The Cincinnati Area Board of Realtors(CABR) has just released their sales data for September 2019. (You've been able to get early sneak peeks
here.) I was interested in this table from the
press release for the following reasons:
I like to compare median sales price to average (avg) sales price. Median is not strongly influenced by extreme high or low values, but the avg sales price is.
If the avg sales price and the median sales price both increase by a similar amount (such as Jan-Sep 2018 vs Jan-Sep 2019) that indicates the whole market is behaving similarly across price ranges.
However, the avg sales price in Sep 2019 increased by 8.62% while the median sales price increased by 6.92% compared to Sep 2018, indicating that higher priced homes had a stronger performance in Sep 2019 compared to Sep 2018 and stronger than the rest of 2019.
Why? I suggest it is because of the decline in interest rates late in the summer, which was as low as 3.6% for a 30 year fixed rate mortgage. That makes a big difference, especially for houses over $300k.
This is one of my favorite local events of the year. November 2, 2019 bring your jack-o-lanterns and pumpkins down to Stanbery Park so they can be launched into the air by trebuchet. You can also enjoy live bluegrass music from Ma Crow & Co as well as Carter Bridge. Word is there will be a petting zoo as well. Want some slow motion pumpkin chuck footage?
Check it out here.