Active Inventory of Single Family Homes Has Risen Slightly; Vast Majority of Mortgages in COVID-19 Forbearance Have Been Granted 3 Month Extension
Active inventory of single family homes for sale in Hamilton County has bounced up slightly from the low in July.
After a low of 901 on 22Jul2020, active inventory has been between 951 to 976 .
Buyer activity has been strong with new weekly purchase contracts signed ranging from 253 to 287 over that past three weeks.
Median days on market have remained at just 3 days for newly signed contracts
Buyer activity is very robust; it looks like inventory has increased due to more listings.
In the near term, buyers may have more choices but they will still need to act fast. Sellers can still expect strong prices and multiple offers, especially for homes under $350,000.
Only about 28% of mortgage that entered COVID-related forbearance plans have been removed.
About 2/3 of mortgages that were initially granted a 3 month COVID-related forbearance have been granted a second three month extension until September or October.
Just under 3 million mortgages are 90 days or more delinquent.
The foreclosure process is not quick, so there will not be a fast reversal in the market unless mortgage providers also slow or stop lending. Cincinnati has fared better than most metros, but it does seem likely that the extreme seller's market we've experienced over the past two years will become more balanced in 2021 and 2022. This means 2020 may be the last in a series of years where we've seen 7-10% increases in home prices and buyers may have more choices. Please contact me to discuss how we can navigate this market and find what you need at 513-830-8227 or beppert@pivotrealty.com. I would be happy to discuss further.
This is a 3 bedroom, 2 bath craftsman home in Oakley. The front porch and rear deck are incredible. The lot is almost a half acre, which is very large for Oakley.
