December home sales RISE in Cincinnati

Posted on | February 11, 2010 | 1 Comment

December sales rose again over the previous year making the seventh straight month of increased home sales in Cincinnati. Although the Cincinnati real estate market is still challenging, there are a few great things contributing to the increased sales:

Very low interest rates on mortgages
Tax credits
Plenty of choice for home buyers

As the market stabilizes, these incentives will start to disappear. Mortgage rates are expected to rise in 2010. Although they will probably still stay at a historically acceptable level, the more they rise, the less home you’ll be able to afford.

The federal tax credit for first time home buyers and existing home owners is set to expire after April 30,2010. You must be “in contract” by the end of April and close on the sale by the end of June.

As the market stabilizes more, there will also be a little less choice for buyers (which will shore up prices for sellers). We’ve already seen the months of inventory decrease from 10.38 months a year ago to currently 8.87 months. A balanced market is around 6 months of inventory. Decreased inventory of homes on the market is great for sellers, but it will leave less choice and less room to negotiate for buyers.

	— Homes	Sold —	Improvement
	2009	2008	2009
December	1,311	1,279	+2.5%
November	1,585	1,179	+34.44%
October	1,742	1,499	+16.21%
September	1,832	1,649	+11.10%
August	1,830	1,776	+3.04%
July	2,007	1,866	+7.56%
June	1,977	1,940	+1.91%

Check out the press release from the Cincinnati Area Board of Realtors for more information.
2009 HOME SALES SURPASS 2008

Category: Uncategorized

Comments

One Response to “December home sales RISE in Cincinnati”

Peter Quinn
February 11th, 2010 @ 9:01 am

Hi. I am a long time reader. I wanted to say that I like your blog and the layout.

Peter Quinn

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