Attention potential Northern Kentucky sellers in Boone, Kenton and Campbell Counties! If you are on the fence deciding whether to list your home this year or not, then you need to take a look at the following Northern KY market statistics.
There were 362 homes sold in the month of December 2012 in the NKY area. This was a 4% increase from the number of homes sold in the month of December the year before. Additionally, the median home sale price in December 2012 was $132,250 which was over a 16% increase from the same month a year ago. It's especially interesting to note December sales since this is traditionally one of the slowest sales months.
Looking at the broader picture, 4,949 homes were sold in NKY in 2012. That is almost a 15% increase in the number of NKY homes sold in the year 2012 than the year before. That's an additonal 638 homes!
- Inventory levels have dropped to the lowest point since they were first tracked back in 2007. Active listings are down to approx. 2,600 as of Jan.15th, 2013. While inventories generally drop in the months of Dec, Jan and Feb, the 2012 inventories have not rebounded. This is the key point for sellers. Sellers will have no problem finding buyers in the market and may well entertain multiple bids, as housing inventory in the Northern KY area is low and buyers are many!
And here's some non statistical observations to add to the big picture...
As the buyers start to set out in the market to find their dream home, they are becoming aware of the low housing inventory and immediately start to understand that this is not the same market is was 6 months ago. Underbidding is a thing of the past. Prices have stabilized and in many micro markets we are seeing overbidding as a norm.
As renters get more frustrated at the rising rental prices, more of them are actively seeking to purchase homes that offer lower monthly payments than their rent. Therefore, the pool of buyers is growing!
- Expectations are that interest rates will start to increase in the near future, but for now, interest rates are still at a low and buyers know that. It is better for the buyers to buy now rather than later.
These statistics and observations help to verify that putting your home up for sale now would be a move in the right direction. However, just to make sure that we mention an opposite view, there are those potential sellers that will indeed have issues with putting their home up for sale if they owe more than what their current market value actually is today. While we can acknowledge that there is this group of sellers who must continue to wait for a substantial market climb before they can sell, there are those sellers who have significant equity built up in their homes and would benefit from placing their homes up for sale now while the current conditions of the market are in their favor.
So, if you are a seller who was not sure whether to put your home up for sale or not, it is important that you know the Northern KY market is definately on the upswing! We can measure it with the lastest statistics of sale price stabilization, sales volume and inventory levels. It is becoming a true seller's market out there and for a short time, while the interest rates remain low, buyers will be anxious to get their bids in before the interest rates start to climb. So if you are a seller who has been waiting for a break in the market to finally put your home up for sale, find an experienced, full time Realtor® to help you set a fair market price for your home and get your home listed! I'll bet you see some action fast!
Be empowered......get the information you need to make sound real estate decisions by obtaining your FREE Northern KY Market Analysis and free consulation to get you started on the right path. Click below and take the first step!
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NORTHERN KENTUCKY Real Estate Sales - Cathy Miles Realtor®
CINCINNATI, OHIO Real Estate Sales - Cathy Miles Realtor®
I specialize in helping buyers & sellers with their real estate needs in Northern KY and in
Cincinnati, OH .With passion, I invite you to board my boat for your next destination and
allow me the opportunity to help you navigate the ever changing currents of this incredible
just ask cathy...513.673.7726
Helping to educate buyers & sellers to make sound real estate decisions. ___________________________________________________________________________________________________________________-