Charts May 2015

Page 1

3.8 Months Housing Supply (4.1 Months, April 2015)

50% of homes sold were on the market for less than a month.

Average DOM* for Sales

(April 2015, 45%)

Single Family 76 Days

23% were on

Condo 109 Days

the market 4 months or longer. (April 2015, 30%)

Seller’s Rule When the housing supply is below 5 months, it is considered a seller’s market which means higher prices and increased odds of multiple offers, be prepared.

*Days on Market

Lender-Involved Sales Bank-Owned (REO) Pre-Foreclosure Short Sales

11% Source of Purchase Funds 20% Cash

Sales Up 1% As Compared To May 2014

53% Conventional 19% FHA 5% VA 3% Other

Average Sales Price $195,144 Up 11% Over May 2014

Residential (Single Family & Condo) Market Stats for Greater Cincinnati As Of May 31, 2015 Source: Multiple Listing Service of Greater Cincinnati, Inc. Copyright© Karen Schlosser June 2015


Residential (Single Family & Condo) Unit Sales 2009-2015 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

3,000

2305

2,500 1853

2,000

1,500

2012

1,379

1,227

1,000 2015 500

Jan

Feb

Mar

2014 Apr

2013 May

2012 Jun

Jul

2011 Aug

2010 Sep

2009 Oct

Nov

Dec

History Repeats Itself. Sales for May continue to follow the same path established two (2) years ago with minor variation, year-to-date sales have been running so close to the 2-year history that the “blue line” is barely detectable. Is this the new “norm” for the number of people in the market to buy a home?

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

2015

Active Residential Inventory (Single Family & Condominium) January - December 2005-2015 YTD Source: Multiple Listing Service of Greater Cincinnati, Inc.

7,812 JAN 2014

7,684

7,953

8,295

FEB

MAR

APR

2013

2012

8,679 MAY 2011

JUN 2010

JUL

AUG 2009

SEP 2008

OCT 2007

NOV 2006

DEC 2005

Inventory Stays Down On Low Road. Same trending line, ten percent (10%) lower. Having fewer homes creates drama and heartache for some buyers. Copyright© Karen Schlosser June 2015


15

2009-2015 YTD Number of Months of Housing Supply Residential Real Estate - Single Family & Condominium Source: Multiple Listing Service of Greater Cincinnati, Inc.

14 13 12 11 10 9 8 7 6 5

A "balanced" market is considered between 5-6 months of inventory.

6.4 5.6

4 3

4.3

4.1

MAR

APR

3.8

2 1

JAN

FEB

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

0

2015

2014

2013

2012

2011

2010

2009

Sellers Continue Reign At 3.8 Months…of housing supply, lowest housing supply since August 2003 when the market was hot and heating up. One might use “hot” to describe May’s rate of sale with 50% of the homes selling within the first thirty (30) days on the market.

$200,000

Residential Average Sales Price Single Family & Condominiums 2012-2015 YTD SOURCE: All Market Areas in Multiple Listing Service of Greater Cincinnati, Inc. $195,144

$190,000 $173,377$171,899

$180,000 $170,000 $160,000

$162,777 $159,115

$150,000 $140,000 $130,000 $120,000

JAN

FEB

MAR

APR 2015

MAY 2014

JUN

JUL 2013

AUG

SEP

OCT

NOV

DEC

2012

Average Sales Price Off The Chart…If next month follows the trend of the last few years with a spike in the June average sales price, the scale of prices may need to be expanded. The uptick is a result of the single family sales coming in with an average price of $202,098, the highest in MLS recordkeeping history, according to my data. The large decrease of lenderinvolved sales from 17% last month to a low of 11%, also is a contributing factor, bargain-basement houses are dwindling. Copyright© Karen Schlosser June 2015


Residential Sales - Single Family May 2015

Residential Sales - Condominium May 2015

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 $900,000 thru $949,999 $950,000 thru $999,999 $1,000,000 thru $1,249,999 $1,250,000 thru $1,499,999 $1,500,000 thru $1,749,999

35 47 54 44 55 41 60 75 75 147 213 151 156 120 251 164 92 75 42 31 21 17 13 15 2 6 7 4 2 2 6 1 1

$2,000,000 thru $2,249,999

2

$2,250,000 thru $2,499,999

1

$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 $600,000 thru $649,999 $650,000 thru $699,999 $750,000 thru $799,999 $1,000,000 thru $1,249,999 $1,750,000 thru $1,999,999

1 5 5 13 11 21 25 19 19 30 30 22 22 11 18 9 5 5 1 2 1 1 1

Summary Price Information Minimum $19,900 Average $144,230 Maximum $1,800,000 Median $115,000

Summary Price Information Minimum $4,500 Average $202,093 Maximum $2,300,000 Median $161,000

CopyrightŠ Karen Schlosser June 2015


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