominiums 2012-2014 YTD SOURCE: All Market Areas in Multiple Listing Service of Greater Cincinnati, Inc.

Average Sales Price Up An indication that home values are on the rise which is music to the ears of those who bought at the height of the market (like me) and those on the market today to sell. It certainly isn’t the favorite tune of buyers. Timing is everything.

$190,000 $180,000 $170,000 $155,408

$160,000

$151,000 $150,000 $140,000 $130,000 $120,000

JAN

FEB

MAR

APR MAY 2014

JUN 2013

JUL

AUG 2012

SEP

OCT

Slight Advantage Buyers Following the flow from last year, housing supply is beginning and staying on the low side. For Buyer’s that means a slight advantage but only in some market areas and price ranges. You need to be schooled on the stats for your neck of the woods; otherwise, you could miss out on your home (hesitation) or buyer (overpricing) of your dreams.

NOV

DEC

Copyright© Karen Schlosser February 2014


Residential Sales - Single Family February 2014

Residential Sales - Condominium February 2014

Source: Multiple Listing Service of Greater Cincinnati, Inc.

Source: Multiple Listing Service of Greater Cincinnati, Inc.

Selling Price Range

# of Homes Sold

Selling Price Range

# of Homes Sold

$19,000 or Under $20,000 thru $29,999 $30,000 thru $39,999 $40,000 thru $49,999 $50,000 thru $59,999 $60,000 thru $69,999 $70,000 thru $79,999 $80,000 thru $89,999 $90,000 thru $99,999 $100,000 thru $119,999 $120,000 thru $139,999 $140,000 thru $159,999 $160,000 thru $179,999 $180,000 thru $199,999 $200,000 thru $249,999 $250,000 thru $299,999 $300,000 thru $349,999 $350,000 thru $399,999 $400,000 thru $449,999 $450,000 thru $499,999 $500,000 thru $549,999 $550,000 thru $599,999 $600,000 thru $649,999 $650,000 thru $699,999

71 68 61 55 46 44 44 56 48 89 95 77 69 40 95 60 38 26 14 11 10 4 5 4

$19,000 or Under $20,000 thru $29,999 $30,000 thru $39,999 $40,000 thru $49,999 $50,000 thru $59,999 $60,000 thru $69,999 $70,000 thru $79,999 $80,000 thru $89,999 $90,000 thru $99,999 $100,000 thru $119,999 $120,000 thru $139,999 $140,000 thru $159,999 $160,000 thru $179,999 $180,000 thru $199,999 $200,000 thru $249,999 $250,000 thru $299,999 $300,000 thru $349,999 $350,000 thru $399,999 $400,000 thru $449,999 $450,000 thru $499,999 $600,000 thru $649,999 $2,000,000 thru $2,249,999

1 8 10 9 8 8 6 11 7 14 8 13 13 10 12 9 1 2 3 1 1 1

$700,000 thru $749,999

4

$750,000 thru $799,999

2

$800,000 thru $849,999

1

$850,000 thru $899,999 $1,000,000 thru $1,249,999 $1,250,000 thru $1,499,999 $2,000,000 thru $2,249,999 $3,250,000 thru $3,499,999

2 2 2 1 1

Minimum Average Maximum Median

SUMMARY PRICE INFORMATION

$13,403 $149,315 $2,200,000 $116,000

SUMMARY PRICE INFORMATION

Minimum Average Maximum Median

$2,900 $156,239 $3,300,000 $117,500 CopyrightŠ Karen Schlosser February 2014


State of the Market, February 2014, Cincinnati Residential Real Estate