Cincinnati Real Estate Market Stronger than Ohio Average

The first five months of 2009 have not been kind to the housing market here in Ohio. The chart above shows the impacts on both the number of units sold and the average price per unit sold compared to the same months 2008. While the economic slowdown has impacted the volume of sales there is one substantial factor that is influencing the average sale price - foreclosures and short sales.

The average price includes all properties sold, regardless if it is an owner sale or a bank sale. To emphasize the impact that a foreclosure sale could have, I recently helped a buyer purchase a foreclosure for 30% of its appraised value. Short sales are also impacting the average sale price since homeowners and banks are selling properties for less than they were purchased for.

The good news in the chart is that the  Cincinnati real estate market is better than the state average. The Cincinnati market continues to have the second highest home sale price, and the third highest volume of sales in the state. The local market continues to gain momentum through the late spring and summer months as the economy begins its long recovery.