In this week's market report, I'll continue my monitoring of weekly new pending sales. I'm looking at weekly new pending sales because most transactions take 30-40 days to close, it will be only at the close of May when we have a full month of sales data that would show the impact from COVID19 and efforts to slow the spread of disease on the real estate market. Here are the main points:
- Current active inventory in Hamilton County is 1083, which has been remarkably stable since January.
- The last two weeks have had 176 and 168 new pending sales.
- This is down about -15% from the 211 and 206 new pending sales we saw during the second and third weeks of March when this all began
- At this rate it would take about 6.5 weeks to consume the active inventory, which is still a seller's market.
- The average listing price for new pending sales was up to $247,555, which is the highest it has been since Mar 11 to Mar 17.
- This may be a sign that transactions for higher priced properties, which slowed more drastically than lower priced homes, are picking back up.
I still believe that prices will remain relatively strong in the Cincinnati. So far active listings have been steady, which is key. If we see that people are facing difficult situations and are forced to sell, the first indication will be in the number of active listings. I'd be happy to discuss what is happening in the market, please give me a call at 513-830-8227 or send me an email at beppert@pivotrealty.com . Stay healthy, stay safe, and stay sane!
