Cincinnati Real Estate Market Update

Cincinnati Real Estate Market Update 11Jun2020

Downtown from the balcony of 59 Mulberry St in Mt Auburn.

Active Inventory is at Lowest Level for All of 2020; Mortgage Delinquency in Cincinnati is Among Nation's Lowest

I've been tracking new purchase contracts, aka new pending sales, weekly since March and the onset of the COVID-19 crises. Three months later, the real estate market in Cincinnati has adjusted to this new normal. I will continue to watch these metrics, but they will not be featured in the market reports as often moving forward. Here's where they stand:

Newly signed purchase contracts have been above 250 for 5 of the last 6 weeks.
Prices are at the highest levels seen for all of 2020.
Inventory of active listings is at the lowest amount, 1002, for all of 2020.

Long term, mortgage delinquencies and unemployment are the factors I'm watching for the real estate market. Here's the latest on them:

The May Jobs Report announced earlier this week that nationwide unemployment fell to 13.3%; the decline was a surprise, but still represents millions of people out of work.
The number of mortgages in active forbearance plans declined for the first time since the crises began.
Nearly 80% of homeowners in forbearance have 20% or more equity in their homes. This give them more options to avoid foreclosure.
Cincinnati specifically has fared well; it was ranked 47 out of the 50 largest metro areas in the rate of mortgage delinquency (+1.7% increase compared to +3.1% nationally).

It remains to be seen if unemployment will continue to decline and what the effects are once the expanded unemployment benefits expire on July 31st. However, it does seem that Cincinnati is poised to weather this storm better than many other parts of the country. Please contact me if you have any questions at 513-830-8227 or beppert@pivotrealty.com. I would be happy to discuss further.

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Featured Listing

2135 Cathedral Ave, Norwood

This duplex in Norwood has two 2 bedroom units. Live in one, and defray most of the mortgage with the rent from the other unit. It has updated kitchens, bathrooms, and hardwood floors throughout. High level of finishes to both units especially considering the $219,900 listing price.

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Boomtown Biscuits and Whiskey

Boomtown Biscuits and Whiskey is located in on Broadway Avenue in Pendleton. Frontier-inspired comfort food with an excellent and extensive whiskey selection. Bourbon dominates the drink menu, but there is some Scotch and rye whiskeys. Check out Four Roses; it's one of my favorites. As of yesterday, the dining room is back open, but with limited hours. Check out their Facebook page for the latest.

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You also reach me at beppert@pivotrealty.com or call (513) 830-8227

Bryan Eppert, Pivot Realty | Website