4.4 Months Housing Supply (4 Months, June 2014)
47% of homes sold were on the market for less than a month. (June 2014, 51%)
19% were on the market 4 months or longer. (June 2014, 20%)
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 75 Days Condo 108 Days *Days on Market
Lender-Involved Sales Bank-Owned (REO) Pre-Foreclosure Short Sales
15% Source of Purchase Funds 25% Cash
Sales Down 2% As Compared To July 2013
53% Conventional 15% FHA 4% VA 3% Other
Average Sales Price $185,937 Up 3% Over July 2013
Residential (Single Family & Condo) Market Stats for Greater Cincinnati As Of July 31, 2014 Source: Multiple Listing Service of Greater Cincinnati, Inc. Copyright© Karen Schlosser August 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
2027 2000 1500
2454
2348
1639 1,208
1,301
1000 500
Jan
Feb
Mar
Apr
2014
May 2013
Jun 2012
Jul 2011
Aug
Sep
2010
Oct
Nov
Dec
2009
Flux In Home Sales Almost Nil. It’s hard to discern the difference in the number of housing units sold in 2013 vs. 2014 when the trend lines for January through July 2013 and 2014 follow one another within 88 homes YTD (year to date), about one-third of the difference reflecting in lower numbers for July. 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
JUL 2009
AUG 2008
SEP 2007
OCT 2006
NOV
DEC 2005
Back To 5-Figure Listing Levels. No need to panic just yet. Listing inventory continues to follow last year’s upward trend. Copyright© Karen Schlosser August 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
Same Place Same Time…The best description of the number of months of housing supply for July 2013 and 2014, separated by .1 (point one) months, it’s hardly worth mentioning. What is worth mentioning is the fact that lender-involved sales only made up 15% of the unit sales which is far less than previous months, like February which experienced 31%. 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
$185,691
$180,000 $165,615
$170,000 $160,000
$151,000
$155,408
$158,689
$150,000 $140,000 $130,000 $120,000
JAN
FEB
MAR
APR
MAY 2014
JUN 2013
JUL AUG 2012
SEP
OCT
NOV
DEC
Buyers Received More For Their Money In July. Anyone who purchased a home in July should have gotten a little more for their money, nothing significant, as the average sales price declined by 2% as compared to June. The exception would be those buyers who found themselves in a multiple offer situation, perhaps paying more than planned or ending up over list price. Copyright© Karen Schlosser August 2014
Residential Sales – Single Family July 2014
Residential Sales - Condominium July 2014
Source: Multiple Listing Service of Greater Cincinnati, Inc.
Source: Multiple Listing Service of Greater Cincinnati, Inc.
Selling Price Range
# of 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
49 70 60 66 58 65 76 65 66 136 193 161 150 116 212 156 113 75 36 29 23 17 15 5 6 3 5 1
$900,000 thru $949,999
1
$950,000 thru $999,999 $1,000,000 thru $1,249,999 $1,250,000 thru $1,499,999 $1,750,000 thru $1,999,999
1 4 3 3
Selling Price Range
# of 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 $500,000 thru $549,999 $550,000 thru $599,999 $600,000 thru $649,999 $900,000 thru $949,999 $1,250,000 thru $1,499,999
5 4 10 10 23 24 15 15 15 36 29 25 18 13 26 15 11 5 2 2 1 1 2 2
Summary Price Information Minimum $5,000
Average Maximum Median
$153,532 $1,384,339 $118,000
Summary Price Information Minimum
Average Maximum Median
$3,000 $190,847 $1,900,000 $155,000 CopyrightŠ Karen Schlosser August 2014