Home Sales Rose in May in Cincinnati and Dayton, Ohio; Northern Kentucky; and Southeastern Indiana!

HomeSales_May2017.jpgMay 2017 was a strong month for home sales throughout Cincinnati and Dayton, Ohio; Northern Kentucky; and Southeastern Indiana with increases in the number of home sales from four to almost seven percent.

May 2017 was also a record-setting month in Cincinnati with the average sale price reaching $199,421. In Northern Kentucky, the average home sale price was $182,783 – the highest since September 2016. In Dayton, Ohio, the May 2017 average sale price was 4% better than last May. Southeast Indiana had a 4.0% increase in average sale price at $161,340.

Not increasing in all regions are the number of homes for sale – which still remain low. In Cincinnati the number of homes for sale is down 24.98% as compared to inventory from May 2016. In Northern Kentucky the inventory of new listings for sale in May 2017 was the highest since June 2016 – 950 homes. However, in that region the total number of homes for sale still remains low with only 1,726 properties. In Dayton, Ohio, there were 2,172 new listings added for sale in that region in May 2017 – which was up from 2,108 new listings in May 2016.

The real estate market remains strong – homes in good condition many times are selling quickly – some with multiple offers. Mortgage interest rates are still low. Look at homes for sale.

Here are the May 2017 home sales statistics:

Cincinnati May 2017 Home Sales

May 2017 vs May 2016

  • 4.05% Increase in home sales (2,695 homes vs 2,590 homes)
  • 7.05% Increase in sales volume ($537,439,239 vs $502,052,134)
  • 2.88% Increase in average sale price ($199,421 vs $193,843)
  • 1.19% Increase in median sale price ($160,000 vs $157,000)

January – May 2017 vs January – May 2016

  • .96% Increase in home sales (9,872 homes vs 9,778 homes)
  • 7.74% Increase in sales volume ($1,912,894,430 vs $1,775,446,351)
  • 6.71% Increase in average sale price ($193,770 vs $181,580)
  • 6.90% Increase in median sale price ($155,000 vs $145,000)

Source: Cincinnati Area Board of Realtors, Home Sales Report, May 2017

Dayton, Ohio May 2017 Home Sales

May 2017 vs May 2016

  • 4.03% Increase in home sales (1,626 homes vs 1,563 homes)
  • 8.07% Increase in sales volume ($256,075,029 vs $236,944,693)
  • 3.89% Increase in average sale price ($157,488 vs $151,595)
  • .71% Increase in median sale price ($133,950 vs $133,000)

January – May 2017 vs January – May 2016

  • 4.48% Increase in home sales (6,023 homes vs 5,765 homes)
  • 12.32% Increase in sales volume ($907,874,053 vs $808,282,267)
  • 7.51% Increase in average sale price ($150,735 vs $140,205)
  • 6.61% Increase in median sale price ($129,000 vs $121,000)

Source: Dayton Area Board of Realtors, Home Sales Report, May 2017

Northern Kentucky May 2017 Home Sales

May 2017 vs May 2016

  • 6.61% Increase in home sales (742 homes vs 696 homes)
  • 11.38% Increase in sales volume ($135,625,702 vs $121,771,783)
  • 4.47% Increase in average sale price ($182,783 vs $174,959)
  • 2.81% Increase in median sale price ($155,500 vs $151,250)

January – May 2017 vs January – May 2016

  • 6.62% Increase in home sales (2,771 homes vs 2,599 homes)
  • 10.35% Increase in sales volume ($479,594,468 vs $434,621,789)
  • 3.50% Increase in average sale price ($173,076 vs $167,226)
  • 2.74% Increase in median sale price ($150,000 vs $146,000)

Source: Northern Kentucky Association of Realtors, Home Sales Report, May 2017

 

Southeastern Indiana May 2017 Home Sales

May 2017 vs May 2016

  • 6.5% Increase in home sales (132 homes vs 124 homes)
  • 10.7% Increase in sales volume ($21,296,838 vs $19,238,573)
  • 4.0% Increase in average sale price ($161,340 vs $155,150)
  • 2.0% Decrease in median sale price ($136,500 vs $139,347)

January – May 2017 vs January – May 2016

  • 6.4% Increase in home sales (456 homes vs 429 homes)
  • 10.3% Increase in sales volume ($68,570,499 vs $62,159,900)
  • 3.8% Increase in average sale price ($150,374 vs $144,895)
  • 0% Increase in median sale price ($135,000 vs $135,000)

Source: Rick McMillin VP/Sales Manager of Sibcy Cline Harrison, Southeastern Indiana Home Sales Report, May 2017

Tips for Buying a Home in a Seller’s Market

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House hunting in a seller’s market can be tough. With not enough homes for sale, the challenge is for a buyer to make an offer that rises to the top and is accepted by a home seller. How do you do it? It’s all about being flexible and knowledgable. Here are six tips to bring your “A” game when buying a home in a seller’s market:

1. Work with a Real Estate Agent
When buying a home, it is advisable to have agent representation. This professional will first sit down with you to review the entire home-buying process so you know what to expect. Your agent will then search for homes that meet your criteria in areas you prefer. Your agent will know of homes coming onto the market and alert you to be prepared. He or she will also craft an offer to purchase that is strong and works in your best interest.

2. Know Your Budget
Understanding how much home you are qualified to purchase is very important – especially in a seller’s market. Getting pre-qualified for a mortgage loan is your first step in creating a home budget. Once you have this information, you can feel secure in making a strong offer on a home that includes documentation of this pre-approval.

3. Need vs Want – Type of Home and Location
Once you know how much you can spend on a home, the next things to determine are the kind of home and amenities needed. This list may include the number of bedrooms and baths, ranch-style home versus two story, type of floor plan or walkability factors. By keeping an open mind of what your major needs are, the more homes you can consider in a seller’s market. When creating your list, you need to consider: “I need” and “I wish I had”.

Remember, no home will be a “perfect place to live” – especially when searching in a seller’s market. Try to keep an open mind. If the home needs updating, will it work within your budget to make those changes? Can you make do with a floor plan that offers three bedrooms instead of four?

Location will also be a consideration. You may want a home located near your work, shopping or close to a highway.  If your preferred neighborhood is out priced for your budget, you will need to start looking at other nearby areas. Widening your search geographically will cast a larger net of available homes on the market.

4. Be Ready to Act Fast
A key factor for home buyers in a seller’s market is to make a timely offer. You will need to stay on top of the daily changes in the market and when a new property is listed, be flexible with your schedule to view that home immediately and be prepared to make an offer.

5. Make a Strong Offer
In a seller’s market, think through your offer strategy. A low-ball offer will probably be dismissed right away. Don’t nickel and dime the seller. Too many contingencies can be a turn off to a seller. Think through the occupancy date and what would be appealing to that seller.

6. Be Prepared For a Bidding War
You may get caught in a bidding war for that dream home in a seller’s market. You do not want to overpay and will need to have a limit set of what you are willing to offer. Know the market and do your research on home values.

With multiple offers, the seller has his or her pick of which offer to accept, start a counteroffer process or reject all offers. The seller does not need to inform any potential buyers of the multiple offer situation. If the seller counteroffers, other offers may still come in for consideration. A seller does not have to respond to offers in the order received or reveal the status of other offers. With multiple offers, the seller has the upper hand and can use it to increase the price or improve the terms of sale.

In such a bidding war, you can either give your best offer and hope it is the strongest, or have an escalation clause that lets you bid up to a certain limit. If caught in a bidding war, you need to be available to your agent so your bid remains active.

If your offer is not accepted, do not panic. There will be other homes for sale. Don’t let your impatience to buy a home ruin your budget by offering too much for a home. Know your limits.

With these six tips, you are ready to start your home search in a seller’s market! Starting looking for homes for sale.  Find a Sibcy Cline agent.

Cincinnati’s Homearama 2017 to be held at Rivercrest in Hamilton Township

CommunitySign6.JPGThe 2017 Cincinnati Homearama home show will be hosted at Rivercrest located in Hamilton Township in Warren County and overlooking the scenic Little Miami River. The show is scheduled for July 8-23, 2017.

Show hours:
Monday – Thursday: 4pm – 10pm
Friday – Sunday: 12pm – 10pm

Tickets are $16 at the gate. AAA members who show their card get a $2 discount. Or order discounted $14 tickets here.

There will be eight show lots with homes expected to be priced from $800,000. Five builders have committed to the show.

Rivercrest has 132 acres of land with 211 single-family lots. The community will offer many amenities including:

  • State-of-the-art clubhouse with meeting rooms
  • Community pool
  • Stocked pond
  • Sidewalks and street lamps
  • 50 acres of green space

 

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Rivercrest is conveniently located at 1295 US 22 in Maineville, Ohio 45039.

Nearby Deerfield Township Town Center offers many stores and restaurant options. Kings lsland and The Beach area popular entertainment spots during the warmer months that are located in Warren County.

Interested in building a new home? Contact your Sibcy Cline agent.

New Directions and Proximity Mapping Tool on www.sibcycline.com

Sibcy Cline’s website now has a new directions and proximity mapping tool that features directions, number of driving miles as well as estimated drive time from a listed property to a desired location.

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To use the tool, a user simply needs to create an account from a listing detail page…

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…and click on “Saved Locations”.

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A registered user can add up to five address locations (work, school, etc.)

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We think this new tool will “move” people! It’s a great way to help potential buyers make decisions about what part of town they want to live. And for those who enjoy walking or biking, the map also features walking directions with estimated time to reach a destination.

Be sure to check out this new tool on Sibcy Cline’s website!

Sibcy Cline Super Open House is May 20 and 21, 2017!

Superman_WebArt.jpgThinking of buying a new home? Plan on seeing some great homes at the Sibcy Cline Super Open House Weekend on May 20 and 21, 2017! View all area open houses on Sibcy Cline’s website.

Why Sell your Home and Buy a New One?
Home values are rising and you could get top dollar for your home during this “seller’s market”.  And, mortgage interest rates are still low – which is really good new for home buyers.  Perhaps now is a good time for you to sell your old home and purchase a new one!

Northern Kentucky Home Sales Rise Seven Percent in March!

Home sales in Northern Kentucky were strong in March – with a 7.45% increase in sales as compared to March 2016. Here are the statistics:

March 2017 vs March 2016

  • 7.45% Increase in home sales (620 homes vs 577 homes)
  • 7.81% Increase in average sale price ($175,734 vs $162,997)
  • 4.83% Increase median sale price ($149,900 vs $143,000)
  • 15.85% Increase in sales volume ($108,955,497 vs $94,049,825)

January – March 2017 vs January – March 2016

  • 9.81% Increase in home sales (1,410 homes vs 1,284 homes)
  • 3.91% Increase in average sale price ($167,578 vs $161,268)
  • 3.20% Increase median sale price ($144,950 vs $140,450)
  • 14.11% Increase in sales volume ($236,286,303 vs $207,069,255)

It’s a great time to sell and buy homes. Home values are rising and mortgage interest rates are still low.

Look at homes for sale.

Statistics: Northern Kentucky Association of Realtors Home Sales Report, March 2017

 

Home Sales Increase for March in Dayton, Ohio!

Dayton_eveningMarch blew in with an early spring for Dayton, Ohio with home sales increasing by 13 percent for the month. Here are the statistics:

March 2017 vs March 2016

  • 13.33% Increase in home sales (1,301 sold homes vs 1,148 sold homes)
  • 18.81% Increase in sales volume ($194,785,740 vs $163,941,377)
  • 4.88% Increase in median sale price ($130,000 vs $123,950)
  • 4.11% Increase in average sale price ($149,720 vs $143,808)

January – March 2017 vs January – March 2016

  • 6.98% Increase in home sales (3,020 sold homes vs 2,823 sold homes)
  • 17.63% Increase in sales volume ($436,996,761 vs $371,495,995)
  • 12.23% Increase in median sale price ($126,825 vs $113,000)
  • 9.02% Increase in average sale price ($144,701 vs $132,725)

Look at homes for sale.

Statistics courtesy of: Dayton Area Board of Realtors Home Sales Report March 2017