Pockets of the area are still experiencing multiple offers- but not as many as in years past. The second thing you’ll see is more days on market while some sellers figure out their property is overpriced.
The number of new listings in April 2023 was 1,820, down -3.60% from 1,888 from the previous month and -27.86% lower than 2,523 from April 2022. The April 2023 listings were at its lowest level compared to April 2022 and 2021.
The number of properties sold in February 2023 was 1,045, up 7.29% from 974 from the previous month and -24.66% lower than 1,387 from February 2022. The February 2023 sales were at its lowest level compared to February 2022 and 2021. The absorption rate is the avg number of sales per month divided by the total number of available properties.
The average days on the market (DOM) is the number of days a property is on the market before it sells. An upward trend in DOM tends to indicate a move toward a buyer’s market, and a downward trend tends to indicate a move toward a seller’s market. The DOM for April 2023 was 28 days, down -17.65% from 34 days from the previous month and 12.00% higher than 25 days from April 2022. The April 2023 DOM was at a mid-level compared with April 2022 and 2021
Activity by county according to CincyMLS.