Cleveland Real Estate News

Westlake is a community used by the media as an example of positive home investment, at least this was true in 2007. Several local TV channels pointed out that sales did not suffer. Rather than give an opinion on this aspect, per se, I thought I’d do an analysis of Westlake home sales in 2008 and then do a bit of a comparison from the prior two yrs.

This time I’m only dealing with single family homes, meaning free standing homes and town homes or condos. And these stats only represent homes sold through area brokerages.

There are 224 homes for sale as of today in Westlake. There are 35 under contract, waiting for title to transfer.

313 single family homes sold in 2008; 354 in 2007 and 446 in 2006.

Our computer listing service does a quarterly breakdown. Unfortunately they haven’t done the last two quarters of 2008 yet but I’ll include the first two quarterly results, to give a better insight into how things sold over the last three years.

2008 – First quarter average sale price in Westlake was $235,100 and sellers averaged 94.2% of their ask price.

2008 – Second quarter average sale price in Westlake was $253,300 and sellers averaged 94.5% of their ask price.

2007 – First Quarter average sale price was $280,800 and sellers were getting an average of 95.1% of their ask price.

2007 – Second Quarter average sale price was $257,900 with sellers getting an average of 94.9% of their ask price.

2007 – Third Quarter average sale price was $274,900 with sellers getting average of 94.7% of their ask price.

2007 – Fourth Quarter average sale price was $283,900 and sellers got an average of 87% of their ask price.

2006 – First quarter average sale price was $280,500 and sellers got an average of 95.8% of their ask price.

2006 – Second quarter average sale price was $263,000 and sellers got an average of 95.9 % of their ask price.

2006 – Third quarter average sale price was $278,400 and sellers got 95.1 % of their ask price.

2006 – Fourth quarter average sale price was $268,600 and sellers got about 95 % of their ask price.

I’ll add the other two quarter results for 2008 to this post when it’s available.  Peace Out – 3C