2016 just shy of 2005’s record year in sales
December home sales continued the year’s momentum, up 6.02 % compared to December a year ago. Home sales this month were 1,937 compared to 1,827 in December 2016. Home sales for the year, 2016, ended up 7.46% over 2015 and just missed 2005’s record year in sales, 26,114 in 2016 vs 26,553 in 2005.
“2016 was a stellar year for home sales in Greater Cincinnati, recording the second highest year ever in unit sales,” said David Welch, President of the Cincinnati Area Board of REALTORS®. “The market momentum was so strong that we achieved all-time highs in average and median sales prices also,” said Welch.
The average home price climbed to $190,339 compared to $178,837 a year earlier, a + 6.43 % increase. At the same time, the inventory of homes for sale, as of December 31, continued its year-over-year declining trend to 5,049 from 6,704 a year ago, down – 24.68 %.
“Nine out of the past twelve months recorded record high average prices of homes. Our low inventory coupled with low interest rates and consumers ready to purchase made this a very active market that continues to drive the prices higher. Homes that are priced right and that are in move-in ready condition are the properties that are selling quickly,” said Welch.
Local home mortgage rates in December averaged 4.06% for a 30-year fixed rate loan. The rates down slightly at 3.91% a year ago. At these fixed rates, the monthly principal and interest payment on a $100,000 home loan with no money down would be approximately $481.
“Consumers should to contact a REALTOR to help guide them through all the important details involved in buying and selling a home. A REALTOR will assist you through the entire process, and is your absolute best source for professional and accurate information,” said Welch.
Call a real estate professional !! Call a REALTOR today!
Nationwide, December home sales were down – 2.8 % from November on a seasonally adjusted basis, but were up slightly + 0.7 % from December 2015.