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Cincinnati Market Stats – Nov. 2013

December 30, 2013

Cincinnati Market Stats

Click here for: Charts November 2013

While inventory is trending downwards, everything else is going up…sales (year over year), days on market (not a favorite of sellers), average sales price.  

“UP” Is the Operative Word for Sales & Days On Market!
Simply put…sales are up from November 2012, down from October 2013, typical for this time of year.  Nov. 2013 celebrates 29 consecutive months of increased housing sales.

Days On Market (DOM) are also up from last month by an average of 13 days (single family was 86 days; condo, 127), sign of a balanced market.

Inventory Dips Below 10K
So typical of November (and December) when some sellers decide to remove their property from the market during the holidays.  That’s good news for those sellers who remain on the market, less inventory, less competition for the serious buyers in the market.

Within Reach Of A Buyer’s Market
A balanced market, somewhere between 5 and 6 months, where neither buyer or seller has a specific advantage, has been the trend the last several months, although this month we are ever so close to the scale tipping in favor of a buyer.  Not too surprising given the time of year when sales slow down as people are busy purchasing other things.

Up Tick In Price Doesn’t Mean You Get More
When a seller sees an uptick in the average sales price the first thought that typically comes to mind is, “I can ask more for my home” or “I shouldn’t lower my price”…I would call that jumping to conclusions.  Without all of the market data related to a particular property, a single stat should not dictate a particular action by a seller.

Click link below for 6 charts:
Charts November 2013

– Infographic
– Total Monthly Sales
– Active Listing Inventory
– Housing Supply Numbers
– Average Sale Price
– Sales by Price Range

 

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