In the current market homes are often going under contract so quickly that the number of active listings is less than the number of homes that are currently under contract and working towards a closing. Today we'll take a look a what the relationship between active listings and pending sales can tell us about how quickly homes are moving. We will look at market activity at different price points and in different neighborhoods. For today, I will leave out the Westside of Cincinnati.
The number of pending sales far exceeds the number of active listings for homes listed under $400k, indicating that homes are selling more quickly and buyers have fewer choices.
Above $400k, the market is more balanced between buyers and sellers, with more active listings than houses that are pending sale.
Activity by neighborhood for homes under $400k
Fastest selling neighborhoods: Norwood, Amberley Village, Golf Manor, Roselawn, Reading, Silverton, Sycamore Twp, and Mount Lookout
Slowest selling neighborhoods: Downtown and OTR
Activity by neighborhood for homes listed at $400k+
Fastest selling neighborhoods: Oakley, Amberley Village, Evendale, and Mt Auburn
Slowest selling neighborhoods: Downtown, OTR, Clifton, Mt Lookout, Mt Adams, and Columbia Tusculum
Mt Lookout is an interesting case; homes are moving slowly above $400k, but selling very quickly below $400k. Also, urban living may be falling out of favor causing less demand for downtown homes and condos. Many in the news are blaming the coronavirus pandemic for "urban flight". It is more likely that the coronavirus is accelerating a change that was already underway as Millennials have been moving to the suburbs for a few years. Whether this leads to an oversupply of downtown condominiums will be something to watch over the next several years. Please contact me if you have any questions at 513-830-8227 or firstname.lastname@example.org. I would be happy to discuss further.