Cleveland Real Estate News

I had a request to analyze home sales in Cleveland Heights.  The market is different from neighborhood to neighborhood, from city to city.  Cleveland Heights has experienced high home listing inventories over the past three years, and as of today, there are 417 single family homes listed for sale.  That is still 1) high 2)good for buyers because large selection….depending on whether you are a glass is half full or half empty thinker lol.

My stats are gleaned from listings/sales with area brokerages. These stats cover single family homes.

What style/price range of homes have appealed to buyers recently?  48 homes  are currently ‘contingent’  or ‘pending,’ meaning 48 buyers wrote offers that got accepted by sellers and now they are waiting for loans to be approved, inspections to be done (contingent) and titles to transfer (pending).  We know listing prices for homes in these categories but are not privy to agreed upon sale prices until the homes close. Having said that, here are some examples of homes waiting to transfer to their new owners.

1) 3BR, 1 1/2 bath 1919 built colonial on Somerton. It was listed for $99,500

2) beautiful brick 4BR/1 1/2 bath Tudor on Janette with a finished (large) third floor, sun porch, and garden landscaping that apparently attracts lots of song birds. It was listed for $114,900 when it went under contract.

3) brick ranch on Monticello with 1500 square feet of living space and 3BR/2 1/2 baths. It was listed for $125,000

4) listing said ‘violation free’ (Cleveland Hts has a point of sale inspection required by the City when homes sell, email me for details).  Gorgeous 1925 built center hall colonial  on Washington Blvd.  Updated kitchen (large, pretty), lots of clean wood floors.  It was listed for $179,900.

All four of these homes (and most homes listed for more than $70k that sold) were in move in ready condition, most with expensive updates done for buyers (like kitchens or baths or roofs).  Buyers were able to choose since the inventory is high, and they chose, mostly, move in ready.  I suspect a lot of these buyers were first time home buyers.  Some of them may have missed the deadline for First Time Home Buyer Credit (it got extended till Sept as long as you were already under contract).  But I’m finding that people were still buying after the credit date expired (June 30th).

How about homes that sold, and how about we compare 2010 sales (Jan through July) for 2008, 2009, 2010

329 Single Family Homes have sold, so far, in 2010. The average sale price was $115,370 and $55 a square foot.

306 Single Family Homes sold Jan -July 2009. The average sale price was $98,653 and $44 a square foot.

Lest you think we will find a steady ‘up’ trend, here is 2008

311 Single Family Homes sold Jan-July 2008. The average sale price was $120, 576 and $54 a square foot.

Yes, there is an increase, substantial really, in all of NE Ohio, for home sales in 2010.  What the comparison of the last three years tells you is to be careful.  Stats can be set due to many factors.  Could be a few more expensive home sales occurred in 2008 to jack up the average sale price.  Or it could be that sales are basically stabilized for the moment, since there isn’t that much difference in the three year stats.  What we do know is that homes sold, are still selling, even though the Tax Credit is gone. 

Hope this was useful!  Peace Out – 3C