Northern Kentucky and Greater Cincinnati Real Estate!

 

Local Housing Market Showing Signs of Stability

 

After three years of declining home prices and sales, 2010 is delivering hopeful signs that the region's housing slowdown may be coming to an end.  But the recovery so far has been uneven, and some neighborhoods may pull out of the slump faster than others.  The first local home-sales data available by neighborhood show that rebounds in pricing and sales remained elusive last year for some of the most active and priciest areas in Southwest Ohio and Northern Kentucky.

Of the 28 neighborhoods in Southwest Ohio and Northern Kentucky where at least 200 houses were sold last year, sales dropped in 19 communities and prices slipped in all but three when compared to the previous year.

In West Chester Township, where 522 homes were sold last year - the most of any neighborhood in the region - sales were still down 9 percent from 2008 and more than 30 percent from 2004. The median home price there fell 6 percent from 2008 to $205,000.

The numbers also reveal that neighborhoods where homes sold for $200,000 and above continued to struggle to rebound last year.  Of the region's 19 neighborhoods in that category, 70 percent saw median prices drop year over year.  Amberley Village took the biggest hit last year in pricing; median price there dropped more than 25 percent to $250,000.  And in the region's priciest neighborhood - Indian Hill - the median price slipped more than 18 percent to $887,500.

Some good news, for the first four months of the year, permits for new home construction rose more than 27 percent in Southwest Ohio and 57percent in Northern Kentucky compared to the same time last year.  We're starting to see that the market is there for new construction, and more recently there seems to be a market building up around the $280,000 to $350,000 market, That's a positive sign. When that middle-class market begins to move, it's among the first signs that we're doing OK

While some may be wary about the remaining months of 2010 now that the tax credits have expired, the worst is behind us. We may see some ups and downs in the next few months, but we're adjusting to the new pricing, and we're moving inventory, which is critical!

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