Cincinnati Home Sales Making Big Strides
Home sales are up in many big cities around the nation, but for one metropolitan area in particular, October was an especially impressive month of closings. According to the Cincinnati Area Board of Realtors, home sales were up 16.5% last month when compared to the same time frame last year. That's well ahead of the national level – where home sales were up 10.9% compared to October 2011. In addition to the year-to-year comparison, month-to-month statistics also show a steady increase in the number of sales in the Cincinnati area as well. In October, there were 2,036 homes sold here, surpassing September's total of 1,985.
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So, what’s causing the increase? Tom Hasselbeck, the President of the Cincinnati Area Board of Realtors, thinks there are several contributing factors. “Improved home affordability in turn helps boost consumer confidence,” said Hasselbeck, in a news release. “That, along with an anticipated increase in housing inventory could bode well for a favorable housing market in 2013.” Cincinnati’s housing market has always been unique because it sits near the border of two states (Ohio and Kentucky). Luckily, home sales on both sides were up in October.
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In Southwest Ohio, the four counties in the metropolitan Cincinnati area – Hamilton, Butler, Warren, and Clermont – had a combined 1,646 closings last month. That's up about 18.6% from the same month a year ago, when there were 1,388 homes sold. The average sale price in those counties also increased in October. It now sits at $151,768. That’s an increase of 6% from October 2011, when the average was $143,123. The gross volume of homes sold in Southwest Ohio posted significant gains in the past year – with an increase of just under 26% from October 2011 to October 2012 (from $198.7 million to $249.8 million).
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That means not only was there an increase in the number of homes sold, but also in the value buyers placed on those homes. In other words, consumers in the area are once again considering home ownership a wise investment, and are willing to spend more money to purchase a home. Across the border in Northern Kentucky, similar increases in sales were reported. According to the Northern Kentucky Association of Realtors, 390 homes were sold in October, up from 359 during the same month last year. That's an 8.6% increase. The average sale price in Northern Kentucky also increased in the month of October. It's now at $146,909, up 4% from a year ago, when that figure was $141,211. And, total sales volume was up 13%, as the dollar value of homes sold increased from $50.7 million a year ago to $57.3 million last month.
Should you sell your home in December?
So, what do all of these numbers mean? Homes sales are up in both Southwest Ohio and Northern Kentucky, so if you own a home in the Cincinnati area, and are hoping to sell soon, now's the time to put it on the market. If you're a prospective buyer in the area, know two things:
- You may face stiff competition for the home you want because of reduced inventory.
- You'll probably have to pay more than you intended to because home sales prices are up.
But, if you end up buying a home in the area, it'll be a wise investment, as this city's real estate market is on the rise, and should continue to prosper in the year to come.
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