Cincinnati Real Estate Market Stats August 2014

4.8 Months Housing Supply (4.4 Months, July 2014)

46% of homes sold were on the market for less than a month.

(July 2014, 47%)

18% were on the market 4 months or longer.

(July 2014, 19%)

Average DOM* for Sales

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

Single Family 74 Days Condo 104 Days *Days on Market

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

13% Source of Purchase Funds 24% Cash

Sales Down 14% As Compared To August 2013

54% Conventional 15% FHA 4% VA 3% Other

Average Sales Price $190,753 Up 10% Over August 2013

Residential (Single Family & Condo) Market Stats for Greater Cincinnati As Of August 31, 2014 Source: Multiple Listing Service of Greater Cincinnati, Inc. Copyright© Karen Schlosser September 2014

Residential (Single Family & Condo) Unit Sales 2009-2014 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

3000 2500

2256

2454

2348 2116

2027 2000 1500

1639 1,208

1,301

1000 500

Jan

Feb

Mar 2014

Apr

May 2013

Jun 2012

Jul 2011

Aug

Sep

Oct

2010

Nov

Dec

2009

Back-To-School Syndrome? Sales in housing slowed in August, down 14% from August 2013, most significant decline in sales since 2012.

Active Residential Inventory (Single Family & Condominium) January - December 2005-2014 YTD 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

8,529

8,547

8,789

JAN

FEB

MAR

2014

2013

2012

9,232

APR

9,622

9,896

MAY

JUN

2011

2010

10,220

10,233

JUL

AUG

2009

2008

SEP 2007

OCT

NOV 2006

DEC 2005

Up A Smidgen. Thirteen (13) more listings than last month. Lucky or unlucky? Depends on who’s asking.

Copyright© Karen Schlosser September 2014

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

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

5 4 3

JAN

FEB

MAR

APR

2014

MAY

2013

JUN

JUL

2012

AUG

2011

SEP

2010

OCT

NOV

DEC

2009

Seller’s Market Continues. At 4.8 months, the housing supply is just shy of a “balanced market” where neither buyer nor seller have an advantage. Any advantage to a seller depends on the neck of the woods the property is located in and the price of the listing…overpriced listings never have anything over other listings but will help sell other well-priced listings.

Residential Average Sales Price Single Family & Condominiums 2012-2014 YTD SOURCE: All Market Areas in Multiple Listing Service of Greater Cincinnati, Inc. $200,000

$189,839 $182,787

$190,000 $180,000

$190,753

$165,615

$170,000 $160,000

$185,691

$151,000

$155,408

$158,689

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

JAN

FEB

MAR

APR

MAY 2014

JUN 2013

JUL

2012

AUG

SEP

OCT

NOV

DEC

Increased Average Sales Price In Direct Proportion To Decreased Sales Of Lender-Involved Properties (LIPs). I remember when people were shouting that foreclosures and short sales were not price competition to “regular” properties.

Guess what? They were, they are. Since the number of LIPs properties has decreased, the average sales price has increased, correlation confirmed.

Copyright© Karen Schlosser September 2014

Residential Sales - Single Family August 2014

Residential Sales - Condominium August 2014

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

40

$19,000 or Under

4

$20,000 thru $29,999

43

$20,000 thru $29,999

4

$30,000 thru $39,999

48

$30,000 thru $39,999

5

$40,000 thru $49,999

46

$40,000 thru $49,999

14

$50,000 thru $59,999

59

$50,000 thru $59,999

17

$60,000 thru $69,999

41

$60,000 thru $69,999

22

$70,000 thru $79,999

77

$70,000 thru $79,999

23

$80,000 thru $89,999

73

$80,000 thru $89,999

17

$90,000 thru $99,999

55

$90,000 thru $99,999

20

$100,000 thru $119,999

171

$100,000 thru $119,999

28

$120,000 thru $139,999

175

$120,000 thru $139,999

14

$140,000 thru $159,999

159

$140,000 thru $159,999

20

$160,000 thru $179,999

134

$160,000 thru $179,999

21

$180,000 thru $199,999

103

$180,000 thru $199,999

3

$200,000 thru $249,999

176

$200,000 thru $249,999

26

$250,000 thru $299,999

145

$250,000 thru $299,999

14

$300,000 thru $349,999

95

$300,000 thru $349,999

2

$350,000 thru $399,999

59

$350,000 thru $399,999

2

$400,000 thru $449,999

37

$400,000 thru $449,999

1

$450,000 thru $499,999

30

$550,000 thru $599,999

1

$500,000 thru $549,999

20

$650,000 thru $699,999

1

$550,000 thru $599,999

18

$800,000 thru $849,999

2

$600,000 thru $649,999

9

$850,000 thru $899,999

2

$650,000 thru $699,999

5

$1,000,000 thru $1,249,999

1

$700,000 thru $749,999

8

$1,250,000 thru $1,499,999

1

$750,000 thru $799,999

2

$1,750,000 thru $1,999,999

1

$800,000 thru $849,999

4

$850,000 thru $899,999

1

$900,000 thru $949,999

1

$950,000 thru $999,999

2

Average

$154,381

$1,000,000 thru $1,249,999

6

Maximum

$1,810,321

$1,250,000 thru $1,499,999

3

Median

$108,000

$1,500,000 thru $1,749,999

3

$1,750,000 thru $1,999,999

1

$3,500,000 thru $3,749,999

1

Summary Price Information Minimum

$12,886

Summary Price Information Minimum

$2,600

Average

$195,983

Maximum

$3,500,000

Median

$150,000

CopyrightŠ Karen Schlosser September 2014