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Westlake Touted A Few Years Ago In Media About Holding Home Sale Prices During Recession. How Are They Doing Now?

February 4th, 2013 · 8 Comments

How are you all holding up this winter? Yes, it’s a bit snowy. People are still looking for homes, which makes it quite interesting when showing during a sideways snow storm! 

Anyway, let’s look at Westlake. I Went back to 2005 and then did the stats on all single family homes from 2009 through 2012.  Will they be similar? Let’s see:

In 2005 there were 304 single family homes sold (through area brokers, all my stats deal with brokerage sales).  The Average Listing Price was $365,120 and $124 a square foot. The Average Sale Price was $350,329 and $119 a square foot.  This gives us a bench mark. The lowest priced single fam. home sold was $54,500 for a one bedroom 520 square foot house on 2nd Street (definitely qualifies as a tiny house, in fashion these days!)  The highest sale price went to a home with over 6k sq. ft. and it sold at 74% of list price. It sold for $1,500,000.00.

2009: 229 homes sold. The Average List Price was $321,697 and $111 a square foot. The Average Sale Price was $297,457 and $103 a sq. ft.

The lowest sale price was for a quaint 1883 built one bedroom home that sold for $33,000. The highest sale price was for a large home on Waterfall Way with 2,646 sq. ft. of living space. It sold for $1,081,500.00. This was 64% of listing price.

2010: 239 single family homes sold.  The Average Listing Price was $354,179 and $117 a sq. ft. The Average Sale Price was $323,659 and $109 a sq. ft. 

This time, the lowest sale price was not a one bedroom. It was a 4 BR 2Bath home on Dover Center (a century home) and it sold for $62,900. The highest sale price was a home on Rocky Ridge that sold for one million dollars and that was 74.07% of the listing price.

2011: 213 homes sold. The Average Listing  Price was $292,364 and $106 a sq. foot. The Average Sale Price was $273,458 and $99 a sq. foot. (this year was a bit lower, in volume and prices)

In 2011, we have more than one 1Br home in the lower sales price category – Then a 2 bedroom home on Lansing that sold for $36,750 and the highest sale price for a home on Churchill that sold for $1,174,000.00 (87% of listing price).

2012: 233 homes sold. The Average Listing Price was $309,644 and $110 a sq. ft.  The Average Sale Price was $289,640 and $104 a sq. ft.  

The lowest sale price was for a 4BR 1 1/2 BATH 1,480 sq. ft home on Columbia. It sold for $48,00. The highest sale price was on Waterfall Way (just like 2009) which sold for $1,225,000.00 and came in at 72.27% of the listing price. (And 158.70 a sq. ft)

So what do you think? The only drop in volume worth noting would be for 2011 with a rebound in 2012.  Sale prices are lower but there didn’t seem to be a giant swing up or down over the last four years. Do you agree? 

3C

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Tags: Cleveland Real Estate · Cuyahoga County Home Sales · housing trends · neighborhood news

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