Housing Supply: 4.6 Months (June 2013) 6.3 Months (June 2012)
Buyer’s or Seller’s Market? Housing supply tips it to a Seller’s market, could be different in your neck of the woods!
47% of homes sold were on the market for less than a month.
20% were on the
Lender-Involved Sales
market 4 months or longer.
21% Source of Funds Used to Purchase
Bank-Owned (REO), Short Sales, PreForeclosure
Sales Up 22% Over June 2012
52% Conventional 25% Cash 16% FHA 4% Other 3% VA
Average Sales Price $189,260 8% over June 2012
Residential (Single Family & Condo) Market Stats for Greater Cincinnati As Of June 30, 2013 Source: Multiple Listing Service of Greater Cincinnati, Inc. Copyright© Karen Schlosser July 2013
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 2500 2300 2100 1900 1700 1500 1300 1100 900 700 500 Jan
Feb
Mar
Apr
2013
May 2012
Jun
Jul
2011
Aug 2010
Sep
Oct
Nov
Dec
2009
Active Residential Inventory (Single Family & Condominium) January - December 2005-2013YTD 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 JAN 2013
FEB 2012
MAR 2011
APR
MAY 2010
JUN 2009
JUL
AUG 2008
Unit Sales Up 22% From June 2012! We’ve experienced yet another month of increased sales. I wonder what July will bring? 2010 is no match for 2013 which proves that a tax credit isn’t necessary to drive sales when all the other economic conditions are working. Left to its own accord, real estate ebbs and flows as the market dictates…consumers are the market!
SEP 2007
OCT
NOV
2006
DEC 2005
Continued lower inventory helps sellers, challenges buyers! We haven’t seen these numbers since 2004! New inventory is not outpacing sales with 47% of homes selling in less than a month which is up 2 points from May 2013. Sellers are saying, “Hello, Market, you’re my new best friend;” while buyers are saying, “What just happened here?”
Copyright© Karen Schlosser July 2013
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
7.3
7
7
5.5
6
5.3
5
A "balanced" market is considered between 5-6 months of inventory. 4
4.6
4.6
MAY
JUN
3
JAN
FEB
MAR
APR
2013
2012
JUL
AUG
2011
SEP
2010
OCT
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 $175,710
$180,000 $170,000 $156,790
$160,000 $150,000
$156,957
$143,324 $139,213
$140,000 $130,000 $120,000 JAN
FEB
MAR
APR
MAY 2013
JUN
JUL
AUG
SEP
OCT
NOV
DEC
Steadfast Housing Supply! A reflection of June 2005 and better than I thought. I was concerned that inventory would slip below 4 months, which, forgive me sellers, would have caused the market to go “crazy” with even a faster pace of sales. Extreme market conditions may be enjoyed by “the coasts”, but in Cincinnati we like more of the steady as you go, it has more long term potential.
Heading Off The Chart The average sales price for June passed up May’s by 7% and about the same percentage increase over June 2012! This is good news; however, don’t start calculating a 7% appreciation rate for your home. What this really means is that more expensive homes were sold in June 2013 than last month or last year.
2012 Copyright© Karen Schlosser July 2013
Residential Sales (Single Family) June 2013
Residential Sales (Condominium) June 2013
Source: Multiple Listing Service of Greater Cincinnati, Inc.
Source: Multiple Listing Service of Greater Cincinnati, Inc.
Selling Price Range $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 $1,750,000 thru $1,999,999 $2,000,000 thru $2,249,999 $2,250,000 thru $2,499,999
Minimum Maximum Average Median
# of Homes Sold 65 60 76 76 56 55 62 80 65 162 185 169 157 110 219 141 103 69 38 33 21 18 4 21 7 4 4 5 2 2 7 6 1 1 1 1 2086
Selling Price Range $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 $600,000 thru $649,999 $700,000 thru $749,999
Minimum Maximum Average Median
# of Homes Sold 1 8 7 10 11 14 17 16 17 28 21 15 10 15 20 10 4 4 1 2 3 1 1 236 $19,000 $700,000 $141,042 $114,810
$3,900 $2,475,000 $194,715 $152,500 CopyrightŠ Karen Schlosser July 2013