CINCINNATI, OH (November 14, 2013) – Luxury home sales in the greater Cincinnati area showed no signs of a slowdown in October. Despite lower inventory levels, property sales continued to rise at a faster rate compared to the previous month and October of last year according to a report by Coldwell Banker West Shell.
The figures are based on Multiple Listing Service data of all homes sold in October 2013 for more than $500,000 in the greater Cincinnati area*.
In October, 66 luxury homes were sold, up 32% from October of 2012 and up 1.5% from September of this year. Year-to-date that puts luxury sales 35% above last year’s year-to-date sales.
Two other key market indicators improved in October with homes selling faster on average and an increased selling versus listing price ratio. Market time continued on a downward trend at an average of 83 days on the market, down 9.8% percent from the previous month and down an extraordinary 35.7% from October of 2012. Selling versus listing price ratio was 95.3%, up from 93.1% in October of last year.
The area’s highest sale was a 3 bedroom, 3.2 bathroom Riverview penthouse condominium in Walnut Hill’s. The 5,700 square foot home, formerly the University of Cincinnati presidential suite, was listed for $2.25million and sold for $1.75 million after 101 days on the market. Michael Hinckley of Coldwell Banker West Shell was the listing agent.
“It’s exciting to see the luxury market consistently showing positive signs," said Joe King, president of Coldwell Banker West Shell. “Homeowners who are thinking about selling don’t necessarily have to wait until spring to list their home. Serious buyers are in the market year round.”
*Based on information from MLS of Greater Cincinnati, Inc. and Northern Kentucky Association of REALTORS for Kenton, Hamilton, Clermont, Warren, Butler, Boone and Campbell counties.
About Coldwell Banker West ShellAcross Ohio, Coldwell Banker West Shell and Coldwell Banker King Thompson have 19 offices and over 1,100 sales associates serving central Ohio, greater Cincinnati, northern Kentucky and southeastern Indiana. The companies are part of NRT LLC, the nation’s largest residential real estate brokerage company. NRT, a subsidiary of Realogy Corporation (NYSE: RLGY), operates Realogy’s company-owned real estate brokerage offices. For more information, please visit www.CBWS.com.
About Coldwell Banker Previews International®The Coldwell Banker Previews International® program has been marketing luxury homes since 1933. The exclusive group of certified Previews® Property Specialists make up eight percent of the approximately 83,000 Coldwell Banker sales associates worldwide. Coldwell Banker Previews International participated in more than 16,400 transaction sides of homes priced at $1 million or more in 2012. On average, Previews handles $86.1 million in luxury homes sales every day. The website www.coldwellbankerpreviews.com features more than 17,000 luxury properties from around the globe. Coldwell Banker, Previews and Coldwell Banker Previews International are registered marks licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.17,000 luxury properties from around the globe. Coldwell Banker, Previews and Coldwell Banker Previews International are registered marks licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.