Well, the answer depends on the number of homes for sale in your local area. According to the Cincinnati Area Board of Realtors in July, 2,101 homes sold in Southwest Ohio with a total sales volume of nearly $630.3 million. And that’s more than a -25.6% drop from July 2020, when Greater Cincinnati saw the most home sales in July ever with 2,825!
During Covid, it’s hard to compare July 2021 to July 2020, with people stuck at home buying everything in sight. However looking at July 2021 compared to June 2021, there was also a drop in the number of homes sold. According to stats 505 more sold in June than July this year.
An interesting number of how the real estate market may be changing slightly is the number of sellers reducing their listing prices. The last 3 days – working backward from noon on Sunday the number of sellers reducing prices is about equal to a third of the new listings.
The number of reductions doesn’t mean the market has suddenly changed to favor buyers. However, it’s a good indicator that the sky may not be the limit when putting a house on the market. The number of days on market has inched up from 10 in July to 12 so far in August. Once again – nothing to panic about but just another market indicator.
It’s hard for Cincinnatians to hear and read about the hottest real estate in the country and not expect 20 offers the day the property hits the market. But you need to discuss pricing with your Realtor® to understand the subtle market shifts occurring right now.