10/02/07 - Activity in housing market continues to progress ...
Activity in Ohio's housing market continued to progress at traditional levels in August, with sales surpassing the July mark and posting the fifth best ever for the month, according to statistics provided by Ohio's Multiple Listing Services.
Statewide sales of new and existing homes during the first eight months of the year (January through August) total 92,211, 5.8 percent behind the 97,859 sales posted during the period a year ago.
The state's average sales price (January-August) of $152,705 marks a 1.8 percent decrease from the $155,525 average price posted during the period a year ago. The total dollar volume reached $14 billion, a 7.5 percent decrease from the $15.2 billion posted in 2006.
Sales in August 2007 reached 13,293, a 9.1 percent decrease from the 14,623 sales posted during the month a year ago.
Data provided to OAR by Multiple Listing Services includes residential closings for new and existing single-family homes and condominiums/co-ops.
Credit availability kept home sales down in August, NAR reports ...
Existing-home sales fell in August when mortgage availability problems were peaking, NAR says. Total existing-home sales, which include single-family, townhome, condominium, and co-op units, were down 4.3 percent to a seasonally adjusted annual rate of 5.50 million units in August from a level of 5.75 million in July, and are 12.8 percent below the 6.31 million-unit pace in August 2006.
"The unusual disruptions in the mortgage market, including a significant rise in jumbo loan rates, resulted in a fairly high number of postponed or cancelled sales, with many buyers having to search for other financing when loan commitments fell through," says Lawrence Yun, NAR vice president of research. "Lower sales contributed to a buildup of unsold inventory." Yun expects similar results for home sales in September. "Once we get through these disruptions, we'll get a better sense of where the actual market is in late fall as conditions begin to normalize," he says.
6/08/07 - It's been a while since I've updated my current market conditions. A mix of being very busy offline working with buyers and sellers and there just not being many topics to address. The market is similar to the market in November. One difference now is that interest rates are climbing at an alarming rate along with gas prices. Every day it seems they're spiking higher and higher. I've been telling this to my buyers and sellers for sometime now that it was predicted. Northeast Ohio's listing inventory is large enough without the lending issues we're facing as well. A few months ago non-conforming lenders were shut down and now interest rates are steadily climbing. Again, this was predicted some time ago but it's usually taken lightly as the thought is Realtors want you to buy now! The truth is, it would have been in your best interest to buy then... If not then, than certainly now! Now is the time to lock in a fixed rate mortgage and buy the home of your dreams while the selection is abundant and the prices are at an all time low. Sellers are facing price reductions and remodeling projects more than ever. (Lakewood has seen the highest number of home sales recently) If you'd like more information on interest rates and mortgage options, give Andrew Ginter a call anytime. 440-781-8737. He'd be happy to go over your questions and discuss with you the best finance options at the moment.
I'm following the Cavs and Indians and hoping Cleveland finally gets what's owed. Proper recognition as a winning city. I know we rock, but it's time everyone else knew it as well. I'm proud to live here and call it my home. I'm proud of our teams and city. I work with so many from out of the area so often that I find myself discussing this more and more. I love helping people make the decision to move here rather than our neighboring large cities. It makes me feel good to see people buying homes and not fleeing for greener pastures. Let's help keep our community and neighborhoods strong. We're a smaller city when compared, but we're full of great people, home prices, events, parks, restaurants, shopping, traffic isn't nearly as tight as other cities, real estate prices, cost of living in general, and from what I've heard many from out of the state and country say over the years, we're some of the nicest drivers and people around. They also love the four seasons and being right on the water. An ideal location... Go Cavs!
Post your comment on this blog and share your thoughts.
11/27/06 The real estate market in Northeast Ohio has definitely started to pick up in the last month. Local agents along with myself are reporting stronger buyer activity and motivation. Homes that have been on the market for sometime and have seen hefty price reductions seem to be attractive to buyers that perhaps have waited to move in on the real estate market at the right time. Some say with the Ohio elections finally over that may have also caused the increase in activity and buyers feeling more secure with purchasing a home. The holidays for many also bring a sense of home. With Thanksgiving over and Christmas on the way, Northeast Ohio is starting to light up and many are considering a home for the holidays. This may be great news for all parties involved. Buyers are getting great deals and sellers are finally able to move their properties.
Over this past week alone I’ve seen many multiple offers on homes and homes going into pending with buyers wishing they had seen them a day sooner. Sellers are also realizing what kind of market we’re in and they are being aggressive with pricing and are more competitive in order to sell before the winter season. There are also many new homes being built in Northeast Ohio and builders are aware of the slow market over the last year. Upgrades and negotiating have increased. It’s certainly a great time to buy in Cleveland and surrounding communities. Are we seeing a slight change in the market? According to many Realtors, the real estate market is seeing an increase in buyer activity. Post your comment on this blog.
9/22/06 - Hearing about the Ford plant's recent steps for buying out its employees, really touched me. Ford is the largest employer in this area. We obviously need good jobs and schools to stay afloat in Cleveland. What will all these possible layoffs mean for Northeast Ohio? Without medical insurance for these workers, and a stable financial future, what will happen to the already shaky housing market and economy? Ultimately, people will need to find other jobs and possibly move to other areas. The last thing Cleveland needs is more of its population vacating. It's a hard call. Take the buyout, or face a possible layoff. I feel for these decision makers and families.
8/29/06 - Cleveland Ohio was named poorest city in America according to the U.S. Census Bureau. 1 in 3 residents lived at or below poverty level (32.4%) in 2005. Cleveland came close to Detroit, which holds the number 2 spot at 31.4%. The local economy has been affected by lack of jobs in the area and some blame the local schools and high drop out rate for Cleveland. A local developer announced 3 new restaurants would be opening in Downtown Cleveland by the spring of 2007 two days after the report was released. A modern Mexican, Italian, and Middle Eastern restaurants along with walk up markets. With Downtown Cleveland seeing major changes and local businesses beginning to believe in the area again, it will be interesting to see next year’s numbers. Homes in Northeast Ohio are experiencing price reductions and an influx of available homes on the market.
The numbers are in for July. The statistics reflect homes on the market in Cuyahoga, Ashtabula, Medina and Lorain Counties.
(Single family homes only)
New listings- July 06/ 5,566 - July 05 / 5,126 +(8.6%)
Sold listings- July 06/ 2,026 - July 05/ 2,547 -(20.5%)
Average sale price - $184,848 - July 05/ $190,341 -(2.9%)
Average market time - 71 days from 69 last year.
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It's certainly a buyer's market. That's of course great news if you're a buyer, and not such good news if you're selling your home. In this market, unless your home is unique enough to grab major attention, or you have it priced so competitively that it will go fast, you're seeing your home on the market longer and going through some hefty price reductions. Buyers can choose and be selective. We are still selling homes! Don't be too discouraged by the amount of homes for sale in the Cleveland Ohio area. It's time to really take in your Realtor's advice and do what it takes to make your home sparkle. I'd be happy to go over your home's value with you and discuss a selling strategy that will best suit your needs. Remember, marketing is key. If you're thinking of selling your home, make sure to visit the links on my "Sellers" section.
Below are the current single family homes for sale. These numbers don't include multi-family homes, townhomes or condos. If you are curious about other areas of Northeast Ohio, specific streets, price ranges, etc. Contact me. I'd be happy to e-mail you any area's statistics. These numbers were pulled on 7/11/06. I last pulled them in February of 06. There's been as high as a 30% increase in some areas and an average of 15% in most. Will this start to slow and begin to average out to more of an even buyer/seller market? It's estimated that within 2-3 years we will see it start to turn the other direction. The economy and interest rates play a huge part in determining the housing market. In most large cities around the country, homes are valued much higher than here. It's a great time to buy a home in Cleveland.
Activity in Ohio's housing market continued to progress at traditional levels in August, with sales surpassing the July mark and posting the fifth best ever for the month, according to statistics provided by Ohio's Multiple Listing Services.
Statewide sales of new and existing homes during the first eight months of the year (January through August) total 92,211, 5.8 percent behind the 97,859 sales posted during the period a year ago.
The state's average sales price (January-August) of $152,705 marks a 1.8 percent decrease from the $155,525 average price posted during the period a year ago. The total dollar volume reached $14 billion, a 7.5 percent decrease from the $15.2 billion posted in 2006.
Sales in August 2007 reached 13,293, a 9.1 percent decrease from the 14,623 sales posted during the month a year ago.
Data provided to OAR by Multiple Listing Services includes residential closings for new and existing single-family homes and condominiums/co-ops.
Credit availability kept home sales down in August, NAR reports ...
Existing-home sales fell in August when mortgage availability problems were peaking, NAR says. Total existing-home sales, which include single-family, townhome, condominium, and co-op units, were down 4.3 percent to a seasonally adjusted annual rate of 5.50 million units in August from a level of 5.75 million in July, and are 12.8 percent below the 6.31 million-unit pace in August 2006.
"The unusual disruptions in the mortgage market, including a significant rise in jumbo loan rates, resulted in a fairly high number of postponed or cancelled sales, with many buyers having to search for other financing when loan commitments fell through," says Lawrence Yun, NAR vice president of research. "Lower sales contributed to a buildup of unsold inventory." Yun expects similar results for home sales in September. "Once we get through these disruptions, we'll get a better sense of where the actual market is in late fall as conditions begin to normalize," he says.
6/08/07 - It's been a while since I've updated my current market conditions. A mix of being very busy offline working with buyers and sellers and there just not being many topics to address. The market is similar to the market in November. One difference now is that interest rates are climbing at an alarming rate along with gas prices. Every day it seems they're spiking higher and higher. I've been telling this to my buyers and sellers for sometime now that it was predicted. Northeast Ohio's listing inventory is large enough without the lending issues we're facing as well. A few months ago non-conforming lenders were shut down and now interest rates are steadily climbing. Again, this was predicted some time ago but it's usually taken lightly as the thought is Realtors want you to buy now! The truth is, it would have been in your best interest to buy then... If not then, than certainly now! Now is the time to lock in a fixed rate mortgage and buy the home of your dreams while the selection is abundant and the prices are at an all time low. Sellers are facing price reductions and remodeling projects more than ever. (Lakewood has seen the highest number of home sales recently) If you'd like more information on interest rates and mortgage options, give Andrew Ginter a call anytime. 440-781-8737. He'd be happy to go over your questions and discuss with you the best finance options at the moment.
I'm following the Cavs and Indians and hoping Cleveland finally gets what's owed. Proper recognition as a winning city. I know we rock, but it's time everyone else knew it as well. I'm proud to live here and call it my home. I'm proud of our teams and city. I work with so many from out of the area so often that I find myself discussing this more and more. I love helping people make the decision to move here rather than our neighboring large cities. It makes me feel good to see people buying homes and not fleeing for greener pastures. Let's help keep our community and neighborhoods strong. We're a smaller city when compared, but we're full of great people, home prices, events, parks, restaurants, shopping, traffic isn't nearly as tight as other cities, real estate prices, cost of living in general, and from what I've heard many from out of the state and country say over the years, we're some of the nicest drivers and people around. They also love the four seasons and being right on the water. An ideal location... Go Cavs!
Post your comment on this blog and share your thoughts.
11/27/06 The real estate market in Northeast Ohio has definitely started to pick up in the last month. Local agents along with myself are reporting stronger buyer activity and motivation. Homes that have been on the market for sometime and have seen hefty price reductions seem to be attractive to buyers that perhaps have waited to move in on the real estate market at the right time. Some say with the Ohio elections finally over that may have also caused the increase in activity and buyers feeling more secure with purchasing a home. The holidays for many also bring a sense of home. With Thanksgiving over and Christmas on the way, Northeast Ohio is starting to light up and many are considering a home for the holidays. This may be great news for all parties involved. Buyers are getting great deals and sellers are finally able to move their properties.
Over this past week alone I’ve seen many multiple offers on homes and homes going into pending with buyers wishing they had seen them a day sooner. Sellers are also realizing what kind of market we’re in and they are being aggressive with pricing and are more competitive in order to sell before the winter season. There are also many new homes being built in Northeast Ohio and builders are aware of the slow market over the last year. Upgrades and negotiating have increased. It’s certainly a great time to buy in Cleveland and surrounding communities. Are we seeing a slight change in the market? According to many Realtors, the real estate market is seeing an increase in buyer activity. Post your comment on this blog.
9/22/06 - Hearing about the Ford plant's recent steps for buying out its employees, really touched me. Ford is the largest employer in this area. We obviously need good jobs and schools to stay afloat in Cleveland. What will all these possible layoffs mean for Northeast Ohio? Without medical insurance for these workers, and a stable financial future, what will happen to the already shaky housing market and economy? Ultimately, people will need to find other jobs and possibly move to other areas. The last thing Cleveland needs is more of its population vacating. It's a hard call. Take the buyout, or face a possible layoff. I feel for these decision makers and families.
8/29/06 - Cleveland Ohio was named poorest city in America according to the U.S. Census Bureau. 1 in 3 residents lived at or below poverty level (32.4%) in 2005. Cleveland came close to Detroit, which holds the number 2 spot at 31.4%. The local economy has been affected by lack of jobs in the area and some blame the local schools and high drop out rate for Cleveland. A local developer announced 3 new restaurants would be opening in Downtown Cleveland by the spring of 2007 two days after the report was released. A modern Mexican, Italian, and Middle Eastern restaurants along with walk up markets. With Downtown Cleveland seeing major changes and local businesses beginning to believe in the area again, it will be interesting to see next year’s numbers. Homes in Northeast Ohio are experiencing price reductions and an influx of available homes on the market.
The numbers are in for July. The statistics reflect homes on the market in Cuyahoga, Ashtabula, Medina and Lorain Counties.
(Single family homes only)
New listings- July 06/ 5,566 - July 05 / 5,126 +(8.6%)
Sold listings- July 06/ 2,026 - July 05/ 2,547 -(20.5%)
Average sale price - $184,848 - July 05/ $190,341 -(2.9%)
Average market time - 71 days from 69 last year.
--------------------------------------------------------------------
It's certainly a buyer's market. That's of course great news if you're a buyer, and not such good news if you're selling your home. In this market, unless your home is unique enough to grab major attention, or you have it priced so competitively that it will go fast, you're seeing your home on the market longer and going through some hefty price reductions. Buyers can choose and be selective. We are still selling homes! Don't be too discouraged by the amount of homes for sale in the Cleveland Ohio area. It's time to really take in your Realtor's advice and do what it takes to make your home sparkle. I'd be happy to go over your home's value with you and discuss a selling strategy that will best suit your needs. Remember, marketing is key. If you're thinking of selling your home, make sure to visit the links on my "Sellers" section.
Below are the current single family homes for sale. These numbers don't include multi-family homes, townhomes or condos. If you are curious about other areas of Northeast Ohio, specific streets, price ranges, etc. Contact me. I'd be happy to e-mail you any area's statistics. These numbers were pulled on 7/11/06. I last pulled them in February of 06. There's been as high as a 30% increase in some areas and an average of 15% in most. Will this start to slow and begin to average out to more of an even buyer/seller market? It's estimated that within 2-3 years we will see it start to turn the other direction. The economy and interest rates play a huge part in determining the housing market. In most large cities around the country, homes are valued much higher than here. It's a great time to buy a home in Cleveland.
- Cleveland West - Including: Old Brooklyn, Ohio City, Tremont,- 1213
- West Park (Cleveland) - 324
- Lakewood - 338
- Brooklyn - 35
- Rocky River - 131
- Westlake - 193
- Fairview Park - 123
- Bay Village - 145
- North Olmsted - 174
- Middleburg Heights - 68
- Berea - 95
- Strongsville - 293
- Brook Park - 68
- Olmsted Falls / Township - 171
- Parma - 507
- Parma Heights - 96
- Broadview Heights - 152
- Brooklyn Heights - 7
- Seven Hills - 85
- Brecksville - 118
Brooklyn Heights is an indicator of the market. In February, there were 0 homes for sale. I personally have never seen more than 4 homes for sale in Brooklyn Heights. Please also remember that this is July. Many sellers put their home on the market in the spring and summer. This will also play a part in the current homes for sale. I will be updating this every 3 months or so. Make sure to bookmark this site and come back often for updated information and statistics.
If you're interested in any additional Cities, feel free to Contact me. If you would like a list of these homes for sale, let me know which city. I will send you full color photos of each property inside and out.
If you're currently selling your home or have sold it recently, I would love to hear your story. Your expectations, experiences, ups and downs. What did it finally take? This may help others who are or will be going through the process.
posted by Cleveland Real Estate at
9/22/2006
3 Comments:
Multiple Offers? Wow that is an exciting opportunity. We are still a couple weeks away from the Columbus market picking back up.
thats true...
more and more peopel are heading their way towards buying and as they market will going to boom very soon..
and its the right time to invest..
me also belongs to same group who is looking for soem good deal..
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