5.5 Months Housing Supply (6.8 Months, December 2012)
33% of homes sold were on the market for less than a month. (November 2013, 37%)
26% were on the market 4 months or longer. (November 2013, 25%)
Average DOM* for Sales
Balanced Market When housing supply falls between 5-6 months it is considered a balanced market, neither Seller nor Buyer has an advantage. Check out what’s happening in your neck of the woods!
Single Family 86 Days Condo 140 Days *Days on Market
Lender-Involved Sales Bank-Owned (REO) Pre-Foreclosure Short Sales
28% Source of Purchase Funds 30% Cash 46% Conventional 17% FHA 4% VA 3% Other
Sales Up 5% As Compared To December 2012
Average Sales Price $161,224 Up 2% Over December 2012
Residential (Single Family & Condo) Market Stats for Greater Cincinnati As Of December 31, 2013 Source: Multiple Listing Service of Greater Cincinnati, Inc. CopyrightŠ Karen Schlosser January 2014
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 3000
2500
2000
1500
1000
500
Jan
Feb
Mar
Apr
2013
May 2012
Jun
Jul
2011
Aug
Sep
2010
Oct
Nov
Dec
2009
Active Residential Inventory (Single Family & Condominium) January - December 2005-2013 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 2013
JAN
FEB 2012
MAR 2011
APR
MAY 2010
JUN 2009
JUL
AUG 2008
SEP 2007
OCT
NOV 2006
DEC 2005
Another Round of “UP”! Simply put…sales are up from December 2012, ever so slightly down from November 2013, better known as the holidays! Not bad considering the number of wintery days we’ve had this year compared to last year’s almost balmy conditions! Buyers in this market have to be dead serious to brave the temperatures and weather conditions, Sellers, be thankful, an average of 63 homes sold per day in 2013!
Inventory Dips Below 9, Similar To Our Current Temperatures! I wouldn’t call inventory chillingly low, it is headed in that direction. Lower inventory is always good news for sellers, less competition for the serious buyers in the market; but for buyers, it could mean higher prices and not as much to choose from. Based on sales and inventory, we are in a balanced market, neither side has a true advantage.
Copyright© Karen Schlosser January 2014
2009-2013 YTD Number of Months of Housing Supply Source: Multiple Listing Service of Greater Cincinnati, Inc. 15 14 13 12 11 10 9 8 7
7.3
6
7
A "balanced" market is considered between 5-6 months of inventory. 5
5.9
5.5
5.3
4
4.6
4.6
4.5
4.3
MAY
JUN
JUL
AUG
5.4
5.4
SEP
OCT
5.5
Less Than A 2 Point Spread From Beginning To The End A simple summation of the housing supply for 2013 all the while interest rates stayed in our favorite position…low! No wonder we had a great year.
3
JAN
FEB
MAR
APR
2013
2012
2011
2010
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. $189,260
$190,000
$178,382
$175,710
$180,000
$171,293
$170,000
$162,664
$160,000 $150,000 $140,000
$161,224 $157,087 $153,703
$156,957 $156,790 $143,324 $139,213
$130,000 $120,000
JAN
FEB
MAR
APR
MAY 2013
JUN
JUL
AUG
SEP
OCT
NOV
DEC
Ending On A High Note Although it isn’t the highest average sales price for the year, it sure beats ending on a price lower than November! December showed a 5% increase in the average sales price over December 2012, not bad for a cold, snowy, blustery winter thus far. The average price for the year settled in at $164,599, 5% up from 2012.
2012
Copyright© Karen Schlosser January 2014
Residential Sales (Single Family) December 2013
Residential Sales (Condominium) December 2013
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
72
$19,000 or Under
3
$20,000 thru $29,999
61
$20,000 thru $29,999
6
$30,000 thru $39,999
77
$30,000 thru $39,999
9
$40,000 thru $49,999
57
$40,000 thru $49,999
8
$50,000 thru $59,999
62
$50,000 thru $59,999
9
$60,000 thru $69,999
59
$60,000 thru $69,999
17
$70,000 thru $79,999
50
$70,000 thru $79,999
14
$80,000 thru $89,999
52
$80,000 thru $89,999
8
$90,000 thru $99,999
62
$90,000 thru $99,999
6
$100,000 thru $119,999
113
$100,000 thru $119,999
12
$120,000 thru $139,999
132
$120,000 thru $139,999
22
$140,000 thru $159,999
92
$140,000 thru $159,999
7
$160,000 thru $179,999
76
$160,000 thru $179,999
15
$180,000 thru $199,999
54
$180,000 thru $199,999
3
$200,000 thru $249,999
130
$200,000 thru $249,999
11
$250,000 thru $299,999
94
$250,000 thru $299,999
8
$300,000 thru $349,999
61
$300,000 thru $349,999
2
$350,000 thru $399,999
35
$350,000 thru $399,999
2
$400,000 thru $449,999
22
$400,000 thru $449,999
1
$450,000 thru $499,999
19
$450,000 thru $499,999
1
$500,000 thru $549,999
8
$500,000 thru $549,999
2
$550,000 thru $599,999
3
$1,250,000 thru $1,499,999
1
$600,000 thru $649,999
9
$650,000 thru $699,999
3
$700,000 thru $749,999
3
Minimum
$14,031
$750,000 thru $799,999
3
Average
$133,816
$800,000 thru $849,999
3
Maximum
$1,336,500
$850,000 thru $899,999
3
Median
$107,900
$900,000 thru $949,999
2
$1,000,000 thru $1,249,999 $1,250,000 thru $1,499,999 $2,000,000 thru $2,249,999 $2,750,000 thru $2,999,999
5 4 1 1
Summary Price Information
Summary Price Information Minimum $2,500 Average $169,297 Maximum $2,825,000 Median $127,000
CopyrightŠ Karen Schlosser January 2014