Ohio Housing Market Conditions

Homes are selling in Ohio and that's a fact. Homes will always sell. People will always need a place to live. If you're worried now is a bad time to buy, invest or sell a home, perhaps you should look at these statistics. Here are the definitions of the different types of statuses:

• Contingent means there is an accepted offer on the home and it's waiting for a removal of contingencies like a home inspection, loan approval, etc.
• Pending means there is an accepted offer on the home, contingencies have been removed and it's waiting to close.
• Active means the home is still on the market.
• Sold means title has transferred to the new owner and the home has been removed from the market.

There are 4,583 homes at this very moment under contract (Pending/Contingent) and soon to be "sold." The averages on all these homes are:

• 3 bedroom
• 1 bathroom
• 1,652 SqFt
• $130,195
• 86 days on the market
• and $81 is the average selling price per SqFt

There are 23,292 homes on the market or for sale in the Cleveland area. It appears that there are still homes priced too high and some sellers aren't realistic yet. Homes that are significantly overpriced will sit on the market indefinitely. Here are the averages for the homes currently for sale:

• 3 bedroom
• 1 bathroom
• 1,880 SqFt
• $205,344 is the average price for sale
• 117 days on the market
• $110 is the average price for SqFt

And then there's 2009 Sold listings. I only pulled the sold homes within the last month. These are the averages of homes that have closed/sold in Northeast Ohio. Here are their stats.

• 3 bedroom
• 1 bathroom
• 1,752 SqFt
• $144,807 is the average selling price
• 90 days on the market
• and homes are selling at $74 a SqFt for the average.

Homes right now are selling at an average of 93% of their asking price.

This is important news if you're a home buyer or seller. Take note of what's going on in the market and what it means for you. If you're selling a home, calculate your price per SqFt. Is it fair? Make sure to consider your upgrades and the condition of the property when calculating this. Your price per SqFt may be higher or lower depending. If you're buying a home, notice these numbers and statistics and make a fair but smart offer on the home you're interested in. Also take into consideration the appeal of the property, location and high end upgrades when making an offer. Notice the dollars per SqFt that homes are selling for!

Remember, not all homes fall into the average and some are special or already priced below market. Your real estate agent will be able to work the specific numbers for the property you're interested in. Each home and area may be unique and different. These averages and numbers cover Cuyahoga, Lorain, Medina, Lake, Portage and parts of Summit County. Northeast Ohio is selling and moving. These homes range from condos, single family, multi-family and some commercial listings. If there's a property you're interested in or if you'd like to know the current value of your home, contact us anytime for a free no obligation analysis. We're always here to help. You can browse the Ohio MLS and find all homes for sale currently, or learn about HUD homes in Ohio.

Ohio housing market statistics brought to you by Howard Hanna Smythe Cramer.