New Listings: 557

vs. last week: +6.70%

vs. last month: +2.77%

vs. last year: -29.94%

Avg. Sale Price: $221,083

vs. last week: -13.21%

vs. last month: -6.58%

vs. last year: -1.62%

Avg. Days on Market: 25.58

vs. last week: -7.82%

vs. last month: -18.51%

vs. last year: -30.32%

Absorption Rate: 27.04%

vs. market equilibrium: +10.37%

vs. last week: -1.08%

(based on data from Cincinnati MLS)

Weekly figures are not the best measure of market conditions, because they only measure 7 days at a time. However, they do indicate market direction and fluctuation.

With the exception of avg. sale price this week, all figures above indicate strong demand and low supply. The drop in avg. sale price may simply be due to a larger number of lower-end homes selling. If avg. sale price continues to drop for a few months, it would indicate a trend. Right now, it appears to be an outlier.

Overall, the “vs. last year” comparisons are much more helpful in determining the effect of the quarantine than “vs. last week” and “vs. last month.” Roughly 30% drops in both new listings and days on market vs. last year indicate severely low inventory, which may be due in large part to sellers waiting for the quarantine to lift before listing their homes.

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 27.04% can also be expressed as a 3.70 months’ supply of homes. This rate is 10.37% 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.