Last week I took a look at home sales in University Heights from the early nineties to 2007. This week I’m across the River to… Rocky River. This will give you a bit of a birdseye view of sale prices through the years. Again, these are homes sold through area brokers for which I can find stats on our computer listing system, the MLS.
It was harder to find homes that turned around a lot so I picked a few streets instead of one and have some sale comparisons for you.
Home #1 On Erie
Sold in 1993 for $110,000
Sold in 2004 for $152,000.
Home #2 on Aberdeen:
Sold in 1990 for $190,000
Sold in 1993 for $212,000
Home #3 on Morewood Parkway
Sold in 1996 for $166,000
Sold in 1999 for $214,000
Sold in 2001 for $234,000 (and now apparently someone is enjoying their stay, the home has not sold since then lol)
Now I am going to look at 1993, 1996, 1999, 2005 and 2007 for the average sale prices on all homes in Rocky River.
1993:The average sale price was $195,904 and 48 homes sold in total. The average sale price per square foot was $75 and they were on the market about 29 days before selling.
1996: The average sale price was $155,278 and 232 homes sold. The average price per square foot was $89 and they were on the market about 84 days.
1999: The average sale price was $143,515 and 250 homes sold. The average price per square foot was $98 and they were on the market about 51 days.
2005: The average sale price was $519,347 and 49 homes sold. The average price per square foot was $176 and they were on the market about 76 days.
2007: The average sale price was $513,789 and 52 homes sold. The average sale price per square foot was $162 and they were on the market about 104 days.
Definitely a difference between 29 days on average, on the market in 1993 and 104 days in 2007. Definitely good appreciation though, no? Even with a bit of flattening in the market occurring now, the cost per square foot is significantly different than it was in 1993. Next week we will go back across the River to Shaker Heights. Peace Out – 3C
0 responses so far ↓
1 Lou // Dec 12, 2007 at 3:01 pm
Carole,
I think another interesting angle would be “how many additions were done in that time period and what was the total investment in $$$?” especially in Beachcliff II. Just a thought during lunch break.
2 Carole Cohen // Dec 12, 2007 at 3:52 pm
That is something I will have to explore – and see if I can get stats on Lou. I’m guessing that number is fairly substantial. I also think that number helped get the sales prices up to where they are now. I’ll investigate!
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