Let's take a look at the housing market in Hyde Park, Oakley, Mt. Lookout and Columbia Tusculum, Ohio...in Cincinnati's close-in urban suburbs.   We are grouping them together because they tend to attract the same group of young professional buyers looking for similar properties.  The majority of the homes are 80+ years old, with the price range varying from $100-1,000,000.

To give you prespective 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.  Part of that price decrease can be attributed to a higher percentage of lower priced listings sold. 

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.market Snapshot - Hyde Park, Oakeley, Mt. Lookout, Columbia Tusculum, Ohio - October 2009 The median price is lower as a result.

 

 

 

 

 

 

 

 

 

Currently the area has 368 active listings on the market.  There are 71 pending sales.  Homes sell in an average of 92 days on the market (DOM).  If you use the last year's number of sales and compare it to the number of active listings, there are approximately 7.8 months of inventory on the market.  Looking only at the number of pending sales to active listings, a more robust market would be anticipated. The National Association of Realtors indicates that six months of inventory is a balanced market.