23 Dec Which Cincinnati county performed the best for buyers and sellers in 2013? See below…
As we wind down 2013, I always make time to look back at how I personally performed (in my Real Estate Agent business) as well as how the Cincinnati market performed overall. I am extremely thankful for my hardworking team who will sell 500 homes this year. It was our pleasure to serve you and hope you’re enjoying the Holiday season, especially those of you in new homes!
I pulled data from the 4 major counties in Cincinnati – Butler, Warren, Clermont and Hamilton. In order to get an apples-to-apples comparison, I also focused on a specific price range of single family homes between $200,000 and $250,000. Read below on how each county stacked up against one another to be recognized as the best area for buyers and best area for sellers.
|May ’12 vs May ’13 Inventory Decrease||Months As a Sellers Market over Past 12||%age of Market*||Increase in buyer activity*|
|Median Price Inc*||# Sold*||SP/LP*||Average DOM*|
* Numbers based on single family sales of $200,000 – $250,000 over the past 12 months from the Cincinnati MLS
SUMMARY OF FINDINGS
- Has the widest range of values than any other county
- Lowest median price increase in 2013 compared to 2012 over the 4 counties – 5.3%
- Largest selection of homes fitting the $200-$250,000 range – 815
- Offers the largest average discount off of the listing price of 6.5%
- When priced right, properties will sell 5-10% faster than the other counties
- Nearly ever stat put it right in the middle except that it had the fewest number of sales between $200,000-$250,000
- Though it was mostly a seller’s market throughout the year, Clermont had the 2nd highest median appreciation of 8.5%
- Saw the highest decrease in homes available for sale from 2012 to 2013 of 16.3%
- Spent more months as a seller’s market than the other 3 counties – 10
- Saw the lowest increase in buyer activity of only 10.8% (likely due to the shortage of homes)
- Homes in this county sell 5-10% slower than the other counties
- Butler saw the smallest decrease in inventory from 2012-2013
- As a result, buyer activity was up 22% – more than any other county
- Saw the largest median price appreciation at 8.8% in 2013
- Has the highest list price to sale price ration of 95.2%
IF YOU’RE A BUYER IN THE $200,000 – $250,000 RANGE
Best Short Term Buy – Hamilton County will give you the most options, is more of a buyer’s market throughout the year than any other county, and offers the highest discount on list price.
Best Long Term Buy – The best long term buy is in Butler County. You will have the 2nd highest number of options to pick from and this county is high highest appreciating county of the four. But expect more competition as the number of buyers has increased in this area more than the supply. Also expect a smaller discount off of list price.
IF YOU’RE A SELLER IN THE $200,000 – $250,000 RANGE
Most Upside – Warren County was a seller’s market 10 out of the past 12 months. Activity may not be as high as it is in Butler County, but with a drastically shrinking supply, 2014 should cause Warren County to improve in all seller related statistics.
Biggest Challenge – Hamilton County experienced the lowest level of appreciation and spent the fewest numbers of months as a “sellers” market. There is a lot of competition at this price point so be sure to make smart improvements during ownership.
Regardless of where you live, a top notch Realtor can make sure that you are able to buy at the best value possible or sell for the most amount of money that the market will bear. As your Cincinnati Real Estate Agent, I am happy to provide you with a more customized evaluation based upon your specific location and price range. Should you wish to see any of the data supporting the above analysis, drop me a line below. And if you think YOUR county is better than the rest, tell me why!
Have a wonderful Christmas and a Happy New Year!