Cincinnati Market Update
According to the Cincinnati Area Board of Realtors the December local home sales were up 2.5% from December a year ago. It was the seventh straight month of local increased sales, compared to the same months a year ago.
Nationally, home sales increased 15% from a year ago (December 2009 vs. December 2008), and were up 4.9% for the year.
The year-end increase in December local sales, compared to a year ago, was anticipated. That was due to the ongoing home sales tax credit for first time buyers. The tax credit has since been expanded to include current homeowners who want to buy again. Eligible first-time buyers can still receive a federal tax credit up to $8,000, while eligible current homeowners can get up to a $6,500 tax credit.
The inventory of homes for sale in Greater Cincinnati, at 8.87 months, shrunk from one year ago, when it was 10.38 months. However, a balanced market is still around 6 months of inventory. And even though the inventory diminished slightly, the average price in Greater Cincinnati was down 7.18% for last year.
If you are considering a move and would like an estimate of the value of your home, please give us a call. We’d be delighted to assist you in your sale. Team Annett 513-527-3060 firstname.lastname@example.org .
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