The full impact of the shelter-in-place is beginning to trickle into the housing market. Homes sold in February and early March actually closed during April. Looking at closings to date ( 01/01 to 04/20) for 2019 vs 2020:
Single-family home sales data from Multiple Listing Service of Greater Cincinnati
|Area||# Closings||Average Sale Price||# Closings||Average Sale Price|
Some areas are ahead in closings and all of the areas have higher average sale prices. It’s interesting to watch buyers who think prices should come down and sellers saying “no way”. Online home searches are up (bored and sitting in a too-small home) and listings are coming in. Virtual showings are up! And the shortage of new inventory has been plaguing the Cincinnati market for several years.
Expect of a couple of rough months in the local housing market. Mortgaged deals take 30 to 60 days to close so the impact of mid-March shutdown will hit us in May and maybe June. Remember people need housing and while we work around health and safety concerns, the real estate market will ease itself into recovery mode.
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