October Gains - Homes Sold in Cincinnati up for 5th month in a row.
When comparing home sales in Cincinnati Ohio there were 1,724 homes sold in October 2009 compared to 1,499 in October of 2008. That is an improvement of +15.01% while nationally home sales saw an increase of 23% from a year ago.
While good news - homes are selling - this is likely due to the first time home buyer tax credit, with the large increase in October because at that time first time home buyers were in a rush to get their offers in and closed in preparation for the November deadline. This was extended through April 30, 2010 - but we didn't know that at that time. So that was the rush - and it was nice - and we all rejoiced in our closings.
Looking ahead, with the extension of the tax credit and the expansion to pick up Second time home buyers we should begin to see inventory come on the market and improve the lacking choices that our buyers have at this time. If that doesn't happen - we could have a quiet winter when it comes to home sales - but the reality for sellers is they need to get their homes for sale NOW! There's only 5 months to get your property, ready, listed and sold to be in a position to take advantage of the $6500...that's not a long time in the life of real estate.
Now for the rest of the FACTS: While unit to unit sales have increased what about the Volume? How are home prices fairing these days? Well, comparatively October 2009 saw a 12.59% increase in Gross Volume - but the Average Price of homes sold in Cincinnati are down -2.01%. Now, that's not all that bad when you look at the rest of the US - in fact, the Midwest is poised to experience any turn around first - with a greater inventory of more affordable homes than other areas. Looking at the year to date numbers paints a more realistic picture with our average home price down -8.64% to $150,931.
Good news? Well, it's not horrible news. I'm not one for speculation as we look to what 2010 will bring us - so I will reserve judgment and pass along to my clients that great Boy Scout Motto: "Be Prepared" - for anything. It's hard to go wrong with that logic.