The Cincinnati Area Board of Realtors has released final numbers for the 2009 year.  The good news...yearly area sales increased by 21 units over 2008 and December homes sales were up 2.5%.  A total of 18,793 units sold in the 2009 year, up .11%  The average price was down 7.17% to $150,640.Cincinnati Home Sales 2009

 

 

 

 

 

 

 

 

 

Nationally, December home sales increased 15% from a year ago and 4.9% for the year.

Sales were driven by a combination of factors.  First is the extension of the home sales tax credit for first time buyers.  Additionally it has been expanded to include current homeowners who want to buy again.  Eligible first-time buyers can still receive a federal tax credit of up to $8,000, while eligible current homeowners can get up to a $6,500 tax credit.

The low home mortgage interest rates, around 5.25% for buyers with good credit, make the purchase of a homes very attainable.  In fact, national figures point to a housing affordability index that is the best of all time.

So, what does Cincinnati's inventory picture look like?  Currently, there is 8.87 months of inventory on the market, down form 10.38 months a year ago.  It is still a buyer's market, because a balanced market is approximately 6 months of inventory.  This explains the erosion of average sale prices.

Expectations are for a continued strong market this Spring.  Buyers must have a purchase contract in place by April 30 and close by June 30 in order to qualify for the tax credits.  Don't wait too long!