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Cincinnati Real Estate Market – May 2020

by | Jun 1, 2020 | Market News, Real Estate

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.