Cleveland Real Estate News

Did you all enjoy the Spring-like weather yesterday as much as I did? Family in town so we were at Shaker Square sharing a meal and coats were most definitely optional.  Yes I know, not as nice today! In any even, I ran some figures for a client regarding housing trends in Lakewood since September 1, 2008 and figured I should post them here.

There is still a sizeable inventory of homes for sale in Lakewood. As of today, there are 352 single family homes listed for sale on our multiple listing service. (Which reminds me: these stats include homes for sale with area brokerages).

There are 46 total homes under contract as of today. Eight of them are contingent, or awaiting mortgage loans and inspections to be finished. 38 of them are pending sale, or waiting to transfer ownership.

Since September 1st, 85 Lakewood homes have sold. The Average Listing Price was $115,882. The Average Sale Price was $105,756. That comes to about $66 a square foot.

The average number of days these homes were on the market was 81. There were homes that sold above $105k of course. The highest sale price was for a six bedroom three bath home on Clifton that was listed for $399k and sold for $380k. The least expensive sale was for a one bedroom condo in Edgewater Towers that sold for $14,500.

What could you have purchased for around $100,000? How about a 3br 1,348 sq foot home on Belle. It didn’t seem to have updates (like the kitchen, for example), but it was in great shape with original moldings, etc.

This house has great curb appeal: a six bedroom colonial on a deep lot (175 ft) with 1,940 sq feet of living space. It sold for $113,500. There were no photos and it was sold ‘as is’ which tells me it may have been an estate sale, but was most probably a foreclosure.

Another possibility would have been a cute 1,398 sq ft home on Emily. It was built in 1927, also seems to have not been updated that much but the photos make it appear that it was in move in condition inside. Also, there was a brand new two car garage. This house sold for $98,500.

Lakewood has always been a sought after place to live because of their city services and close proximity to Downtown Cleveland. It’s pretty obvious there are plenty homes to choose from and that prices have inched down a bit more. But they are still selling, and the inventory numbers are about 150 homes shy of the highest inventory reported in Lakewood in last few years.  Peace Out – 3C