The answer is yes. We have many homes on the market here in Cleveland, and yes we have our foreclosure issues; the true predictor can be seen in contingent and pending sales. My friend and fellow Realtor® Bonnie Erickson in Minnesota talks about predicting sales here.
What does this mean? A home is listed as active on the computer when it’s for sale. The same home becomes contingent when an offer is made, but it’s in it’s early stages; this means mortgages have to be applied for and inspections are still to be conducted and completed. These are the two main contingencies on a home sale although there are others.
Once these contingencies are satisfied, the status of the home sale changes from contingent to pending. Pending means waiting for the closing date, the sale to be recorded officially at the County, and ownership transferred. Meaning closed.
Having said all that, I’ve taken the West Side zip codes and checked buyer/sale activity from February 1st to today. Here is what I found:
44102
12 contingencies (homes went under contract)
33 pending sales – this includes one in Detroit Shoreway’s Battery Park and a home on Harborview in the Edgewater area that was listed over for 1 Mil plus.
49 closed, or sold.
44113
One contingent sale
19 pending sales
13 closed sales – the Average Sale Price among these 13 was $171,796
44111
5 contingencies
62 pending sales
67 closed sales – 32 of these sales were for less than $50k but the highest sale price was $169,900
44109
One contingency
20 pending sales
13 closed sales – the Average Sale Price for these 13 was $25,939
44135
8 contingencies
48 pending sales
46 closed sales – 38 of these sales were less than $100k (most less than 40k) and the Average Sale Price was $53,627.
Peace Out – 3C
8 responses so far ↓
1 Cleveland Real Estate Sales Trends in 2008 | Cleveland Real Estate News // Mar 29, 2008 at 12:41 pm
[...] RSS ← Is Anyone Buying Real Estate in Cleveland? [...]
2 Bonnie Erickson // Mar 30, 2008 at 1:37 am
Thanks for the shout, Carole. In our market, buyers are getting fantastic deals on homes. The prices are being cut in order for lenders to reduce their real estate inventory. I wish I had a bunch of extra money to buy up the truly spectacular deals available right now!
3 Carole Cohen // Mar 30, 2008 at 9:15 am
I hear you — I’ve seen two homes in the past month for unimaginable prices, both in move in condition. And thanks for writing such a good article on the topic!
4 Patty K // Apr 2, 2008 at 8:06 am
So what if people are buying. It is not really a comfort if everyone selling is losing their shirt. How do the averages mentioned compare to averages of 2 or 3 years ago.
5 Carole Cohen // Apr 2, 2008 at 10:28 am
Patty, sellers are definitely not comforted, but the only thing worse would be if no one was buying either. Until we get the inventories down, the housing market is not going to improve. You ask a good question about the comparisons and I am still waiting on word from our computer system staff to tell me how I can get those stats. Closed sales are readily available, the pending and contingent ones from years past are what will answer that question. As soon as I can glean the info I will post it! Thanks for commenting.
6 Colleen Kulikowski // Apr 4, 2008 at 10:22 am
Carol, I like the way you laid your market report out. Very easy to read. Great job!
7 Carole Cohen // Apr 4, 2008 at 10:32 am
TY, Colleen. The bad news is I can’t do past pending and contingent info but the good news is I can next year because I can record all the pending and contingent figures and trace them back myself. What’s that old saying, if you want something done right, do it yourself? lol
8 DaisyCannon31 // Jan 13, 2011 at 4:49 am
I had a dream to make my own firm, nevertheless I didn’t have enough of money to do this. Thank God my colleague said to use the loans. Thus I took the commercial loan and made real my old dream.
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