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Greater Cleveland Real Estate Market Update - Summer 2016


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The brief report is a summary of residential single family home sales in the Greater Cleveland SW suburbs,

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Greater Cleveland Real Estate Market Update - Summer 2016

  1. 1. GREATER CLEVELAND HOMES & REAL ESTATE 2016 YTD HOME SALES REPORT - SOUTHWEST SUBURBS – SUMMER, 2016 Brought to you by LisaHumenik, RE /MAX Crossroads More news at : HOME SALES IT’S A GREAT TIME TO SELL A HOME! The Northeast Ohio real estate market has changed significantly in the past year turning to a SELLER’s advantage in most suburbs. The number of homes available for sale has continued to decline while home sales are increasing which has helped boost sales prices and decrease market time for home sellers. With mortgage rates still at historic lows, a home buyers cost of purchasing a home is lower and more affordable than ever which is boosting demand. Homes that are in very good condition and that are priced and marketed effectively are selling for higher prices which is driving up home values. Home owners throughout the area are seeing their homes value and equity increase which is a welcome change from the past years. All and all.. It is a great year to move! HOME PRICES HOMES SALES ARE UP 17% OVER 2015 The number of homes sold YTD (Jan-May) in 2016 in Cuyahoga County suburbs is up 17% over the same period last year (SEE CHART). A even bigger indicator of future sales is that Pending Sales Contracts are up over 36% from May last year. Many suburbs are seeing even stronger sales gains. The top sales gains YTD in the Greater Cleveland SW Suburbs are as follows: Strongsville (+40%), Lakewood (+38), Middleburg Heights (+32%), Brunswick, Brunswick Hills (+31%), Olmsted Falls (+29%), and Parma (+26%). Home sales have continued to increase in spite of declining home inventory for sale. HOMES PRICES ARE RISING IN ALMOST ALL SUBURBS – UP 4% IN CUYAHOGA COUNTY The Average Sale Price of Homes sold YTD (Jan-May) in 2016 in Cuyahoga County suburbs is $143,000 up 4% over the same period last year (SEE CHART NEXT PAGE FOR ALL SW SUBURBS). The average List Price has increased by over 10% since 2015. Many suburbs are seeing double digit sold price increases. Suburbs with the highest home sales price increases YTD over 2015 are as follows (Average Home Sales Price): 1. ROCKY RIVER – UP 18.8% TO $329,000 AVG 2. BEREA – UP 15% TO $136,000 AVG 3. BROOKPARK – UP 13% TO $103,000 AVG 4. WEST PARK - CLEVE W OF 140TH (KAMMS) – UP 12% TO $93,000 AVG 5. LAKEWOOD – UP 12.3% TO $169,000 AVG 6. PARMA – UP 8% TO $97,000 AVG
  2. 2. 2016 YTD HOME SALES REPORT CARD SOUTHWEST SUBURBS – HOME SALES DATA  Months of Inventory ( based on Closed Sales) = the number of properties for sale divided by the number of properties sold. Three (3) months or less inventory is a Seller’s Market. A Buyer’s Market is greater than 6 months of Inventory. Balanced = 3 < 6 months inventory.  Absorption Rate – Percent of Homes for Sale that went under contract (Pending) CITY NUMBER OF HOMES FOR SALE (+/- % TO 2015) As of 6/1/16 CURRENT MONTHS OF INVENTORY* (Buyer or Seller’s Market) 2016 AVG SOLD PRICE YTD 2016 - AVG (% TO SAME PERIOD 2015) 2016 # YTD HOMES SOLD (% TO SAME PERIOD 2015) KEY MARKET TRENDS BEREA 46 ( - 40% ) 1.9 SELLER $136,000 (+ 14.8%) 100 (+23.5%) VERY LOW INVENTORY / STRONG SALES & PRICE APPRECIATION BROOK PARK 41 (+ 7.9%) 1.7 SELLER $103,000 (+13%) 92 (+16.5%) INCREASED HOME SALES & PRICE APPRECIATION BRUNSWICK 88 ( - 40% ) 1.4 SELLER $178,000 (+3.4%) 254 (+31%) VERY LOW INVENTORY / STRONG SALES LAKEWOOD 59 (- 18%) 1.3 SELLER $169,000 (+12.3%) 200 (+38%) STRONG GROWTH IN HOME SALES & PRICES MIDDLEBURG HTS 35 (+ 13%) 1.9 SELLER $150,000 (+5.8%) 58 (+32%) MODERATE PRICE & INVENTORY GROWTH NORTH OLMSTED 70 (-35%) 1.9 SELLER $134,000 (+1%) 143 (+9.2%) PRICING & SALES NUETRAL NORTH ROYALTON 74 (-32%) 2.5 SELLER $204,000 (-1.7%) 91 (+1%) PRICING & SALES NUETRAL OLMSTED FALLS / TOWNSHIP 83 (-20%) 3.1 NUETRAL $135,000 (-6.8%) 111 (+29%) HOMES SALES INCREASING BUT PRICING DECREASING PARMA 202 (- 32%) 1.8 SELLER $97,000 (+8%) 438 (+25.5%) GREAT MARKET RECOVERY - HOME PRICES AND SALES UP SUBSTANTIALLY PARMA HEIGHTS 40 (- 38%) 1.2 SELLER $99,000 (+6.5%) 98 (+24%) INCREASED HOME SALES & PRICE APPRECIATION ROCKY RIVER 44 (-33%) 1.5 SELLER $329,000 (+19%) 104 (+9.5%) STRONG PRICE APPRECIATION AND SALES STRONGSVILLE 130 (-37%) 2.1 SELLER $221,000 (+3.2%) 229 (+40.5%) VERY STRONG HOME SALES GROWTH WEST PARK 92 (-30%) 2.2 SELLER $93,000 (+12%) 202 (+19.5%) INCREASED HOME SALES & PRICE APPRECIATION ALL CUYAHOGA COUNTY 4,198 (-15.6%) 2.4 SELLER $143,000 (+4.2%) 4,986 (+17%) SELLER’S MARKET. STRONG SALES & PRICE APPRECIATION.
  3. 3. GREATER CLEVELAND - 2016 YTD HOME SALES REPORT - SOUTHWEST SUBURBS DAYS ON MARKET DAYS ON MARKET (#DAYS TO SELL) IS DECREASING The number of days it takes to sell a home has been decreasing as the market has become tighter and inventory is low. In the past five years, total days on market (CDOM) peaked at 139 days in 2011 and is now 97 days – a 30% decrease! So we are seeing homes sell significantly FASTER! With low interest rates and rising prices, it is a great time to sell. So, if you list your home, be ready to get moving! CDOM is Cumulative Days on Market and includes if a home was on the market and then expired and re-listed. Days on Market (DOM) is the number of days to sell in the current listing period. Today;s DM in Cuyahoga County is averaging 76 days from list date to close. WHERE HAVE ALL THE LISTINGS GONE? NUMBER OF HOMES FOR SALE (ACTIVE LISTINGS) AT 5 YEAR LOWS The inventory of homes “For Sale” in Cuyahoga County (see CHART) has been consistently decreasing over the past 5 years. Even with the positive trends in 2015, we have yet to see the inventory of homes increase to levels higher than the past five years. At the start of June, we had 4,198 Single Family homes for sale in Cuyahoga County compared to 7,945 in 2011 - a 47% decrease! The low supply of homes for sale has assisted in boosting sales prices and lowering the time it takes to sell a home. The reasons for the strong year-over-year home appreciation numbers we have been seeing is simple to explain: demand for housing is up and the supply of homes for sale has been at historic lows. MONTHS OF INVENTORY CUYAHOGA COUNTY INVENTORY AT 3.4 MONTHS The Average current market inventory in Cuyahoga County is 3.4 months. This is a still a Balanced Market county-wide (but moving towards Sellers). But most all Southwest Suburbs are now SELLER’s markets (a Sellers Market is 3 months or less of inventory and a Buyers Market is more than 6 months of inventory). Markets with extremely low inventory and high turnover include Lakewood, Brunswick, Brook Park, an Parma Heights. Download the complete Market Trends Report at
  4. 4. FRIENDS & FAMILY DISCOUNT PROGRAM 15% OFF DISCOUNT TO ALL PAST CLIENTS AND REFERRALS! All past clients and any friends or family you refer receive 15% off the standard sales commission for selling your home. Your loyalty is very much appreciated and I will always work hard to earn and keep your business. Home sellers and buyers also receive discount on your closing costs from Ohio Real Title as well. Just call me at (440)476-4959 or email me and I will take the best care of you possible. Download the complete Market Trends Report at YOUR HOME MAY BE WORTH MORE NOW! THINKING OF SELLING YOUR HOME? CHECK OUT OUR NEW WEBSITE & FACEBOOK PAGE! CONTACT INFO PHONE: (440)476-4959 * EMAIL: * WEB: or FANPAGE@ * New BLOG COMING SOON! GREATER CLEVELAND - 2016 YTD HOME SALES REPORT - SOUTHWEST SUBURBS WONDERING WHAT YOUR HOME IS WORTH NOW? Market conditions have changed dramatically over the past few years – especially in the Southwest Suburbs. The GOOD NEWS is… most likely your home may have gone up in value! If you would like a current professional estimate and/or neighborhood value report, please contact me at (440)476-4959 or My RE/MAX home search Website has recently been improved to allow even easier navigation to find homes for sale. Check it out at: Also, my Facebook Page features up-to-date news on the real estate market and the latest HOT new home listings. Please “LIKE” my page and check it out at: If you are thinking of selling your home, my Smart Seller Home Marketing Program attracts MORE interested buyers to your home with today's most effective and ADVANCED real estate marketing techniques with results that are Guaranteed! Here's why the smart seller program is unique: No long term listing contract - cancel anytime! Advanced marketing techniques targeted to today's home buyer such as professional Wide Angle lens Photography & Video, Social Media advertising, sponsored home Online (on, Zillow, and Trulia), Home Staging, and your home’s own website to name a few. All my clients receive a 100% client satisfaction guarantee - your satisfaction with our services will be monitored throughout the transaction process to make sure you are always happy with the service and communication you receive every step of the way. See Marketing Plan examples at Call me for a personalized Home Marketing Plan Presentation at (440)476-4959