New Listings: 2814
vs. last month: +20.31%
vs. last year: -21.81%
Avg. Sale Price: $239,821
vs. last month: +2.49%
vs. last year: +3.13%
Avg. Days On Market: 25.68
vs. last month: -6.65%
vs. last year: -14.97%
Absorption Rate: 25.68%
vs. market equilibrium: +9.01%
vs. last month: -1.80%
(based on data from Cincinnati MLS)
In May 2020, New Listings were up over 20% vs. last month and down over 20% vs. last year. Avg. Sale Price was up a fair amount vs. last month and vs. last year. Avg. Days On Market was down considerably vs. last month and vs. last year.
The absorption rate is a lesser known figure to the general public, but it may be the most important one. It factors in active & pending listings (current inventory), along with the average number of listings sold per month over the past 6 months. The resulting figure is the percentage of current inventory sold each month. Our current absorption rate of 25.68% can also be expressed as a 3.89 months’ supply of homes. This rate is 9.01% higher than the market equilibrium rate of 16.67%, or a 6 months’ supply of homes. When the absorption rate is higher than 16.67%, the market conditions favor sellers. When it’s lower than 16.67%, buyers have the upper hand.