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2011, 99.36% vs. 2010 sales

Posted on January 27, 2012 by tim in Market Update

Home sales in December, for the sixth month in a row, continued a positive trend with 1,294 units — up 7.65% over December 2010. Annually, there were 16,829 sales in 2011 compared to 16,937 in 2010.

Last month’s average price was $146,259, compared to a year ago of $160,295. The average price for 2011 was $151,384 compared to $158,560 in 2010.

Today, the average interest rate in Cincinnati is 3.91% for a 30-year fixed rate mortgage. Nationally, the average interest rate is 4.18%. Many experts claim that the low interest rates will not last. If you are at all in the position to a buy a home, better to start looking now than later!

The Cincinnati area housing market has 8 months of available inventory compared to nearly 10.5 months a year ago. A continued decrease in inventory would result in a greater demand, possibly leading to an increase in the average sale prices of homes. The National Association of Realtors claims that an inventory level of less than 6 months leans toward a “seller’s market,” where the price of homes could rise.

Summary of Single Family and Condominium Sales from the Multiple Listing Service of Greater Cincinnati, Cincinnati Area Board of Realtors®

December Home Sales

Closings

December 2011 1,294
December 2010 1,202
Variance +7.65%

Gross Volume

December 2011 $189,258,762
December 2010 $192,674,303
Variance – 1.77%

Average Price
December 2011 $146,259
December 2010 $160,295
Variance -8.76%

Yearly Home Sales

Closings

Jan-Dec 2011 16,829
Jan-Dec 2010 16,937
Variance -0.64%

Gross Volume

Jan-Dec 2011 $2,547,641,495
Jan-Dec 2010 $2,685,525,814
Variance – 5.3%

Average Price
Jan-Dec 2011 $151,384
Jan-Dec 2010 $158,560
Variance -4.53%

Nationwide, December home sales were up 5.0% from November on a seasonally adjusted basis and up 3.6% from December 2010. If you have any questions regarding these stats, or would like information more specific to your community, contact us today – Team Annett – teamannett@gmail.com or 513-527-3060.

 

 

 

 


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