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- 175 “New Listings” hit the market and 113 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 pending sales is a good indicator of “contracts written” by interested buyers.
“Back on Market” (34) happens for a variety of reasons- inspections, buyer remorse or maybe lack of financing. 111 properties actually “Sold” which means closed. 4 sellers decided, for whatever reasons, to “Withdraw” their property from the MLS.
15 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.
Often it’s a hard pill for sellers to swallow and getting a fresh perspective often helps reposition property to capture buyers. 75 “Price Reductions” speak for themselves- sellers are getting more realistic about finding a buyer.
Finally 21 “Expired” listings- belong to sellers who decided not to extend the current listing contract prior to expiration date. 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 for how things are going in the local real estate market. According to the 24 Hour Market Watch, the average list price for the 175 new listings is $254,451. However, the average list price for pending sales is $190,946.
The numbers may, or may not indicate price changes as buyers slow down the buying spree. Your Realtor® needs to provide detailed analytics on your neighborhood and price range- so you understand market trends.