Press Release: Cincinnati Area Real Estate March Sales Update

Press Release

Cincinnati Area Board of Realtors®

 

The following press release was sent to the local media today at 10:20 a.m.

 

April 19, 2012

 

Contact:          Tom Hasselbeck, CABR President, 513-829-0044 , 513-607-3868 [cell]

                        Gene Snavley, CABR Exec.Vice President, 513-543-2211 [cell]

 

Home Sales Up 9 Months in a Row;

Year-to-Date Sales Up 9%

            Local home sales in March – for the 9th consecutive month – improved over a year ago. Sales in March totaled 1,505 units, a 1% gain over the same month a year ago when 1,490 homes were sold.

            “Mortgage rates remain at historical lows, the housing inventory is increasing and higher consumer confidence were all contributing factors that helped prospective buyers to stop looking and buy,” said Tom Hasselbeck, president of the Cincinnati Area Board of Realtors.

            Local mortgage rates in March averaged 4.01%.  That’s down from 4.82% a year ago.  This week, they’re at 3.87%. 

            Average home sale price last month was $144,346, up +8.44% from a year earlier. “This is a result of more sellers putting their homes on the market and buyers taking advantage of this newer inventory,” said Hasselbeck. 

            The first quarter is generally the weakest sales period of the year for closings. This year, however, the first three months are up nearly 9% from a year earlier.  “This is a great start to what looks to be a very positive 2012 for home sales with an improving economy,” said Hasselbeck.     

            The local housing inventory has been on a growth path since December.  “We have seen an increase in the number of non-lender involved inventory and buyers are excited about this,” said Hasselbeck.  “This means that when you combine low interest rates, higher consumer confidence and great housing values, now — more than ever — is a great time to buy.” 

            To help further stimulate the local real estate market, this weekend Realtors will be participating in the tri-state Open House Weekend, April 21-22.  This is an opportunity for buyers to visit homes they may be interested in and for sellers to open their doors to those potential buyers.

March Home Sales

 

Summary of Single Family and Condominium Sales

Multiple Listing Service of Greater Cincinnati

Cincinnati Area Board of Realtors®

 

March Home Sales

 

                                                            Closings          Gross Volume         Average Price          

                        March 2012                  1,505              $217,240,287              $144,346

March 2011                 1,490              $198,332,403              $133,109        

Variance          +1.01%                        +9.53%                +8.44%

 

 

Year-to-Date Home Sales

 

                                                            Closings          Gross Volume          Average Price         

Jan-Mar. 2012                3,662             $505,716,979            $138,099                

Jan-Mar. 2011                3,361             $464,846,681             $138,306        

                                     Variance           +8.96%                      +8.79%                 – 0.15%

 

 

Nationwide, March home sales were down 2.6% from February on a seasonally

adjusted basis, but up 5.2% from March 2011.

 

Advertisements
Published in: Uncategorized on May 3, 2012 at 04:39  Leave a Comment  
Tags:

The URI to TrackBack this entry is: https://homefindernetwork.wordpress.com/2012/05/03/press-release-cincinnati-area-real-estate-march-sales-update/trackback/

RSS feed for comments on this post.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: