Monthly New Pending Sales in June 2020 were Higher Than Any Month in the Past 5 Years
The Multiples Listing Service of Greater Cincinnati has
released the statistics for all of Southwest Ohio in June 2020. The headlines were focused mostly on higher prices and a strong rebound in closed sales compared to April and May 2020. I wanted to focus on this figure instead of new pending contracts. New pending contracts in June 2020 outnumbered any other month going back to the beginning of 2016. This is in an environment where active inventory was also at the lowest point going back to 2016. Here are some key points related to this:
The surge in new pending sales is in large part due to pent up demand from low numbers of new pending contracts in March and April.
The peak in June 2020 over the prior years is not even close to making up full difference from the low number of contracts in March and April 2020.
So far the numbers in July are suggesting a decline in new pending contracts compared to the peak in June, though likely greater than July numbers in prior years.
Inventory for single family homes in Hamilton County was at an all-time low last week at 901, but has increased over the past 7 days to 976.
That's a big change for one week, but the number is still the lowest inventory since June 25th.
As long as inventory for single family homes stays below 1100 and new pending sales remain above 200 per week, I expect sales prices to remain strong, especially with interest rates at or below 3%. Please contact me if you have any questions at 513-830-8227 or
email@example.com. I would be happy to discuss further.