Cleveland Real Estate News

According to Case-Schiller, our local housing prices were down 7.3% over the past year. You can read the report (three page pdf) here. They reported that Nashville was an area that saw some growth, as did quite a few of the places they studied ). One of the keys to growth instead of no growth or loss is economic growth or stability, i.e., jobs.

I can’t help but think how allowing tax credits for the film industry would bring jobs here on a more regular basis. Oh well, that fight is not over yet.

Charlotte N.C. also saw a modest gain of 0.8%.  Here is a Business Week article weighing in on housing sales/trends. They correctly say that inventory has to come way down before we will see a real change. They also report (or David Blitzer of Standard & Poor’s Index Committee said it) that banks are being more pro-active in lowering prices to get rid of homes they own that are taking up huge amounts of this inventory.  I agree. I also think banks are cooperating with things like repairs and upgrades that would have been unthinkable to happen a few years ago.

According to Case-Schiller, Denver and Boston were the best performing housing markets in the month of June.

Back to inventory. Thought it might be useful to run through some communities and see how many single family homes (which includes some attached housing) are listed for sale currently:

Rocky River   240

Lakewood  379

Westlake  350

Parma  547

Brecksville  124

Cleveland zips:

44102   314

44111   184

44113   193

44109   243

44135   280

44105   367

44106   121

44108   192

44110   128

44115   29 (mostly condos)

Garfield Heights  474 (two years ago inventory was over 600 so it’s an improvement in this area)

Beachwood   81  (consistently low inventory; stable? also smaller than some other areas)

South Euclid   334

If there are any areas you would like to explore, let me know and I will be glad to write it up for you.  Peace Out – 3C

Update: thanks to @BrewedFresh on Twitter for pointing me to Bill Callahan’s latest. It’s apropos to link it here.  Great info on foreclosures in our area, stats for this year compared to last.  Check it out.