The Monday morning market update for greater Cincinnati real estate points to a lots of activity.
During the last 24 hours the new listings were almost keeping pace with the number of pending sales. The number of homes and condos for sale remains very, very low. 450 single family homes went pending last week (sold but not closed). The average days on the market was 46 and the median number days was 17. So the middle of the pack (median) shows how fast properties are selling. The average list price for the pending sales was $214,674.
The lack of homes for sale is putting the sellers in the driver’s seat when it come to negotiating on new listings. Buyers who “think about it” or “low ball” on new listings are usually surprised at how fast homes are selling.
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