I came from a very informative meeting this morning.  I will be blogging about the things learned over several different Blogs.

 The Residential (Single Family & Condominium) Units Sold vs. Active Residential Inventory for the Month of January 2011 is this:

There were 894 Units Sold in January 2011 vs the 849 Units Sold in 2010.  So starting the year off a little stronger than our previous year.   If you take the 894 & divided it by the 31 day that are in January there were 28.8 homes sold every day this past month.   We had 12,986 listings that were on the market in January 2011 vs 12,257 in January 2010.  Quite a few more homes due to foreclosure activity and short sales.  I will talk more about these in a later Blog.

Adding to that there is 14.5 months of Active inventory.   A “balanced” market is considered between 5-6 months of inventory.  It is not unusual for there to be more inventory at the beginning of each new year.  Homes coming off the market for the holidays and going back on the market for the new year. 

The average sales price for January 2011 has gone done from January 2010.  January 2011 was $140,543 and January 2010 was $150,769.  Keep in mind that it went up from $124,758 in 2009. 

The Source of this information is from the Multiple Listings Serive of Greater Cincinnati.

Supply is UP / Demand is DOWN / LIST PRICES also DOWN.

What this means to you is:

FAVORABLE HOUSING PRICES +WIDE CHOICE OF INVENTORY + LOW INTEREST RATES = AN INCREDIBLE TIME TO BUY!

Now, I know what you are thinking.   With the economy being what it is I am afraid to purchase a home right now.  I agree it would be a little nerve racking.  However, Bank of America has this Borrowers Protection Plan.  This should take the stress off of purchasing a home.  Here is the Bank of America Home Loans link to explain more about the program. 

https://lenderoffice.bankofamerica.com/ManagementCenter/crm/messagethumbnail.aspx?messageId=1385&gid=189165

 As always you can email or text me with any questions that you may have about real estate and the loan officer that I work closely with is also available to answer any lending questions on the loan process or the Borrowers Protection Plan.

Check back later for more information on the above and or answers to the questions that my Buyers and Sellers are asking me.