Record Breaking Home Sales pace continues during January 2021
Median Price Up Over Prior Year for 21st Straight Month
|The new year marked a continuation of the record setting pace of home sales in 2020. The median price for home sales was up more than 15% from January 2020, marking the 21st consecutive month of median price gain over the previous year.
One of the key drivers of the continual pricing climb is the drastic reduction in median Days on Market. January’s median Days on Market was four (4) days, marking a 73% decrease from January 2020 and lower than the median Days on Market of five (5) for 2020.
“The residential market in Cincinnati continues to be record breaking in nearly all metrics,” said Stephanie Sudbrack-Busam, President of the Cincinnati Area Board of REALTORS.® “We have seen a continued demand for homes, a decrease in inventory, record breaking sales, and continued price appreciation.”
During January, there was an 11% drop in new listings compared to the prior year, and yet there was an 11.8% increase in home sales compared to the prior year. This is a continuation of the trend that marked most of 2020, as new listings were down 4.5% from 2019, however, new sales were up 3.7%. The median sales price was up 12.5% in 2020 compared to 2019.
Another key factor in the dynamic market is the continued decline of active inventory. Active inventory was down 1,638 units in January 2021 compared to January 2020, a striking 47.7% decline.
“We continue to have buyers looking for properties, while sellers have seen strong pricing gains and a fast-moving marketplace,” Sudbrack-Busam said. “REALTORS® are trained to guide real estate buyers and sellers through all the important details involved in buying and selling a home in this dynamic market. Your REALTOR® is your absolute best source for professional and accurate information to help consumers navigate the market.”