Let's take a look at the housing market in Mt. Adams, Ohio...within walking distance of downtown Cincinnati.   This neighborhood tends to attract both young professional buyers and downsizing seniors, excited about living around Eden Park and the proximity of cultural institutions, restaurants and downtown. Homes are 70-125 years old with significant remodeling and updating. Typical price ranges start at $200,000 and go up to more than $3,000,000.

To give you perspective about the market, the graph shows sales for the past five years, through October 31, 2009.  You can easily see the increase in prices and the decrease as the recession strengthened.  There are very few homes listed under $200,000 in this small area.

With loans harder to acquire, higher priced homes listed at over $450,000 have struggled to find buyers, both because of the inability to sell the buyer's home and the difficulty in getting significant down payments.Mt. Adams Market Snapshot - October,2009

Currently the area has 53 active listings on the market.  There are 2 pending sales.  The average home sold in 138 days.  If you use the last year's number of sales and compare it to the number of active listings, there are approximately 26.5 months of inventory on the market.  With this kind of inventory and competition with downtown listings, downward pressure on prices will continue. The National Association of Realtors indicates that six months of inventory is a balanced market.