“With the increased amount of buyers, usually that speaks very loudly and well for buyers, but the problem we’ve had is very low inventory,” she said. “With the inventory so low, the competition for homes is very high.”
The number of single family homes and condominiums sold in the area in 2015 picked up 6.8 percent over the year before, with one month left in the year to count closings. Year-to-date through November, over 22,400 mostly existing homes were sold, according to Cincinnati Area Board of Realtors.
Also, the average sold price gained nearly 3 percent from 2014 to rest at about $180,896, according to the realtors’ board.
However, the inventory of homes for sale ended November down approximately 17 percent from a year ago to 7,476 listings, according to the realtors group.
These figures include sales in Butler, Clermont, Hamilton and Warren counties, but numbers also include sales in about 26 surrounding, outlying counties in Ohio and eastern Indiana tracked by the Multiple Listing Service of Greater Cincinnati Inc.
“We’re continuing to experience a return to a more traditional marketplace, with ebbs and flows in activity occurring in the short term due to shifting market conditions,” said Ohio Association of Realtors President Greg Hrabcak in a written statement. “Overall, the state’s real estate market continues to exhibit stability as it rebuilds a solid foundation for long-term growth.”
Owens believes 2015’s increased buyer demand will lead more sellers to put their homes for sale in the coming year.
“I think this whole year overall has probably stirred the interest a lot, so I think we’re going to start to see more inventory in 2016 than we did in 2015 because of the increase of sales and the upswing in the whole housing market,” Owens said. “People were pretty cautious there for a couple of years especially when the housing market tanked.”
RE/MAX agents throughout the Tristate put together a list of the housing market’s top five issues in 2015. Low inventory, conservatively higher home prices, still cautious buyers and increased first-time home buyers topped their list.
The other major issue agents identified were the preparedness of buyers. More house hunters had their financing in place before looking, a necessity in the changing market, according to RE/MAX.
“The average days on market for a listing, they vary in different areas of the city. If you’re looking in a hot area and you don’t have your pre-qualifications set up, I can guarantee it’s going to be gone before you’re ready to write a contract,” Owens added.
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