Cincinnati Sales update for the Month of January
The numbers are out in review of January 2010 - what homes sold in Cincinnati and what didn't. So here is the damage:
Residential sales for the month of Jan - 761, which is down -7.87% from the 826 that were closed in Jan of 2009.
Condo sales for January 2010 were 85, where is down -12.37% from 97 comparatively of January 2009.
Active Inventory:
Listed residential property saw a decline as well by more than 6% over January 2009, which is not a horrible thing as lower inventory can help to stabilize prices within the market. As for those prices though: up almost 12% with an average sold price of $137,025. This is due in large part to a decline of almost 25% in lender owned properties on the market.
While it is normal this time of year for the market to be slow, I predict it will pick up in the upcoming months as the first time home buyer credit gores away on April 30, 2010. There will be a big rush to get those offers in by the end of April.
How the summer will go...well, that's a bit of a crap shoot, but I do believe we will see some normalization during the early summer months, followed by a decline and drought of sales late summer and early Fall. Hopefully, I will be wrong.
Chris Wood
Star One Realtors