Today I'm bringing you October sales data a full 2 weeks before the Cincinnati Area Board of Realtors will provide their summary.
- Active inventory at the end of the month is still very low, representing less than 2 months of sales (1.94). Five to six months of inventory represents a balanced market.
- The number of home sales in Oct 2019 is up by more than 15% compared to Oct 2018.
- The average sales price declined but the median sales price held steady compared to Oct 2018.
- The median days on market was 10 days in Oct 2019 compared to 14 days in Oct 2018. Median days on market is the amount of days half of the houses spent on market before selling.
What is this data telling us? Buyer activity, which typically declines in the fall and winter remained stronger in October than we saw last year, as evidenced by the increase in the number of houses sold and the reduction in days on market, while prices remained strong. Buyers continue to be shopping for homes right up to the holiday season.