Monitoring the impact of COVID-19 on the real estate market in Hamilton County continues with a review of the new pending sales over the past week. This is the freshest, most up to date way to evaluate the market until sufficient transactions have closed and statistics from closed sales are available. Here are the highlights from the week of 08Apr2020 to 14Apr2020:
- New pending sales for the week are up to 183 from 168 the week before.
- This is the first increase over the prior week since before actions were taken to limit the spread of COVID-19.
- The activity this week is very similar to 26Feb - 03Mar20 prior to COVID-19. Low certainly for April, but not a standstill by any means.
- List price and list price per square foot for new pending sales have generally been increasing after a dip during 18Mar-24Mar2020.
- Inventory remains steady at 1052 active listings for single family homes in Hamilton County.
- This number has been stable between 1009 and 1095 since 01Feb2020.
- At this rate of new pending sales, inventory would be consumed in 5.7 weeks. That's a seller's market.
So far we have had 58 sales closed from contracts signed on or after 15Mar2020. That is not a lot of transactions yet, and these sales are skewed towards cash buyers that close quickly. Therefore it is hard to draw conclusions from the data. But the sales price is 98.14% of the list price for these homes on average. That is typical of sales before COVID-19. So far it seems that prices are staying strong. Please let me know if you have any questions or if you would like to discuss this further at 513-830-8227 or
beppert@pivotrealty.com.
