How's The Market in Cleveland Ohio?

So what's happening with the real estate market in Cleveland? Where are we now? How many homes are selling in Cuyahoga County? Being a Realtor, these are the questions I get daily. "How's the market?" "People and the market are moving" I say. With 2008 being half way over, here's how this year breaks down so far:

Between 4/29/08 and now, 7/29/08, here are the averages.

• 3457 Homes Sold
• 1,685 SqFt 3 bedroom/1 bath was the average home size
• $141,843 was the average list price
• $132,252 was the average sales price
• The average home was on the market 91 days.
• The average price per SqFt was $67.85

Between 1/29/08 and 4/29/08, (First three months of the year) here are the averages.

• 2853 Homes Sold
• 1,580 SqFt 3 bedroom/1 bath was the average home size
• $119,764 was the average list price
• $111,754 was the average sales price
• The average home was on the market 96 days
• The average price per SqFt was $58.88

As you can see there's a nice climb in numbers for the second quarter of 2008. Does this mean we're seeing the real estate market start to heal? More homes are selling and for higher amounts than in the beginning of 2008. Let's compare July 2008 with July 2007 and see what has happened...

July 2008 there were:

• 836 homes sold
• 1,647 SqFt 3 bedroom/1 bath was the average home size
• $138,236 was the average list price
• $129,010 was the average sales price
• The average home was on the market for 89 days
• The average price per SqFt was $69.98

July 2007 there were:

• 1174 Homes Sold
• 1,754 SqFt 3 bedroom/1 bath was the average home size
• $172,237 was the average list price
• $163,369 was the average selling price
• The average home was on the market for 81 days
• The average price per SqFt $81.32

As you can see, the numbers from last year are still down but so far in 2008, the numbers seem to be rising and increasing steadily. There are many factors in these averages including homes selling in the $2mil + category and some as low as $1,000. Unless I specifically narrow down the entire Cuyahoga County or specific city data, these are just market indicators. If you'd like for me to pull your city or even street's numbers, I don't mind at all. You can inquire about your home's value or area value by filling out this simple home value form. Please indicate which you'd like to know or both.

Expect right now to sell your home right around 94% of the asking price according to the average.

So, the next time you see a Realtor at the grocery store and the first thing that you ask is, "How's the market?" You'll be able to tell THEM.