Cincinnati Area Housing Market Update from January Month End

Ohio's housing market is seeing a major decline statewide. From January of 2008 to January 2009 the market as a whole in the State of Ohio declined 21.3% from last year. In Cincinnati Ohio, the number of units sold went from 1130 to 909, a change of -19.6% from January to January.

Sale prices weren't much better. The sale price in January of 2009 vs 2008 went down 18.4% in Greater Cincinnati. The state average was -11.9%.

On a positive note, the "experts" are now saying that the bottom is near for Ohio. In the March edition of the Ohio Market Newsletter for Ohio Realtors there was an article titled "Real Estate Outlook: Expert says the bottom is in sight".

In the article they quote Moody Economy.com's chief economist Dr. Mark Zandi and said that the "bottom of the housing downturn is in sight for the nation". Even the Wall Street Journal had a headline reading "for some, its finally time to dive into the housing market". Mortgage rates are also hovering near historic lows. I have talked to several title agents and lenders and they are seeing rates for homes between 4.5% and 6%. If we can tackle the issue of rising unemployment we may just see our way out of this mess soon.

If I can help with any real estate related issues, please let me know!

Derek Tye

Derek Tye has been an influential Realtor in the Greater Cincinnati Ohio Market for over 4 years. For more information about our Greater Cincinnati Ohio Real Estate services we offer please call us at 513-732-2720 or visit our website at www.CincyOhioHomes.com . Don't miss our Testimonials!

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