Every time an agent uses the Multiple Listing Service of Greater Cincinnati a box appears with running stats covering the “24 Hour Market Watch” . It’s a good indicator of home sale and listing activity. Usually the weekend numbers drop- not because of lack of activity- but because we’re too busy to update the CincyMLS. Mid -morning on Mondays-tons of activity appears as a result of deals handled over the weekend.
Today’s numbers tell a story- 216 “New Listings” hit the market and 134 went “Pending” (sold but not closed). While the pending sales did not necessarily occur in the same areas where new listings appeared- the high number of pendings is a good indicator of “contracts written” by interested buyers. “Back on Market” (23) happens for a variety of reasons- inspections, buyer remorse or maybe lack of financing. 83 properties actually “Sold” which means closed and 9 sellers decided, for whatever reasons, to “Withdraw” their property from the MLS. 53 “Cancelled” their contracts. The cancellations can happen because somebody wants to show up as “new on the market”. Occasionally relocation companies, trusts and other 3rd party sellers cancel listings and move on to another company based on number of days on the market. Lots of sellers cancel because they’re not happy campers and want to try another agent/company. It’s part of our lives and in spite of doing our best-sometimes homes and condos just don’t sell because…..usually pricing. That’s a hard pill for sellers to swallow and getting a fresh perspective often helps reposition property to capture buyers. 154 “Price Reductions” speak for themselves- sellers are adjusting their mindset and are going after the next buyer.
The most interesting number on the 24-Hour Market Watch is “Price Increases” – in this case 6 of them. Sometimes the listings are new construction and the builder has added more upgrades during the listing period. A couple are resales that have been on the market for some time and it appears the sellers did some upgrades to kitchens and/or baths to attract buyer’s attention. Fortunately or unfortunately in today’s real estate world -buyers expect all price levels to offer the same ammenities. Granite, stainless steel appliances, hardwood and updated throughout -thanks to HGTV and other DIY shows.
Finally “Expired” listings- all 29 are sellers that decided not to extend the current listing contract prior to expiration date. “Expired” is a dreadful name and we’d all be better off labeling them “End of Listing Contract”! These listings are up for grab and it’s now legal for real estate agents to contact the seller to offer their services. It can be confusing for sellers, who didn’t realize the listing contract had lapsed, to start receiving phone calls, mail and packets dropped on their front porch asking for their business. Fortunately fewer listings are appearing on the “Expired” list these days.