Cleveland Real Estate News

Happy New Year!  I am so thankful for everyone I met this year, for all my good friends, my family, the wonderful clients I have had who put their trust in me to either help them buy a home or help market their home. While you are all (hopefully) enjoying the first day of the new year, let’s begin looking at what happened over the last year in housing.

I examined stats for Cleveland neighborhoods (I excluded one area because when I look at Shaker Heights stats later this week, I will include the Cleveland area of Shaker in that post). I normally do this by zip code but today I am using the areas as they are grouped for brokers and Realtors® on our multiple listing service. And that reminds me, these stats cover sales and listings handled through area brokerages.

I’m looking at totals for 2008 and divided it up between multi-family (two to four units per home) and all the rest (single family, condo, town house).

First area includes Westpark, Westtown, most of Bellaire Puritas. There were 349 single family sales and 18 multi-family.

The second area includes parts of Detroit Shoreway, Edgewater, Cuddell, the West Boulevard area. There were 431 single family sales and 58 mulit-family sales.

The next area includes a small portion of Detroit Shoreway (closest to Ohio City), Ohio City, Tremont, Clark Metro. More homes sold in this general area than any other. 482 single family homes and 255 multi-family homes sold in 2008.

Next we have Old Brooklyn, the Spring Road area, South Hills. 335 single family and 46 multi-family sales.

Then we have Downtown and the near east side of Cleveland with areas like University Circle and Fairfax. There were 325 single family sales (and remember, this includes everything from Downtown condos to town homes and single family homes). There were 200 multi-family sales.

Heading east  to an area surrounding E. 152nd and Eddy Road, there were 83 home sales and 64 multi-family sales.

An area surrounding E. 185th Street saw 107 single fam home sales and 64 multi-family sales.

Collinwood had 71 single family sales and 51 multi-family home sales.

The east side area between Euclid Avenue and E. 185th St. saw 69 single family and 21 multi-family home sales.

One area (including communities like villa beach) between E. 185th and the Lake saw 41 single family home sales and 5 multi-family sales (keep in mind, there are not as many multi-homes in some areas, including this one).

That comes to a grand total of 2,293 single family home salesand 748 multi-family home sales in Cleveland in 2008.

I always say use caution when looking at sites like Trulia or Zillow. Trulia (in my opinion) tends to be a bit more accurate so here is a link, should you want to do a bit more analysis of home sale trends in 2008 in Cleveland.

To end on a positive note, we started out with over 17 months worth of housing inventory for sale in January 2008 and now as the year ends, we have 10.5 months of inventory.  And the number of days on the market for Cleveland homes stayed steady, on average, at around 94 days before selling. (This stat only counts for the homes that actually sold)

Again, Happy New Year and may all your favorite teams win their bowl games.  Peace Out – 3C