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 Mt. Adams neighborhood in Cincinnati, Ohio are in for January.  The average of the 3 homes closed this month was $325,000, median was also $325,000.  The average price for January greatly exceeds the years from 2005-2009, so you can expect that as additional sales occur, prices for the year will moderate considerably.  The average home was on the market for 158 days.  There are currently 40 homes on the market and 1 pending home. Mt. Adams, Ohio Home Sales - 2005-10 

 

 

 

 

 

 

 

 

 

 

There is approximately 35 months of inventory available. A balanced market is considered to be 6 months of inventory.  Based upon that, price decreases are likely to occur.

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).