The Cincinnati Area Board of Realtors released the detailed January 2020 sales data on Tuesday. Here are the highlights:
- Average sales price is up 8.79% and the median sales price is up an even more impressive 10.31%
- New pending sales for January 2020 are up 7.97% compared to 2019
- Active inventory is down -23.17% (!) compared to January 2019
The chart above has two lines one tracks active inventory/sold and the other tracks active inventory/new pendings. When these lines cross over, as they have every January since 2016, it means the months of inventory will decrease for the next 2-3 months. The difference is that we are starting 2020 with already very low number of active homes for sale. What does this mean?
- We have seen more days on market for some homes that may be early signs of flattening of the market over the last few months.
- However, any shift in the market will take time; 2020 will likely see the continuation of a strong seller's market.