February 8th, 2008 categories: Cincinnati, Ohio, Real Estate News, Real Estate Selling
Press Release from the Cincinnati Area Board of Realtors:
December new pending sales, year-over-year, slipped 17.2% locally, but improved to off only 4.1% last month. Nationally, December year-over-year pending sales were off 24.1%
Pending home sales in southwest
Pending sales Dec. 2007 1,341
Pending sales Dec. 2006 1,619
Local Variance -17.2%
Nationwide Variance -24.1%
Pending sales are contracts written, but not yet closed. Closings typically occur 30-45 days after contracts are accepted, with the exception of cash transactions, which close faster.
“The good news is that the number of January 2008 new pending sales have improved substantially,” said Karen Schlosser, president of the Cincinnati Area Board of Realtors. “January pending sales, off only 4.1%, is certainly a stride in the right direction.”
Schlosser said that buyer activity for showings has picked up measurably over the past month. That bodes well for current and future sales activity. The spring market typically is the strongest period of the year.
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