The New Year is upon us and demand for homes is already showing up, especially in the lower, first-time buyer market.  Expectations are that the resell market will also see a benefit from the Federal Government Tax Stimulus.

Numbers for the Hyde Park, Mt. Lookout, Oakley and Columbia Tusculum neighborhood in Cincinnati, Ohio are in for January.  The average of the 25 homes closed this month was $253,565, median was $219,500. The average home was on the market for 125 days.  There are currently 329 homes on the market and 75 pending closing. Hyde Park, Mt. Lookout, Oakley and Columbia Tusculum Housing Statistics, 2005-10 

 

 

 

 

 

 

 

 

 

 

There is approximately  7.9 months of inventory available. A balanced market is considered to be 6 months of inventory. 

February appears to be starting strong.  The Cincinnati Team's phones have started ringing with buyers asking questions about homes on the market in the Cincinnati area.  They are already out driving neighborhoods.  You can expect that it will be several more months before the tire-kickers move on to serious looking and accepted contracts. 

We expect the actual home sales of homes to kick into high gear as the April 30 drop dead date approaches for having a contract in place (to receive the $8000 or $6500 tax credit).