Cincinnati Residential Real Estate, State of the Market, April 2013

Supply of Listed Inventory: 7.8 Months (April 2012)

Buyer’s or Seller’s Market?

Depends on your “neck of the woods”!

Check with your favorite REALTOR®.

5.3 Months (April 2013)

41% of homes sold were on the market for less than a month.

26% were on the market 4

Lender-Involved Sales

months or longer.

27% Source of Funds Used to Purchase 31% Cash 44% Conventional 18% FHA 2% VA 5% Other

Bank-Owned (REO), Short Sales, PreForeclosure

Sales Up 20% Over April 2012 Average Sales Price $156,957 (9% over April 2012)

Residential (Single Family & Condo) Market Stats for Greater Cincinnati As Of April 30, 2013 Source: Multiple Listing Service of Greater Cincinnati, Inc. Copyright© Karen Schlosser May 2013

Residential (Single Family & Condo) Unit Sales 2009-2013 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 2300 2100 1900 1700 1500 1300 1100 900 700 500 Jan

Feb

Mar

Apr

2013

May 2012

Jun

Jul

2011

Aug 2010

Sep

Oct

Nov

Dec

2009

Active Residential Inventory (Single Family & Condominium) January - December 2005-2013YTD Source: Multiple Listing Service of Greater Cincinnati, Inc. 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 JAN 2013

FEB 2012

MAR

APR

2011

MAY 2010

JUN 2009

JUL

AUG 2008

SEP 2007

OCT

NOV 2006

DEC 2005

HEADLINE: Unit sales up 20% over April 2012! Story: As you look at the chart, notice 2013 mirrors the 2010 sales line, the year of the expiring tax credit, sales had to be written by April 30, 2010 and closed

by June 30, 2010.

Sales without a “paid incentive” mean truer home prices and a better indication of what people are thinking and feeling…”it’s an incredible time to sell!”

HEADLINE: Housing Inventory Up, Up And Way Better Than The Past!

Story: Housing inventory is up slightly from last month but still way below every year back to 2005, just a tad below 2004 when houses were flying off the shelf, prices were skyrocketing and almost anyone who could fog a mirror got a loan. Today, the right-priced homes are flying off the shelf to wellscrutinized buyers.

Copyright© Karen Schlosser May 2013

2009-2013 YTD Number of Months of Housing Supply Source: Multiple Listing Service of Greater Cincinnati, 15 14 13 12 11 10 9 8

7.3 7

7 6

5.5

5.3

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

5 4 3

JAN

FEB

MAR

APR

MAY

2013

JUN

2012

JUL 2011

AUG 2010

SEP

OCT

NOV

DEC

2009

Residential Average Sales Price Single Family & Condominiums 2012-2013 YTD SOURCE: All Market Areas in Multiple Listing Service of Greater Cincinnati, Inc. $180,000

$170,000

$156,790

$160,000

$150,000

$156,957

$143,324 $139,213

$140,000

$130,000

$120,000 JAN

FEB

MAR

APR

MAY 2013

JUN

JUL 2012

AUG

SEP

OCT

NOV

DEC

HEADLINE: Housing Supply On The Decline, Where It Will Go, Nobody Knows! Story: As houses fly off the shelf, new inventory isn’t keeping pace with the past rate of sale, hence housing supply is dwindling.

Good news for sellers, challenging news for buyers who may lose their “dream” home in multiple offers.

Hear that sellers?

This may be your moment to shine in the housing market!

HEADLINE: Smidgen = $167 Story: A very small quantity or portion; a bit or mite is the dictionary definition of smidgen. My definition of smidgen is $167 which is the increase in the average sales price (ASP) from March to April of this year. April’s ASP is also not much more of a smidgen than last April’s which was $149,250, albeit an increase is an increase is an increase.

Copyright© Karen Schlosser May 2013

Residential Sales (Single Family) April 2013

Residential Sales (Condominium) April 2013

Source: Multiple Listing Service of Greater Cincinnati, Inc.

Source: Multiple Listing Service of Greater Cincinnati, Inc.

# of Homes Sold

# of Homes Sold

Selling Price Range $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 $1,000,000 thru $1,249,999 $2,000,000 thru $2,249,999 $4,500,000 thru $4,749,999

91 90 80 65 44 54 81 83 51 123 148 136 117 101 162 82 69 49 27 22 8 10 7 5 2 4 2 1 1 1 1716

Selling Price Range $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 $450,000 thru $499,999

2 9 8 14 14 14 10 26 4 19 19 16 14 6 10 12 4 2 203

Condominium Stats Minimum Sales Price Maximum Sales Price Average Sales Price Median Sales Price

$17,000 $495,000 $119,493 $100,000

Single Family Stats Minimum Sales Price Maximum Sales Price Average Sales Price Median Sales Price

$1 $4,524,500 $161,389 $131,000

CopyrightŠ Karen Schlosser May 2013