Hamilton, OH Market TrendsBETA

Asking prices for multifamily properties have gone up from the end of last quarter, rising 3.1% to $30,944 per unit. Asking prices rose 8.4% over the past year. Asking prices for multifamily properties reached a three-year high in June 2007 at $34,983 per unit. The current median asking price is 2.5% lower. The lowest asking price over the past three years was $26,599 in August 2010.

For office properties in the metro area, the average asking price was $80.50 per square foot for the month. This represents a decrease of 6.5% year-over-year as well as a decrease of 3.1% compared to the end of the fourth quarter of 2011. This month, asking prices for office properties have fallen to a new three-year low. Prior to this, the record three-year low was last month at $81.43.

For industrial properties in the metro area, the average asking price was $35.75 per square foot for the month. This represents a decrease of 10.4% year-over-year as well as a decrease of 3.3% compared to the end of the fourth quarter of 2011. Asking prices for industrial properties are the lowest they have been in three years. The previous three-year low was last month at $36.38.

The average asking price for retail properties in the metro area was $85.76 per square foot for the month. This shows a drop of 15% year-over-year, and a decline of 1.5% from the end of the fourth quarter of 2011. In June 2010, the asking prices for retail properties were at their highest in the past three years at $114.25 per square foot. In comparison, the median asking price is now 10.3% lower. The lowest asking price in the past three years was $85.30 set in February 2012.

Sale prices for multifamily properties in the metro area appear to have a seasonal cycle to them. The highs in the cycle tend to occur around July and the lows come around January. Over the past year sale prices have fallen 26.1% to $14,591 per unit. This month marks the eighth straight month of declining median sale price for the metro multifamily properties. Back when the streak began in August 2011, the median sale price was $18,606. The median sale price for this month was the lowest it has been in three years. The previous low of $15,284 was last month.

The median sale price per square foot for retail properties in the metro area has been rising for three straight months, climbing 5.3% during that time. There was a 24.6% decline earlier this year during a seven-month period ending in January. For retail properties, the average sale price per square foot has risen to $48.27, a 4.9% increase compared to the end of last quarter. During the past year, though, sale prices have dropped by 18.7%. Over the past three years, the median sale price was at its highest in July 2010 at $75.41. In comparison, the median sale price is now 36% lower. However, the current price is 5.3% higher than the January 2012 figure, which was the three-year low.

Available multifamily properties have fallen for the past four months month-over-month, a 13.2% decline. This month, the number of multifamily properties available in the Cincinnati Metro Area fell, hitting its lowest point in three years. Previously, multifamily properties available was at its lowest in July 2011. There has been a 14.6% drop in available multifamily properties over the past year in the Cincinnati Metro Area.

The number of office properties available in the metro area has fallen eight months in a row month-over-month, declining 18.3%. There has been a 9.1% drop in available office properties over the past year in the Cincinnati Metro Area.

There has been a three month drop in the number of industrial properties available month-over-month in the metro area, representing a 3.5% downward movement. The number of industrial properties available in the Cincinnati Metro Area has fallen 2.5% over the past year.

This is the fifth month of a month-over-month downward trend in available retail properties in the metro area, a 8.1% decline. The number of available retail properties has fallen by 2.2% over the last year in the Cincinnati Metro Area.

Demand on LoopNet for multifamily properties spiked in the Cincinnati Metro Area market, rising 14.4% since December 2011, 3.1 percentage points less than the 17.5% increase in the national average. Demand for multifamily properties also increased by 0.4% over the past year. The yearly change ranks the Cincinnati Metro Area thirty-seventh out of the top 48 metros.

Demand on LoopNet for office properties spiked in the Cincinnati Metro Area market, rising 27.4% since December 2011, 5.6 percentage points more than the 21.8% increase in the national average. Demand for office properties also increased by 16.1% over the past year. The yearly change ranks the Cincinnati Metro Area thirty-seventh out of the top 48 metros.

While interest in industrial properties listed on LoopNet has risen 3.8% over the past year, that change ranks forty-seventh out of the top 48 metros. Demand on LoopNet for industrial properties spiked in the Cincinnati Metro Area market, rising 26.4% since December 2011, four percentage points more than the 22.4% increase in the national average.

Demand on LoopNet for retail properties spiked in the Cincinnati Metro Area market, rising 6.4% since December 2011, 13.2 percentage points less than the 19.6% increase in the national average. Demand for retail properties also increased by 19% over the past year. The yearly change ranks the Cincinnati Metro Area thirtieth out of the top 48 metros.

The square footage available for sale in the metro area has fallen consecutively for the past eight months for office properties. The current square footage available for sale reflects a 16.2% fall in the metro area over the past year. The drop in supply and the rise in days on market could be an indicator that people are currently holding off putting their properties up for sale in the current economic climate.

Industrial properties are seeing a four month fall in available square footage, a 1.5% decline, but have not countered the 11.1% increase seen over the past year.

The square footage available for sale for retail properties have been on the rise month-over-month for two consecutive months. The square footage available for sale for retail properties in the metro area has risen 1.4% over the past year. The drop in both the supply of properties and the average time on market could be a sign that prices are going to move upwards. The current market conditions are not favorable for buyers or sellers as prices are falling and sellers still do not seem willing to put more properties on the market due to the poor conditions.

For the past 12 months, available units for sale has declined month-over-month for multifamily properties. The number of units available for sale for multifamily properties in the metro area decreased 39.2% year-over-year and 8.2% compared to the end of the fourth quarter of 2011. The units available in the metro area hit a new three-year low this month. Previously, last month set the low mark. The number of units available for sale for multifamily properties in the metro area has fallen 39.2% over the past year. The drop in supply and the shorter time on market has caused prices to go up, and may continue to do so. The current market conditions are not favorable for buyers or sellers as prices are falling and sellers still do not seem willing to put more properties on the market due to the poor conditions.

The time on market for multifamily properties in the Cincinnati Metro Area is 143 days, down by 30.5% from last year. At the state level, time on market has fallen by 13.3% during the same time period. From August 2009, when the time on market was at its longest, it has come down 39.8%. The time on the market of multifamily properties has now increased 13.6% for the past four months.

Compared with a year earlier, office properties in the Cincinnati Metro Area are taking longer to move, and the change in days on market is greater than that at the state level. They now last 267 days on the market at the metro level, an increase of 28% year-over-year. For the state, these properties are on the market for 238 days, 7% longer than last year. Compared with April 2011, when time on market was its shortest, it has now gotten 29.9% longer.

Over the past year, industrial properties in the Cincinnati Metro Area market have lagged behind the overall Ohio markets. Compared to last year, properties in the Cincinnati Metro Area market lasted an average of -0% longer, versus -3.8% for the state overall. Compared with April 2009, when time on market was its shortest, it has climbed 78.8%. The time on the market of industrial properties has been on the rise over the past four months, increasing 17%.

The time on market for retail properties in the Cincinnati Metro Area is down 26.1% from last year, to 184 days. Over the same period, days on market in Ohio overall have fallen by 12.2%. Compared with the highest time on market set in August 2011, these properties are now turning over 30.7% faster.

The average asking lease rate for office properties in the metro area was $12.84 per square foot for the month. This is down 2.1% from the previous year, and down 0.6% from the end of the fourth quarter of 2011. Asking lease rates for office properties hit a three-year peak in July 2006 at $13.21 per square foot. In comparison, the median asking price is now 2.6% lower. The lowest asking lease rate in the past three years was $12.83 set in February 2012.

Lease rates for industrial properties have fallen 1.8% to $4.69 per square foot over the past quarter. However, over the past year asking lease rate have risen 1.7%. In April 2008, the asking lease rates for industrial properties were at their highest in the past three years at $5.24 per square foot. The current median asking lease rate is 2.7% lower. The lowest asking lease rate in the past three years was $4.54 set in February 2011.

Asking rates for retail properties rose to $12.21 per square foot, a 0.8% increase compared with the end of the last quarter. For the year, asking lease rates have risen by 1.1%. Asking rates for retail properties reached a three-year high in July 2008 at $13.94 per square foot. In comparison, the current median asking price is down by 5.2%. The lowest asking lease rate over the past three years was $12.05 in May 2011.

This is the ninth month of a month-over-month downward trend in available office spaces in the metro area, a 14.4% decline. Over the past year, the number of office spaces available has dropped by 1.7% in the Cincinnati Metro Area.

For eight consecutive months, the number of industrial spaces available has seen a month-over-month decline, 20.7% overall. In the past year, the Cincinnati Metro Area has seen a 6.1% decline in the number of available industrial spaces.

For the past three months, the number of of retail spaces for lease has been on the rise month-over-month, increasing 0.5% over that period. The Cincinnati Metro Area has seen a steady number of retail spaces available for the past year.

Demand on LoopNet for office properties spiked in the Cincinnati Metro Area market, rising 17.3% since December 2011, 11.5 percentage points less than the 28.8% increase in the national average. Demand for office properties also increased by 21.4% over the past year. The yearly change ranks the Cincinnati Metro Area fortieth out of the top 48 metros.

While interest in industrial properties listed on LoopNet has risen 14.6% over the past year, that change ranks forty-fourth out of the top 48 metros. Demand on LoopNet for industrial properties spiked in the Cincinnati Metro Area market, rising 9.6% since December 2011, 16.3 percentage points less than the 25.8% increase in the national average.

Demand on LoopNet for retail properties spiked in the Cincinnati Metro Area market, rising 24% since December 2011, 1.3 percentage points less than the 25.3% increase in the national average. Demand for retail properties also increased by 17.6% over the past year. The yearly change ranks the Cincinnati Metro Area thirty-eighth out of the top 48 metros.

The square footage available in the metro area is in a three month downward trend month-over-month for office properties. The square footage available for office properties in the metro area represents a 6.9% decline over the past year.

For the past four months, available square footage has declined month-over-month for industrial properties. The square footage available for industrial properties in the metro area decreased 16.3% year-over-year and 5.9% compared to the end of the fourth quarter of 2011. Industrial properties in the metro area have seen a 16.3% drop in square footage over the past year.

The square footage available for retail properties in the metro area decreased 6.3% year-over-year and 3.1% compared to the end of the fourth quarter of 2011. The current square footage available reflects a 6.3% fall in the metro area over the past year.

Compared with a year earlier, office properties in the Cincinnati Metro Area are staying on the market longer, and the gap is greater at the metro level than at the state level. They are now on the market for 299 days before turning over, which is 40.3% longer than last year. In comparison, these buildings last 302 days at the state level, 17.4% longer than last year. From the lowest point, which was set in January 2011, time on market has risen 46.6%. The time that office properties stay on the market in the metro area has been increasing every month for the past five months.

The time on market for industrial properties in the Cincinnati Metro Area is down 33% from last year, to 281 days. During the same time period, the time on market for these properties at the state level has fallen even more as a percentage, by 36.2%, to 258. When put next to the highest days on market established in September 2010, it has now decreased 34%.

Retail properties in the Cincinnati Metro Area are staying on the market longer than they did during the same time last year, and the change is greater than that at the state level. Retail properties now last 359 days on the market, up 50.3% from last year. In contrast, the time on market in the state of Ohio has increased 3.2%, to 312 days. From its lowest point in May 2011, the number of days on market have increased 61.4%.