Cincinnati Homes are Selling, but…
7 May2009
Filed Under Housing Market · Tagged: 2009, Hamilton County, Hyde Park, Mt. Lookout, Oakley, statistics · Print This Article
The housing market correction seems to be continuing in the Hamilton County area. The first quarter of 2009 has revealed nothing surprising, in that sales and prices are down compared to 2008”s first quarter. On the positive side, houses in Hamilton County are taking 12% less time to sell, surely a benefactor of the large number of first time home buyers out there tempted by the lower home prices, and the encouragement of things like low rates, seller-funded point reductions, Federal $8000 first-time homebuyer credit and the Kentuckey Homebuyer Stimulus.
Hamilton County 1st Quarter 2008 to 2009 Comparison
| # Sales | -12.22% |
| Days to Sell | -11.59% |
| Med. Sales Price | -25.28% |
| Med. List Price | -24.70% |
My primary areas, Hyde Park, Mt. Lookout and Oakley are experiencing the same market corrections as expected, but seems to be much healthier than Hamilton County. Sales are only off less than 7%, prices down 20%, but homes are selling nearly 80% faster this year than they were over the same period last year. There isn”t a ton of data (74 total sales in this area in the 1st quarter) to be statistically solid, but the truth is that homes are selling in a median of 41 days. That is a testament to the consistent desirability to the area, and home buyers who see value in the homes and area, especially at the low prices.
Hyde Park/Mt. Lookout/Oakley 1st Quarter 2008 to 2009 Comparison
| # Sales | -6.76% |
| Days to Sell | -78.05% |
| Med. Sales Price | -20.24% |
| Med. List Price | -20.51% |
The real comparison will be 2009 quarter 2 versus 2009 quarter 1. The truth in whether a Cincinnati-area recovery is in effect will be revealed by the increase of home prices and number of sales, as well as the decrease in time on the market.
* Stats using sold single family homes from Jan. 1-Mar. 30 2009, median sales/list prices and median days on market
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