Market Update-Nationwide November Sales Explode!

Some very positive news released by the NAR today,  an increase of 33% in November 09 vs 08. As many may suspect the tax credit had a large role in this increase however the result has more of a positive outlook then just a sales increase. The increase in sales volume has left the nation with a standing inventory of 7.99 months vs over 12% in Nov 08, and in Real Estate terms, 6 months is considered a balanced market! This is the more important number for the country to focus on.

As Real Estate goes, as does the economy, and as we near a balanced market, we are growing steps closer to stabilizing our economic position.

For all the stats see here

homesalesnov2009

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Market Update-Greater Cincinnati MLS

New Listings 98  
Back on Market 17  
Price Increases 11  
Price Reductions 59  
Pendings 53  
Solds 75  
Expireds 42  
Inactives 28  

New Listing 98

Avg LP: $149,079

Pendings: 53

Avg LP: $173,174- This is a Higher number then what the avg for the area over the past 60 days have produced.

Solds: 75

Avg SP: $154,434

Published in: on December 23, 2009 at 17:02  Leave a Comment  

Market Update-Greater Cincinnati MLS (Weekend Review)

New Listings 105  
Back on Market 21  
Price Increases 5  
Price Reductions 81  
Pendings 65  
Solds 84  
Expireds 58  
Inactives 44  

These numbers may not reflect the stream of activity that actually took place this weekend. We noticed showing activity this weekend on numberous listings we have active. I wouldn’t call them desperate buyers as much as I would focused buyers. The buyer traffic we experienced over the weekend was very encouraging. We are expecting offers this week as a result.

Published in: on December 22, 2009 at 13:24  Leave a Comment  

Market Update-Greater Cincinnati MLS

New Listings 106  
Back on Market 36  
Price Increases 6  
Price Reductions 69  
Pendings 64  
Solds 61  
Expireds 100  
Inactives 28  

New Listings: 106

Avg LP: $202.424

Pendings:64

Avg LP: $131,232

Solds:

Avg SP:$121,227

Market Update-Greater Cincinnati MLS

New Listings 115  
Back on Market 22  
Price Increases 0  
 
Price Reductions 77  
Pendings 68  
Solds 50  
Expireds 35  
Inactives 40  

Those numbers only reflect a quiet day in the marketplace. We did have nearly 70 homes accepted offer contracts today

Pending: 68

Avg LP: $ 160, 724- this is a higher then avg number then what we have been witness to over the past couple weeks. Especially yesterday.

New Listings 115:

Avg LP: $136,606

Solds: 50

Avg SP: $248,042- That is a high-water mark for certain. A very nice avg SP for a Tuesday! 6 of those 50 closing were over 500k, and 1 was over 1 million. Then followed by 4 in the 400k and 2 over 340k. Combined over 12 million dollars in Real Estate was closed today! Compared to 11 million in the 115 newly listed housing inventory today. That quite the number especially when the volume difference was over double.

 Interest rates help firm today and on making that note, it was during  my recent trip to Vail, that the conventional interest rate dropped to 4.5% and here we are 1 month later and we had over 12 million in Real Estate close between only 50 homes, a large percentage were of the conventional variety.

Market Update-Greater Cincinnati MLS (Weekend Review)

New Listings 183  
Back on Market 32  
Price Increases 11  
Price Reductions 90  
Pendings 79  
Solds 62  
Expireds 25  
Inactives 55  

There was a noticable update on the new inventory today- We noticed a large output of distressed/bank owned inventory.

The avg LP on the active residential was $158,573, however several pockets of distressed properties did enter the marketplace today. The investment group we advise experienced a full inbox in their portfolio prospecting system today.

Another note to make on the active there were 30 land/lot only listings made active today. Mainly over 12 lots in Perry Township of Brown County. For more information pertaining to these buildable lots contact us direct.

79 Pendings

Avg LP-$122,920

62 Solds

Avg SP-$152,415

Market Update-Financials (Interest Rates)

From the desk of Bob Klorer:

 

Mortgage rates continue to trade in a narrow range with 30 year fixed rates averaging 4.875 to 5.00%
 
New RESPA guidelines are the focal point of most lenders and investors as the required changes are to take effect beginning of the year…however we are implementing the new disclosures tomorrow in advance of the mandated change date.
 
Our $300 closing cost discount continues thru year end…if you should need any assistance or have any questions regarding any of the upcoming RESPA changes please feel free to contact me at anytime.

Published in: on December 15, 2009 at 03:22  Leave a Comment  
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Market Update-Greater Cincinnati MLS

New Listings 110  
Back on Market 22  
Price Increases 6  
Price Reductions 72  
Pendings 69  
Solds 38  
Expireds 38  
Inactives 25  

New Listings: 110

Avg LP: $163.311

Pendings: 69

Avg LP: $145,121

Solds:38

Avg SP: $131.070

All 3 categories stayed in line with the averages we have been experiencing over the past weeks. Nearly 70 pendings yesterday can point to a still steady number for December.

I mentioned at the end of November and several time prior that distressed bank owned homes were being held in inventory to be released onto the market with great volume during the timetable we are in now. Based on the Avg. LP of the new listings, I am still not seeing an extreme amount of bank owned listings enter our market place.

Market Update-Greater Cincinnati MLS

New Listings 130  
Back on Market 20  
Price Increases 6  
Price Reductions 85  
Pendings 73  
Solds 55  
Expireds 32  
Inactives 35  

New Listings: 130

Avg LP: $180,639

Pendings: 73

Avg LP: $150,344

Solds: 55

Avg SP: $145,870

Some notes about traffic, our website, www.CincinnatiAreaHomeFinder.com generates a weekly unique visitor action report and last week we experienced a 30% increase in activity from clicks by unique visitors.

Market Update-Greater Cincinnati MLS (Weekend Review)

New Listings 123  
Back on Market 27  
Price Increases 7  
Price Reductions 112  
Pendings 60  
Solds 103  
Expireds 38  
Inactives 40  

Triple digit solds is solid and a result of a late October high pendings.

Pendings: 60

Avg LP: $172,735

New Listings: 123

Avg LP: $180,398

Solds: 103

Avg SP: $166,426

Numbers are all similar here. A bit different on the SP avg then what we saw late last week and higher than the avg for all solds in OCT ($150,853.00)

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