Cleveland Real Estate News

Many of you own multi-family homes; that means two family through four family dwellings.  I’m going to do a series of stats analysis and am starting with zip codes 44113 and 44111.  I’m covering the March 1st to the present time frame.

First let me say that the sales that occurred in 44113 were all in Ohio City or Tremont, as opposed to the Warehouse District which is also included in this zip code.

44113

There are 33 multi-family homes for sale currently

There are two contingent sales, or homes waiting for loans and inspections to be finalized

There are four homes pending sale, or waiting to close; that means six under contract

Since March 1st, 26 multi-family homes have sold. The highest priced sale was for a four family (two homes on one lot) on W. 11th that sold for $210,000. The least expensive sale was for a W 30th double that sold for $10,500.  The average sale price was $84,600 or $31 a square foot. These homes were on the market an average of 84 days.

Zip Code 44111

There are 107 homes currently listed for sale

8 homes are contingent, or awaiting mortgage loans and inspections to be finalized

24 homes are pending sale or waiting to close. That means 32 multi-family homes are under contract

116 multi-family homes sold since March 1st in this zip code

The least expensive was for a W. 70th double that sold for $51,000. The highest sale price was for a West Boulevard double that sold for $135,000. The average sale price was $18,196 or (!!!) $7 a square foot

These homes were on the market for an average of 69 days. Out of the 116 homes sold, only five sold for more than $70k, and as you can see by the average price per square foot, most sold for considerably less than that.

Peace Out, and more tomorrow   3C