Cleveland Real Estate News

We keep asking, is the economy improving, are housing sales improving?  And lots of people have weighed in.  Here are eight communities to start off this type of comparison/discussion as it relates to home sales in NE Ohio. 

I’m comparing sales in these eight communities ranging from April through July in each of the two years. So when I say ’08, I mean April – July.

Lakewood:  2008  140 home sales. Average sale price was $137,097 or $76 a square foot.

Lakewood  2009:  131 home sales. Average sale price $117,591 or $74 a square foot.  (pretty close both years, still slight drop in ’09)

Rocky River  2008:  58 home sales. Average sale price $265,759 or $125 square foot.

Rocky River  2009:  75 home sales. Average sale price $242,348 or $113 a square foot.

Fairview  2008:  45 home sales. Average sale price $142,686/$90 a sq. ft.

Fairview  2009:  59 home sales. Average sale price $141,615/$86 sq. foot. (very close both years)

Cleveland Zip Code  44113 (includes some of Warehouse District, Ohio City and Tremont).  2008:  23 home sales and an average sale price of $127,926 or $62 a square foot.

Zip Code  44113  2009:  24 home sales and an average sale price of $171,907 and $101 a square foot. (definite improvement in ’09)

Zip Code  44102 (includes Detroit Shoreway and Edgewater Cudell and West Blvd area) 2008:  89 home sales. Average sale price is $31,444 and $20/square foot.

Zip Code  44102  2009:  51 home sales.  Average sale price was $41,431 and $23/square foot.  (fewer sales, still not as many sales or homes on the market….but the prices improved this year).

Zip Code  44111 (including but not limited to Bellaire Puritas, West Park) 2008:  128 home sales.  Average sale price was $65,455 and $52 a square foot.

Zip Code  44111  2009:  112 home sales. Average sale price $68,531 and $53 a square foot. (sale prices definitely rose this year)

Zip Code  44135  (same areas again as 44111…only different lol) 2008:  110 home sales and average sale price of $61,363 or $52 a square foot.

Zip Code 44135  2009:   94 home sales. The average sale price was $58,901 or $51 a square foot.

Zip Code  44109  (Old Brooklyn, South Hills, etc) 2008:  104 home sales.  The average sale price was $50,600 or $36/square foot.

Zip Code  44109  2009:  86 home sales.  The average sale price was $46,625 or $34/square foot.

These are single family homes and I did the analysis by doing research on our NORMLS computer listing service.   Even though these stats  are real, keep in mind that lender owned homes, which typically are selling for lower market values,  are included in the averages.  We all look forward to the day when lender owned homes play a small part in these stats.  Having said all this, there is improvement in sale prices in many of these communities.   Peace Out – 3C