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