Cleveland Real Estate News

Let’s examine (okay, re-examine,) sales since April that encompass all of Cleveland proper’s neighborhoods plus Downtown. Sound good? The plus side of me losing some posts last week is that now when I redo this we cover more ground. (Stats are good through today and cover listings and sales handled with area brokerages). 

 

 

There are 18 contingent sale homes waiting for inspections and mortgages to be finalized and 143 homes pending sale or waiting to close.

 

There have been 235 sales in these East side neighborhoods since April 1st. These homes sold between the prices of $1,000 (for a bank owned home which I bet you already figured out) and $450,000 for a one bedroom carriage house situated in University Circle on Magnolia.

 

The average sale price for these 235 homes was $30,436. The average number of days on the market for these sold homes was 90 days.

 

Obviously  not all homes waiting to close cross the finish line (sad to say) but if the 143 pending and 18 contingent  homes wind up transferring title, then 396 homes will have sold.

 

One sobering point: most of the first 150 sold homes sold for way less than $20,000. And yes, most were bank owned homes.

 

What could you have purchased for around $100,000? 

 

1. For exactly $100k, a 1928 built bungalow on Mohawk (off East 185th).

 

2. Another bungalow on Chickasaw built in 1929 for $104,900.

 

3. A 1923 built colonial for exactly $100k on Bonniewood with Beach privileges available. (Notice the trend that these three homes are in the same general area.)

 

4. A Water Street Condo in the Historic Warehouse District (W. 9th) with two bedrooms and two bathrooms sold for $115,000.

 

Peace Out – 3C