4 Months Housing Supply (4.3 Months, May 2014)
51% of homes sold were on the market for less than a month. (May 2014, 47%)
20% were on the market 4 months or longer. (May 2014, 24%)
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 68 Days Condo 133 Days *Days on Market
Lender-Involved Sales Bank-Owned (REO) Pre-Foreclosure Short Sales
14% Source of Purchase Funds 21% Cash
Sales Up 5% As Compared To June 2013
56% Conventional 16% FHA 4% VA 3% Other
Average Sales Price $189,838 Up .5% Over June 2013
Residential (Single Family & Condo) Market Stats for Greater Cincinnati As Of June 30, 2014 Source: Multiple Listing Service of Greater Cincinnati, Inc. Copyright© Karen Schlosser July 2014
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 $170,000 $160,000
$165,615 $158,689 $155,408 $151,000
$150,000 $140,000 $130,000 $120,000
JAN
FEB
MAR
APR MAY JUN 2014 2013
JUL 2012
AUG
SEP
OCT
NOV
DEC
Why Pay Less When You Can Pay More? That’s what every seller is thinking…and you just might have to with the average sales price climbing to almost $190,000 which is up 20% from January 2014! Attention Sellers: If you are currently on the market and have not received an offer, this is not an invitation to increase your asking price. 2009-2014 YTD Number of Months of Housing Supply Source: Multiple Listing Service of Greater Cincinnati, Inc. 15 14 13 12 11 10 9 8 7 6 5
A "balanced" market is considered between 5-6 months of inventory.
4 3
JAN
FEB
MAR
2014
APR
MAY
2013
JUN
2012
JUL
2011
AUG
2010
SEP
OCT
NOV
DEC
2009
Back To 2003 Levels! That’s when houses were flying off the shelf which explains the percentage of homes, 51%, that sold in less than 30 days in June 2014. Copyright© Karen Schlosser July 2014
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
9,232
APR
2012
9,622
9,896
MAY
JUN
2011
2010
JUL 2009
AUG 2008
SEP
OCT
2007
NOV
2006
DEC 2005
Inventory Rises…but not enough to offset the pace of sales which continues to create a “shortage” of homes. I don’t know about you but I’m not interested in going back to the non-shortage of homes era. 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 3000 2500
2256
2454
2027 2000 1500
1639 1,208
1,301
1000 500
Jan
Feb
Mar 2014
Apr
May 2013
Jun 2012
Jul 2011
Aug
Sep
2010
Oct
Nov
Dec
2009
Steady Rise In Sales. Up 5% over June 2013 yet year-to-date is within 6 sales of last year, so far a dead heat to first half of 2013. Copyright© Karen Schlosser July 2014
Residential Sales - Single Family June 2014
Residential Sales - Condominium June 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 $900,000 thru $949,999 $950,000 thru $999,999
Selling Price Range
51 53 52 62 45 72 71 86 78 179 163 156 166 142 252 159 107 79 46 31 23 10 8 11 4 6 2 4 1 1
# 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 $550,000 thru $599,999 $600,000 thru $649,999 $650,000 thru $699,999 $750,000 thru $799,999 $850,000 thru $899,999 $950,000 thru $999,999 $1,000,000 thru $1,249,999 $1,250,000 thru $1,499,999
1 5 10 12 15 17 21 21 19 40 27 18 26 14 25 19 9 5 2 4 1 1 1 2 1 1 1 2
Summary Price Information
$1,000,000 thru $1,249,999
8
Minimum
$1,250,000 thru $1,499,999
5
$1,500,000 thru $1,749,999
1
Average Maximum Median
$18,000 $165,331 $1,450,000 $119,000
Summary Price Information Minimum
Average Maximum Median
$4,000 $193,513 $1,576,000 $159,900 CopyrightŠ Karen Schlosser July 2014