What The Market Stats Are Saying...
Fifty-six times a day a home sold between January 1 and December 31, 2008. People continue to buy and sell real estate despite the shift in the marketplace.
Housing supply, the Aborption Rate, is 10.4 months, down from last month by 2.2 months and down by .4 months the same time last year. A 'balanced market' in the Cincinnati area is 5 - 6 months of housing inventory - supply and demand.
Looking back to 1990 through 2008 year to date, our home sales levels are at 1996/1997 levels and the average sale price is at the 2002 level.
December 2008 sales were down 20% from December 2007. The average sale price was down 20%.
The active residential inventory continues to decline, 7% less than December 2006...this is good.
The number of homes sold per day has decreased by 16% since last year.
We are living in interesting times. Our current market wasn't created overnight nor will it go away overnight. It's my belief that "Real estate is a long-term investment."
Our Cincinnati real estate market hasn't been as badly hit as areas like Florida, California, Nevada, etc, but we're not immune to the challenges faced by many nationwide.
The reality is: it's a GREAT time for buyers to buy. With lots of homes to choose from, almost historically low interest rates, and favorable housing prices, there may be no better time to buy.
As I've mentioned to home sellers, your home must be priced properly and be in good to great condition to sell. If you don't have to sell, stay off the market.
The bottom line: most of us have never seen a real estate market like this one, but real estate is still moving. So whether you're a possible buyer or seller, closely review your options and decide what's best for you.
Housing supply, the Aborption Rate, is 10.4 months, down from last month by 2.2 months and down by .4 months the same time last year. A 'balanced market' in the Cincinnati area is 5 - 6 months of housing inventory - supply and demand.
Looking back to 1990 through 2008 year to date, our home sales levels are at 1996/1997 levels and the average sale price is at the 2002 level.
December 2008 sales were down 20% from December 2007. The average sale price was down 20%.
The active residential inventory continues to decline, 7% less than December 2006...this is good.
The number of homes sold per day has decreased by 16% since last year.
We are living in interesting times. Our current market wasn't created overnight nor will it go away overnight. It's my belief that "Real estate is a long-term investment."
Our Cincinnati real estate market hasn't been as badly hit as areas like Florida, California, Nevada, etc, but we're not immune to the challenges faced by many nationwide.
The reality is: it's a GREAT time for buyers to buy. With lots of homes to choose from, almost historically low interest rates, and favorable housing prices, there may be no better time to buy.
As I've mentioned to home sellers, your home must be priced properly and be in good to great condition to sell. If you don't have to sell, stay off the market.
The bottom line: most of us have never seen a real estate market like this one, but real estate is still moving. So whether you're a possible buyer or seller, closely review your options and decide what's best for you.
If you're a first-time home or condo buyer, join us for our next free Home & Condo Buyer Tele-class on February 11th at 7:30pm. To register, go to: http://www.homebuyingclass.com/.
posted by Dan Weis at 11:02 AM
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