Market Update for Quarter One

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Based on the following numbers, we have lots of reasons to be positive about the real estate market. The numbers speak for themselves. Here’s what happened in the first quarter of 2013 compared to the same time last year in Cincinnati and Northern Kentucky. First, let’s look at the Cincinnati numbers.

•    The average price of a home went up in Cincinnati by 10%.
•    Active inventory had a huge decrease of 15%. 
•    Pending homes are up by 14.3% for the 20th month.
•    The total number of sales increased by 5.2% to 1,530 homes.

We’re seeing similar signs in Northern Kentucky:
•    The number of pending homes went up 20% to 585 compared to 486 homes.
•    The average sales price increased by 7% to $142,000.
•    The days on market decreased by 10% to 91 days on market. 

So what does this mean for buyers?  If you were to ask the best 118 economists and real estate experts, they expect a 4.6% home value increase by the end of the year. They also project the mortgage rates will hit 4.3% by the end of the year. When prices and interest rates increase, the affordability of homes will go down so now is the time to buy. Keep in mind rates are currently at or below 4%, but as the experts predict, they won’t stay that low forever. Waiting could mean you might pay an extra couple hundred dollars per month on your payment. Ouch!

What does this market mean for sellers? If you’ve thought of selling your home, the time is now. Since there are fewer homes on the market, there’s more competition for available homes. Low inventory often translates into multiple bids, high list-to-sale price ratios and being able to negotiate better terms. It’s a great time for sellers. 

Don’t wait. Give us a call so we can tell you where to be positioned and how to be successful in the market. Please contact us at (513) 300-SOLD. We’d be happy to assist you.