Not necessarily a trend; and I wouldn’t get out the confetti as of yet. But, it’s good to see us on a list like this, and we could always use some good news yes?
Christian Science Monitor reporter Laurent Belsie covered the story on line here. You may be thinking that one upturn doesn’t a trend make. You would be correct. However, it’s been several years since this many (four) metropolitan areas have seen housing price values rise. S&P Case Shiller uses stats compiled for April of this year. The other three cities in our company? Denver, Washington and Dallas.
If you go to the Case Shiller 20 city housing index on line, they examine more than april stats. Here’s another positive Cleveland stat:
Cleveland was the one market that showed any improvement in its year-over-year returns reporting -6.4% compared to the -6.6% reported for August.
Yes, that’s a slight increase, but we’ll take it.
So I played around with the ‘closed’ sales in several east side zip codes and several west side zip codes. Let’s compare and see if we agree with their analysis.
Zip codes 44105, 44108, 44110
78 homes sold in April of 2008. The average sale price was $12, 841 or $9 a square foot.
Advance one year and see what sold in these zips in April ’09
47 sold with an average sale price of $18,493 and $13 a square foot.
Zip Codes on West Side (44109, 44102, 44113, 44111, 44135)
161 homes sold in April of 2008 with an average sale price of $45, 786 or $34 a square foot.
April 2009 in these same zip codes: 78 homes sold in April; average sale price is $18,493 or $36 a square foot.
Not scientific to be sure but it does what Case Shiller says it did: improved.
Peace Out – 3C
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