Cleveland Real Estate News

 

Two things struck me.  First, while there are homes still listed and sold for prices under $50k, those numbers are not as high as they used to be.  It’s also true that this zip code was never hit as hard (knock on wood) with foreclosures and that is fortunate. The second point is that the size of the inventory of available homes is not bad.  For example, in this zip code, there are 200 single family homes listed for sale. That is at least 100 homes less than at the height of the down turn.

 

It’s also true that the home sales trends in 44135 are following what we found for Old Brooklyn.  Your home will do better if it has an updated kitchen and bath and/or expensive updates like roofs and furnaces completed before going on the market.  In lieu of that being a possibility, they sell much better when they are clean.  So again I say, if you don’t have the money to do any updates, at least clean the house from top to bottom. This means the basement and attic too. Even if you pay a professional $100 bucks to do this, you are saving money in the long run by having a much better chance of selling your home.

 I have a house for sale in this zip code that is in a great location (close to schools, public transportation, the library, shopping) and it’s so affordable, it might wind up that you have a monthly mortgage less than you now pay in rent.  It could use a bathroom update but it’s still a cool house. You can see more about this W. 137th home here on it’s own website. 

 

Okay time for more stats.  The average listing price for the 200 single family homes listed for sale is $87,325 and $75 a square foot. There are 42 homes under contract.  That means people are looking in this neighborhood.  We don’t yet know what the final sale prices are on these homes because they aren’t closed yet.  But we do know that the average listing price of homes that appealed to recent buyers is $73,902 or $62 a square foot. There were 12 homes recent buyers have put under contract with listing prices over %100,000.  This includes two homes on Sedalia and a house on Ridgeland. 

 

There were 139 sales in the last six months in zip code 44135. The average sale price was $59,077 or $51 a square foot.  Among these 139 sales, 29 sold for $90,000 or more. This included a Puritas Park town home on Metropolitan ($90k), a four bedroom brick cape cod on Woodbury for $99,500, a 3BR colonial on W. 140th (with a 300′ deep lot that I’m sure was one of the appeals!) and a ranch on Fairville with four bedrooms a tricked out kitchen and lots of other updates.  It sold for $145,000. Peace Out – 3C