3.8 Months Housing Supply (4.1 Months, April 2015)
50% of homes sold were on the market for less than a month.
Average DOM* for Sales
(April 2015, 45%)
Single Family 76 Days
23% were on
Condo 109 Days
the market 4 months or longer. (April 2015, 30%)
Seller’s Rule When the housing supply is below 5 months, it is considered a seller’s market which means higher prices and increased odds of multiple offers, be prepared.
*Days on Market
Lender-Involved Sales Bank-Owned (REO) Pre-Foreclosure Short Sales
11% Source of Purchase Funds 20% Cash
Sales Up 1% As Compared To May 2014
53% Conventional 19% FHA 5% VA 3% Other
Average Sales Price $195,144 Up 11% Over May 2014
Residential (Single Family & Condo) Market Stats for Greater Cincinnati As Of May 31, 2015 Source: Multiple Listing Service of Greater Cincinnati, Inc. Copyright© Karen Schlosser June 2015
Residential (Single Family & Condo) Unit Sales 2009-2015 YTD 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
3,000
2305
2,500 1853
2,000
1,500
2012
1,379
1,227
1,000 2015 500
Jan
Feb
Mar
2014 Apr
2013 May
2012 Jun
Jul
2011 Aug
2010 Sep
2009 Oct
Nov
Dec
History Repeats Itself. Sales for May continue to follow the same path established two (2) years ago with minor variation, year-to-date sales have been running so close to the 2-year history that the “blue line” is barely detectable. Is this the new “norm” for the number of people in the market to buy a home?
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
2015
Active Residential Inventory (Single Family & Condominium) January - December 2005-2015 YTD Source: Multiple Listing Service of Greater Cincinnati, Inc.
7,812 JAN 2014
7,684
7,953
8,295
FEB
MAR
APR
2013
2012
8,679 MAY 2011
JUN 2010
JUL
AUG 2009
SEP 2008
OCT 2007
NOV 2006
DEC 2005
Inventory Stays Down On Low Road. Same trending line, ten percent (10%) lower. Having fewer homes creates drama and heartache for some buyers. Copyright© Karen Schlosser June 2015
15
2009-2015 YTD Number of Months of Housing Supply Residential Real Estate - Single Family & Condominium Source: Multiple Listing Service of Greater Cincinnati, Inc.
14 13 12 11 10 9 8 7 6 5
A "balanced" market is considered between 5-6 months of inventory.
6.4 5.6
4 3
4.3
4.1
MAR
APR
3.8
2 1
JAN
FEB
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
0
2015
2014
2013
2012
2011
2010
2009
Sellers Continue Reign At 3.8 Months…of housing supply, lowest housing supply since August 2003 when the market was hot and heating up. One might use “hot” to describe May’s rate of sale with 50% of the homes selling within the first thirty (30) days on the market.
$200,000
Residential Average Sales Price Single Family & Condominiums 2012-2015 YTD SOURCE: All Market Areas in Multiple Listing Service of Greater Cincinnati, Inc. $195,144
$190,000 $173,377$171,899
$180,000 $170,000 $160,000
$162,777 $159,115
$150,000 $140,000 $130,000 $120,000
JAN
FEB
MAR
APR 2015
MAY 2014
JUN
JUL 2013
AUG
SEP
OCT
NOV
DEC
2012
Average Sales Price Off The Chart…If next month follows the trend of the last few years with a spike in the June average sales price, the scale of prices may need to be expanded. The uptick is a result of the single family sales coming in with an average price of $202,098, the highest in MLS recordkeeping history, according to my data. The large decrease of lenderinvolved sales from 17% last month to a low of 11%, also is a contributing factor, bargain-basement houses are dwindling. Copyright© Karen Schlosser June 2015
Residential Sales - Single Family May 2015
Residential Sales - Condominium May 2015
Source: Multiple Listing Service of Greater Cincinnati, Inc. # of Selling Price Range Homes Sold
Source: Multiple Listing Service of Greater Cincinnati, Inc. # of Selling Price Range 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 $700,000 thru $749,999 $750,000 thru $799,999 $800,000 thru $849,999 $850,000 thru $899,999 $900,000 thru $949,999 $950,000 thru $999,999 $1,000,000 thru $1,249,999 $1,250,000 thru $1,499,999 $1,500,000 thru $1,749,999
35 47 54 44 55 41 60 75 75 147 213 151 156 120 251 164 92 75 42 31 21 17 13 15 2 6 7 4 2 2 6 1 1
$2,000,000 thru $2,249,999
2
$2,250,000 thru $2,499,999
1
$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 $600,000 thru $649,999 $650,000 thru $699,999 $750,000 thru $799,999 $1,000,000 thru $1,249,999 $1,750,000 thru $1,999,999
1 5 5 13 11 21 25 19 19 30 30 22 22 11 18 9 5 5 1 2 1 1 1
Summary Price Information Minimum $19,900 Average $144,230 Maximum $1,800,000 Median $115,000
Summary Price Information Minimum $4,500 Average $202,093 Maximum $2,300,000 Median $161,000
CopyrightŠ Karen Schlosser June 2015