Homes and condo sales continued at a brisk pace for May, 2010 in Hyde Park, Mt. Lookout, Oakley and Columbia Tusculum.  80 homes closed in the month of May.  There are currently 65 homes pending closing and 421 homes and condos that are actively listed for sale.Hyde Park, Mt. Lookout, Oakley, Columbia Tusculum Market Snapshot - May,2010

 

 

 

 

 

 

 

 

 

 

Troubling issues raised by the above graph show that we are still not back to the average or median prices of homes and condos sold in 2005.  This is causing difficulties for people wanting to refinance in this time of extremely low mortgage rates.  It is also a problem for those with little equity in their home, who need to sell because of a relocation or change in family circumstances.

According to Credit Suisse's monthly survey, traffic levels (number of visitors to homes for sale) have been slower in May.  This is credited to the end of the homebuyer tax credit.  It forced many buyers to buy ahead of what might have been their regular time schedule. Low traffic levels may result in a longer time to sell a house and price reductions.

The Cincinnati Multiple Listing Service reported an overall uptick of 25% from May of 2009 to May of 2010 on the number of homes sold.  That is more than the 19% reported for nationwide home sales.  June sales are expected to also remain strong as the last of the tax credit homebuyers close on their homes.