Here is the continuing examination of the Cincinnati real estate market activity using newly signed purchase contracts, also known as new pending sales. This gives us the most up to date look at activity, which is vitally important with how quickly this market is moving. Here is what we are seeing:
- New pending sales for 20May - 26May2020 were down -9.8% compared to the prior week to 239, and down -15.5% from the peak seen 13May - 19May2020.
- The average list price for newly signed contracts from 20May - 26May2020 was $281,428 and the median list price was $214,900.
- These are the highest levels for list price in more than 12 weeks
- The previous high for median list price was $200,000, so this is a more than a +7% increase over that level
- Inventory is still tight; the current number of active listings as of today is 1050; this number has ranged from 1009 to 1095 over the course of 2020.
Last week, I was dismissive of the decrease in new pending sales and thought it would be a temporary. However, this week's data suggests we might be seeing a relaxation after pent up demand in early May. The surge we saw from 29Apr through 19May may be likened to the burst of water after a kink in a garden hose is released which eventually settles at a lower rate. Next week, I'll be looking to see if the number of new pending sales remains at 225 - 250/week or if transactions continue to settle at a lower rate.
The price data is interesting. When transactions slowed in March and April, higher priced homes slowed the most. Now it seems that homes >$300,000 make up a larger proportion of new contracts than they have over the past few weeks. Please contact me if you have any questions at 513-830-8227 or
beppert@pivotrealty.com. I would be happy to discuss this further.
