I did a comparison of homes built between 2005 and 2006 that sold in the year 2006, and homes built since 2006 that sold January to the present. This was for Cleveland real estate in zip code 44113. Here is what I found:
2006
113 New single family homes sold and 7 condos; bringing the total to 20 for that year. There were 414 total single family home sales in zip code 44113 in 2006.
The new homes and condos sold were in complexes like Duck Island (W. 20th), Parkhill Assocs (W. 7th), Literary Row, Tremont Commons, Literary Bluffs (W. 9th) and Stonebridge.
2007:
There were 34 New Single Family and condo sales. The total number of sales for single family homes (and remember we are missing December figures yet) was 393 homes.
This year, Stonebridge in it’s first and second bldgs, Bergen Village, Clarence Court, Battery Park and St. Stephen’s Court on W. 54th were popular, with Town Homes of Ohio City thrown in.
There are 120 new construction homes/town homes/condos for sale currently in zip code 44113 - so as you can see, we have an inventory waiting for buyers to purchase…but it’s not astronomical. If sales for new construction keep at pace however, it could take another year to find owners for them.
That segues me into an article I found in The News Herald on line, a NE Ohio ‘paper.’ They interviewed Nate Coffman of the Home Builders Assn of Greater Cleveland. He reiterates my relief that we did not have the ‘highs’ and now the ‘lows’ experienced in some other areas of the Country, where prices sky-rocketed for a while and are subsequently falling and falling.
The article basically focuses on Lake and Geauga County, but the ‘trend’ holds true in Cuyahoga as well. Coffman also mentions the trend to ‘green’ building, a trend which should increase as time goes on.
Check out the Home Bldrs Assn of Greater Cleve website for info on ’smart growth’ and other statistical info you might find useful - like the factoid it is predicted that 75k households will be added to the NE Ohio area, all counties, over the next 20 years. This by the way is a census projection. Peace Out - 3C
5 responses so far ↓
1 Jill // Nov 22, 2007 at 3:43 pm
Hey Carole - you know, since I bought my first home (just after getting married, in 1993) in Univ. Hts., I’ve thought of how when we were thinking about whether we’d stay here or move east, we thought, well, the housing prices in NEO seemed to be the same when the country was doing well, and the same when the country was doing poorly. I don’t know if that’s really true, but it FELT stable. What you say here seems to kind of reflect that that’s still true - is it?
It’s one of the things I liked about staying here - it just seemed smart.
2 Carole Cohen // Nov 23, 2007 at 12:03 am
I agree Jill; we don’t have to worry as much….now if someone gets transferred and they have only owned a home for a year or two, they could be up the creek as far as making any money, or breaking even, depending on the neighborhood. But in general, 3 percent increase over 30 yrs of housing history is less stressful than the Calif or Maryland markets. I love University Heights homes.
3 moni // Nov 23, 2007 at 10:33 pm
I wish my market was as stable. I’d rather a small increase over time than a large spike…not as dramatic a fall when it comes down.
4 map boy // Nov 26, 2007 at 3:19 pm
FYI, I don’t think Battery Park is in 44113. Interesting data, nonetheless!
5 Carole Cohen // Nov 26, 2007 at 3:26 pm
Moni: stable but still not satisfying to those trying to sell in some of the neighborhoods where sales are flat. Thanks!
Hi Map Boy: You are so right, Battery Park is in 44102!
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