4.3 Months Housing Supply (4.6 Months, April 2014)
47% of homes sold were on the market for less than a month. (April 2014, 42%)
24% were on the market 4 months or longer. (April 2014, 30%)
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 82 Days Condo 106 Days *Days on Market
Lender-Involved Sales Bank-Owned (REO) Pre-Foreclosure Short Sales
18% Source of Purchase Funds 27% Cash
Sales Down 1% As Compared To May 2013
51% Conventional 17% FHA 4% VA 3% Other
Average Sales Price $182,787 Up 4% Over May 2013
Residential (Single Family & Condo) Market Stats for Greater Cincinnati As Of May 31, 2014 Source: Multiple Listing Service of Greater Cincinnati, Inc. Copyright© Karen Schlosser June 2014
Residential Average Sales Price Single Family & Condominiums 2012-2014 YTD SOURCE: All Market Areas in Multiple Listing Service of Greater Cincinnati, Inc. $190,000
$182,787
$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 2014
JUN
JUL
2013
AUG
SEP
OCT
NOV
DEC
2012
Houses Worth More Or Higher-Priced Homes Selling? Knowing lender-involved sales are down significantly, the dramatic increase in average sales price, I believe, is due to higher-priced homes being the dominant commodity! 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
A "balanced" market is considered between 5-6 months of inventory.
5 4 3
JAN
FEB
MAR
2014
APR
MAY
2013
JUN
2012
JUL
2011
AUG
SEP
2010
OCT
NOV
DEC
2009
Inventory Shrinkage Continues! Housing supply is lower than it was in May 2004, 10 years ago (seems like only yesterday), at 4.3 months we have ourselves a seller’s market. Caveat Emptor (buyer beware), the house of your dreams may cost you more; but, you can still take advantage of some great low interest rates…all is not lost. Copyright© Karen Schlosser May 2014
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
Active Residential Inventory (Single Family & Condominium) January - December 2005-2014YTD Source: Multiple Listing Service of Greater Cincinnati, Inc.
8,529
8,547
8,789
JAN
FEB
MAR
2014
2013
9,622
9,232
APR
2012
MAY 2011
JUN 2010
JUL 2009
AUG 2008
SEP
OCT
2007
NOV
2006
DEC 2005
Inventory Continues To Increase… 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 2027 2000 1500
2256
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
Does 1% Less Really Count As “Down”? Technically it does, but it’s so close to last year we should call it break even when it comes to describing the difference between May 2014 and 2013. Copyright© Karen Schlosser May 2014
Residential Sales - Single Family May 2014
Residential Sales - Condominium May 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 $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
75 66 68 58 54 46 87 72 74 153 177 155 153 91 187 157 84 67 40 18 18 20 6 8 3 3 5 5
$950,000 thru $999,999
2
$1,000,000 thru $1,249,999
8
$1,250,000 thru $1,499,999 $1,750,000 thru $1,999,999
7 3
$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 $600,000 thru $649,999 $650,000 thru $699,999 $750,000 thru $799,999 $800,000 thru $849,999 $900,000 thru $949,999 $1,000,000 thru $1,249,999
4 5 12 15 19 18 16 16 16 31 31 26 19 10 15 10 10 3 6 1 1 1 2 2 1
Summary Price Information Minimum $6,800
Average Maximum Median
$150,399 $1,200,000 $116,000
Summary Price Information Minimum
Average Maximum Median
$1,100 $187,549 $1,875,000 $146,000
CopyrightŠ Karen Schlosser May 2014