Home Sales Archives - Star One Realtors

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Cincinnati Board of Realtors, Cincinnati housing, home prices, homeownership, Homes, homes for sale, MLS Listings, real estate, Star One, Star One Realtors

September Home Sales Momentum Slows Average Price Sets Record for 27th Consecutive Month

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September Home Sales Momentum Slows
Average Price Sets Record for 27th Consecutive Month

The momentum of September 2018 home sales slowed compared to last year’s levels, down – 7.5 % compared to September a year ago. Home sales this month were 2,109 compared to 2,280 in September 2017.

“Despite September sales slowing, 2018 home sales still remain one of the top three strongest in over 10 years,” said Phil Morrical III, President of the Cincinnati Area Board of REALTORS®. “This is still a competitive market, there are plenty of buyers and the interest rates are low. Consumers wanting to sell their home need to understand that this is a great time to list your home with a Realtor,” said Morrical.

The September average home price climbed to $207,894 compared to $198,567 a year earlier, a +4.7 % increase.  At the same time, the inventory of homes for sale, as of September 30, continued its year-over-year declining trend, but at a slower rate, from 5,633 a year ago to 5,449 in September 2018, down – 3.27 %.  However, September inventory was up + 0.5% over August 2018.

“Cincinnati is considered a very affordable market for home buyers and the inventory is turning over quickly,” said Morrical.  “Realtors monitor a statistic called, “Months’ Supply” (Absorption Rate).  If we take the September sales and compare it to the September active inventory to see how many months of possible sales exist before there is zero inventory. For September, there is 2.6 months’ supply.  5.0 is considered a “stable market.”  Below 5.0 months, it’s a Seller’s market; above 5.0, it’s a Buyers’ Market,” said Morrical.

Local home mortgage rates in September averaged 4.51% for a 30-year fixed rate loan.  The rates were up compared to 3.83% 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 $507.

“REALTOR’s are available to help guide consumers through all the important details involved in buying and selling a home. A REALTOR will assist them through the entire process and is your absolute best source for professional and accurate information,” said Morrical.

Call a real estate professional !!  Call a  STAR ONE REALTOR today!

Nationwide, September home sales were down 3.4% compared to August on a seasonally adjusted basis and were down – 4.1% from September 2017.

Cincinnati Board of Realtors, Cincinnati housing, home prices, homeownership, Homes, homes for sale, MLS Listings, real estate, Star One, Star One Realtors

May Home Sales Strong

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May Home Sales Strong, but Short Average Price Sets Record for 23rd Consecutive Month

May 2018 home sales were strong, but fell short of last year’s levels, down – 4.32 % compared to May a year ago. Home sales this month were 2,594 compared to 2,711 in May 2017.

“May 2018 recorded the third most May home sales since 2005, the highest in May 2017,” said Phil Morrical III, President of the Cincinnati Area Board of REALTORS®. “Besides the strong economy, the demand for purchasing a home is very high even though interest rates are slowly rising,” said Morrical.

The May average home price climbed to $219,293 compared to $199,770 a year earlier, a + 9.77 % increase.  At the same time, the inventory of homes for sale, as of May 31, continued its year-over-year declining trend to 4,536 from 5,087 a year ago, down – 10.83 %.

“Cincinnati continues to be a very strong and vibrant market.  Our homes are very affordable even though we are dealing with low inventory and increasing home prices. Homes priced right and in move-in condition are selling quickly,” said Morrical.  “A few tips for this market: 1) be prepared to move quickly; 2) make your best offer; 3) it is beneficial to come with a pre-approved loan; and 4) ask your Realtor about what price range of property is not selling as quickly. You may find your dream home by expanding your required features,” said Morrical.

Local home mortgage rates in May averaged 4.58% for a 30-year fixed rate loan.  The rates were up compared to 4.09% 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 $511.

“REALTOR’s are available to help guide consumers through all the important details involved in buying and selling a home. A REALTOR will assist them through the entire process and is your absolute best source for professional and accurate information,” said Morrical.

Call a real estate professional !!  Call a REALTOR today!

Home Sales May 2018 sent to media 06 20 2018 Page 2 1024x627 - May Home Sales Strong

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Home Sales Slip, but Remain Strong

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Average Price Sets Record for 16th Consecutive Month

October home sales remain strong, but couldn’t reach last year’s levels, down – 6.73 % compared to October a year ago.  Home sales this month were 2,052 compared to 2,200 in October 2016.  “The average price of homes set another new record for the month of October, extending our consecutive record months to sixteen,” said David Welch, President of the Cincinnati Area Board of REALTORS®. “Home sales remain strong and, from all indications, should remain strong through the end of this year,” said Welch.

The average home price climbed to $199,616 compared to $194,086 a year earlier, a + 2.85 % increase.
At the same time, the inventory of homes for sale, as of October 31, continued its year-over-year declining
trend to 5,491 from 6,244 a year ago, down – 12.06 %.

“Inventory is low; interest rates remain low; the average price of property, in general, continues to rise and the economy appears to be strong.  We are in “the perfect storm.” Property that is in “move-in” ready condition in a desired location is selling quickly, sometimes with multiple offers. We have buyers that are ready to purchase the home of their dreams. If you are thinking about selling your home, list it with a Realtor today,” said Welch.

Local home mortgage rates in October averaged 3.94% for a 30-year fixed rate loan. The rates were up
compared to 3.51% 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 $474.

 

“Consumers need to contact a REALTOR to help guide them through all the important details involved in buying and selling a home.  A REALTOR will assist them through the entire process and is your absolute best source for professional and accurate information,” said Welch.

Call a real estate professional !! Call a  STAR ONE REALTOR today!

Nationwide, October home sales were up + 2.0 % from September on a seasonally adjusted basis, but  were down – 0.9 % from October 2016.

Cincinnati Board of Realtors, Cincinnati housing, home prices, home sales, homeownership, Homes, homes for sale, interest rate, MLS Listings, real estate, Star One, Star One Realtors

Home Sales Average Price Sets Record

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Strong sales fall short of a year ago.

February home sales were strong, but came up short, down – 3.76 % compared to February a year ago.  Feb. 2016 had 29 days of recorded sales vs 28 days in Feb. 2017. Home sales this month were 1,407 compared to 1,462 in February 2016.

“2017 home sales continue to be strong.  One day of recorded sales can make a big difference in the numbers we report,” said David Welch, President of the Cincinnati Area Board of REALTORS®.  “February 2017 home sales were strong and the real estate market is not showing any signs of slowing down,” said Welch.

The average home price climbed to $180,372 compared to $160,839 a year earlier, a +12.14 % increase.  At the same time, the inventory of homes for sale, as of February 28, continued its year-over-year declining trend to 4,815 from 6,520 a year ago, down – 26.15 %.

“The average price of homes set another record this month, extending our consecutive record months of average home sale prices to nine.  Even though interest rates are climbing ever slightly, low inventory along with consumers ready to purchase is the perfect combination for driving 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 February averaged 3.99% for a 30-year fixed rate loan.  The rates were up slightly compared to 3.82% 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 $477.

“Consumers need to contact a REALTOR to help guide them through all the important details involved in buying and selling a home. A REALTOR will assist them 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, February home sales were down – 3.7 % from January on a seasonally adjusted basis, but were up + 5.4 % from February 2016.

30-Year Fixed Rate Mortgage (local)

Feb 2017   (average)         3.99%

Feb 2016   (average)         3.82%

Most recent (Mar. 22,  2017)    4.12%

A year ago  (Mar.22, 2016)         3.83%

 

Cincinnati Board of Realtors, Cincinnati housing, home prices, homeownership, Homes, homes for sale, MLS Listings, real estate, Star One, Star One Realtors

Average and Median Home Prices Highest in November

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November home sales soared, up 21.41 % compared to November a year ago. Home sales this month were 1,866 compared to 1,537 in November 2015. For the first eleven months of 2016, home sales are up 7.5% over the first eleven months of 2015.

“2016 home sales in Greater Cincinnati are set to record the second highest year ever in unit sales,” said Patti Stehlin, President of the Cincinnati Area Board of REALTORS®. “The market momentum is so strong that we could achieve all-time highs in average and median sales prices also,” said Stehlin.

The average home price climbed to $190,784 compared to $176,599 a year earlier, a + 8.03 % increase. At the same time, the inventory of homes for sale, as of November 30, continued its year-over-year declining trend to 5,777 from 7,476 a year ago, down – 22.73 %.

“Eight out of the past eleven months have displayed record high average prices of homes. Our low inventory coupled with low interest rates and consumers ready to purchase make this a very active market that continues to drive the prices higher. Remember, homes that are priced right and that are in move-in ready condition are the properties that are selling quickly,” said Stehlin.

Local home mortgage rates in November averaged 3.98% for a 30-year fixed rate loan. The rates were about the same at 3.97% 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 $476.

“Consumers need 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 Stehlin.

Call a real estate professional !! Call a REALTOR today!

Nationwide, November home sales were up + 0.7 % from October on a seasonally adjusted basis, and were up + 15.4 % from November 2015.

home prices, Homes, homes sales

Home Sales Continue Upward Trend

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Home Sales Continue Upward Trend; February Sales Highest Since 2007 

Cincinnati home sales (closings) continued the upward momentum in February, a 6-year high.  Home sales last month totaled 1,335 compared to 1,163 from a year ago, up 14.8%. This represents 20 consecutive months of increased sales. Sales in February 2013 compared to January 2013 were up 2.7%, which is typical of the season.

February’s average home selling price was $143,424 vs. $130,251 a year earlier, for a 10.1% increase. The average price has increased year-over-year for 12 consecutive months.  For the first 2 months of 2013, the average price of homes has increased 5.5%.

Local home mortgage rates in February averaged 3.67% for a 30-year fixed rate loan. That is down from 3.91% a year ago. The difference represents a $164 yearly savings on a $100,000 home loan, which enhances home affordability. Inventory of homes for sale continued its declining trend to 9,395 from 11,114 a year ago, down 15.5%. This means that homes for sale — newly added to the current inventory — if priced properly and in good condition, are in a position to sell faster. It is common for inventory to start low and build as the year goes on. As of today, the inventory of homes for sale is at 9,611 listings.

“Buyers are taking advantage of the low interest rates, the low inventory and are placing offers on  some listings as soon as they hit the active market,” said Kevin Kelly, president of the Cincinnati Area Board of Realtors. “February sales are the highest in 6 years. With the number of buyers looking for properties that are priced right and in good condition, the properties seem to sell as fast as they are listed.”

Nationwide, February home sales were up 0.8% from January on a seasonally adjusted basis and were up 10.2 % from February 2012. February home sales marked the 20th consecutive month where home sales – nationwide and statewide – also improved over a year ago.

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Home Sales Jump 30%

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Home Sales Jump 30%; 
January Sales Highest in 6 Years 
Cincinnati home sales (closings) were significant last month; reaching a 6-year high. January home sales totaled 1,294 compared to 999 from a year ago, up 29.5%.  This represents 19 consecutive months of increased sales. Sales in January 2013 compared to December 2012 were down 6.8%, which is typical of the season.

January’s average home selling price was $139,213 vs. $137,916 a year earlier, for a 0.9% increase.  The average price has increased year-over-year for 11 consecutive months.

Local home mortgage rates in January averaged 3.60% for a 30-year fixed rate loan.  That is down from 3.92% a year ago.  The difference represents a $218 yearly savings on a $100,000 home loan, which
enhances home affordability.

Inventory of homes for sale continued its declining trend to 9,451 from 11,003 a year ago, down 14.1%.  This means that homes for sale — newly added to the current inventory — if priced properly and in good condition, are in a position to sell faster.  It is common for inventory to start low and build as the year goes on.

“January home sales came in like a lion to begin 2013,” said Kevin Kelly, president of the Cincinnati Area Board of Realtors.  “This is the best January in number of sales in 6 years. The continued, upward momentum of Cincinnati home sales is a strong indicator that our local economy is recovering.” Kelly said that interest rates are maintaining their historic lows, the inventory of homes remains low, and the number of buyers looking for their desired home is increasing. “These are factors that help the housing market continue its positive momentum,” Kelly concluded.

Nationwide, January home sales were up 0.4% from December on a seasonally adjusted basis and were up 9.1 % from January 2012.  January home sales marked the 19th consecutive month where home sales – nationwide and statewide – also improved over a year ago.

Source:  Cincinnati Area Board of Realtors

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