Each time an agent signs on to access 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.
Today’s numbers tell a story- 168 “New Listings” hit the market and 183 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 spending is a good indicator of “contracts written” by interested buyers. And the higher number of pending sales is also an indicator of the shortage in the number of homes for sale.
“Back on Market” (22) happens for a variety of reasons- inspections, buyer remorse or maybe lack of financing. 123 properties actually “Sold” which means closed and 8 sellers decided, for whatever reasons, to “Withdraw” their property from the MLS. 21 sellers “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 the 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. 108 “Price Reductions” speak for themselves- sellers are adjusting their mindset and are going after the next buyer.
Finally “Expired” listings- all 14 belong to sellers who 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.
Agents use the data every day to get a feel of how things are going in the local real estate market. The Market Watch doesn’t provide trends or indicators of what price ranges are selling best in the each neighborhood. Your Realtor® can provide detailed reports covering exactly what’s happening in your neighborhood.