PARMA OH HOMES & REAL ESTATE
2016 YTD HOME SALES REPORT - SUMMER, 2016
Brought to you by LisaHumenik, RE /MAX Crossroads More news at : Facebook.com/AmazingNortheastOhioHomes
PARMA HOMES SOLD
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!
PARMA HOME PRICES
YTD HOMES SALES ARE UP 26% OVER 2015
The number of homes sold YTD (Jan-May) in 2016 in Parma is up 26%
over the same period last year (SEE CHART). A even bigger indicator
of future sales is that Pending Sales Contracts are up over 33% from
May last year. The pending contracts are pointing to an increasing
In May the Absorption Rate (percentage of homes going under contract
“Pending” of those on the market) rose to 55%. The lower priced
homes are going very quickly and there is less competition now from
distressed inventory. The decline in homes for sale and concurrent
increase in sales has created a tight market for buyers – but a good
market for home sellers (and owners waiting for their home value to
increase). Given the sharp rise in sales, we would expect a slowdown
as the summer season winds own and back-to-school time begins.
PARMA HOMES PRICES ARE UP 11%
The Average Sale Price of Homes sold YTD (Jan-May) in 2016 in Parma
rose to $100,000 up 11% over the same period last year (SEE CHART).
The average List Price has increased by over 7% since 2015 to
In May (2016), the average For Sale price rose to $115,000, one of the
highest averages in the past 5 years. The Average Sold price in May
rose to $105,000, up 2.9% from May 2015. All in all, the Parma real
estate prices have shown a dramatic recovery from 5 years ago and
many home owners have recovered lost home equity from when the
market hit lows several years back.
The Average Sold Price per Square foot is a great indicator for the
direction of property values. The May 2016 Average Sold Price per
Square Foot was $76 up 8.6% from May 2015.
GREATER CLEVELAND - 2016 YTD HOME SALES REPORT - SOUTHWEST SUBURBS
DAYS ON MARKET
DAYS ON MARKET (#DAYS TO SELL) IS
The number of days it takes to sell a home has been decreasing
as the market has become tighter and inventory is low. The YTD
Days on Market for Parma homes is averaging 77 days, compared
to 86 days for Jan-May 2015, down 11%. This is also good news
for Parma home sellers as they are able to enjoy a shorter market
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 CDPM in Parma is averaging 100 days from list date to
WHERE HAVE ALL THE LISTINGS GONE?
NUMBER OF HOMES FOR SALE (ACTIVE
LISTINGS) AT 5 YEAR LOWS
The inventory of homes “For Sale” in Parma (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 202 Single Family homes for sale in Parma compared
to 558 in 2011 - a 64% decrease! Today there is less than half as
many homes for sale than in past years.
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
PARMA HOME INVENTORY AT 1.8 MONTHS
The Average current market inventory in Parma is 1.8
months. Months of Inventory is typically expressed as “If
no other homes were listed as of the end of that month,
and the current pace of sales prevailed, it would take X
number of months to sell through the current inventory.”
Currently Parma is a SELLER’s Market. Alternatively, it
would take 1.8 months to sell all the current homes for
sale if no other homes came on the market (at today’s
* A Sellers Market is 3 months or less of inventory and a Buyers
Market is more than 6 months of inventory.
2016 YTD HOME SALES REPORT CARD
HOME SALES DATA – COMPARISON OF SW SUBURBS
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
Absorption Rate – Percent of Homes for Sale that went under contract (Pending)
CITY NUMBER OF HOMES
As of 6/1/16
(Buyer or Seller’s
AVG SOLD PRICE
YTD 2016 - AVG
(% TO SAME PERIOD
# YTD HOMES
(% TO SAME
KEY MARKET TRENDS
( - 40% )
VERY LOW INVENTORY /
STRONG SALES & PRICE
BROOK PARK 41
INCREASED HOME SALES &
( - 40% )
VERY LOW INVENTORY /
STRONG GROWTH IN HOME
SALES & PRICES
MIDDLEBURG HTS 35
MODERATE PRICE &
NORTH OLMSTED 70
PRICING & SALES NUETRAL
NORTH ROYALTON 74
PRICING & SALES NUETRAL
OLMSTED FALLS /
HOMES SALES INCREASING
BUT PRICING DECREASING
GREAT MARKET RECOVERY
- HOME PRICES AND SALES
PARMA HEIGHTS 40
INCREASED HOME SALES &
ROCKY RIVER 44
APPRECIATION AND SALES
VERY STRONG HOME SALES
WEST PARK 92
INCREASED HOME SALES
& PRICE APPRECIATION
STRONG SALES & PRICE
IMPORTANT INFO FOR HOME BUYERS
If you are thinking of buying a home, check out all the great local homes for sale at AmazingNorthestOhioHomes.com
and call me for a lender referral and professional assistance at (440)476-4959.
HOME BUYER GRANTS & DOWN PAYMENT ASSISTANCE PROGRAMS
NHS GREATER CLEVELAND - Eligible homebuyers can receive down payment assistance in the amount of up to 17% of the
total transaction. The total calculates as purchase price plus 5% of purchase price for closing costs. The homebuyer will be
responsible for a minimum of 3% of the total transaction contribution towards the purchase. The assistance is provided in the
form of a deferred mortgage loan (50% forgiven after 10 yrs of occupancy). Info @ https://www.nhscleveland.org.
CLEVELAND CITYLIFT PROGRAM - Provides eligible homebuyers with $15,000 in down payment assistance on qualified
properties in the City of Cleveland. Income restrictions apply.
OHIO FINANCE AUTHORITY (OHFA) - Down Payment Assistance allows homebuyers to choose either 2.5% or 5% of the
home's purchase price. Assistance can be applied toward your down payment, closing costs or other pre-closing expenses.
Down payment assistance is forgiven after seven years. If you sell or refinance your home within seven years, you must repay
all of the assistance provided. More info at http://myohiohome.org/downpaymentassistance.aspx
There are several programs available for down payment and closing cost assistance to Northeast Ohio homebuyers who
qualify. Here are details on a few of the available programs:
Whether you are a first time home buyer or repeat buyer, the first step in the process is to get pre-qualified for a mortgage.
This is necessary before you can approach a seller with an offer to purchase a home.
Interest rates are projected to increase slightly over the course of 2016. The experts predict that home prices will
continue to appreciate for the remainder of the year. If these trends continue, families could wind up paying considerably
more for their home by waiting until later or next year. This year is a great year to make a move because of rising resale
values and affordability to purchase (especially compared to renting).
In many markets, rents are rising to unsustainable levels, reports the National Association of Realtors (NAR). "In the past five
years, a typical rent rose 15% while the income of renters grew by only 11%.“. Today buying is 38% cheaper than renting
nationwide, and buying is cheaper than renting in all of the 100 largest metros. In the Cleveland & Akron metro areas it is
58% cheaper to buy verses rent. A great resource to compare what is a better for you is to visit Trulia’s online “Rent vs.
Buy” Calculator at: http://www.trulia.com/rent_vs_buy/
SELLING YOUR HOME
If you are thinking of selling your home, it is very important to have a well qualified real estate professional guide you
through the marketing, sales, and negotiations. As an example, my Smart Home Seller Marketing Program attracts
MORE interested buyers to your home with today's most effective and state-of-the-art home marketing techniques with
results that are Guaranteed! Here's a brief sample of marketing programs I use to bring my sellers the best price & offers:
SELLING BY OWNER?
SPONSORED ONLINE ADVERTISING - Over 90% of buyers look for a home on the Internet first before requesting a
showing for your home! My clients receive extensive online advertising 24x7 on REMAX.com, Realtor.com,
Cleveland.com, Zillow.com, Trulia.com, and on over 500 affiliated internet websites. By showcasing your home, your
home will appear highest in buyer searches, tripling the number of buyers who will see your home.
WIDE ANGLE LENS PHOTOGRAPHY - Interior & exterior pictures taken with a wide-angle lens professional
camera producing “magazine quality” pictures which showcase your home in the best way possible. Your 1st showing
of your home is online, it is imperative that your home shows better than others
VIDEO MARKETING - A Video of your home will be taken by a professional photographer. Your
professionally produced video will include music and great photography highlighting your home’s best
features. Your 1st Showing is online, so when the buyer comes in person, they will come ready to buy.
YOUR HOME’S EXCLUSIVE WEBSITE - An exclusive website will be created just for Your
Home, eg.. "YourAddress.com". The website for your home will allow your video, pictures,
description, neighborhood information, and any other relevant info to be showcased in one
place. Your home will have its own web address (URL) which buyers can use to search for
your home directly on the internet, i.e. http://123YourAddress.com.
SOCIAL MEDIA ADVERTISING on Facebook, Instagram, and Twitter targeted at local buyers - creating a BUZZ
around your listing! Paid social media promotion is a important element of a successful marketing plan. Sample
promotions include: Facebook “Promoted Posts” and "Just Listed" Announcements of your home’s listing and Video to
targeted home buyers, Instagram photos shared on the web, and fan page promotion.
SHORT TERM LISTING - You will not be asked to sign a long-term listing agreement. I am so sure you will be happy
with my services and that your home will sell quickly, we can agree to a short-term agreement (as short as 90-180
days) to get your home SOLD. Also, you can cancel at ANY time.
CUSTOMER FEEDBACK by RealSatisfied® - Your complete satisfaction is my #1 Priority. Every client
is asked to complete a 3rd party independent post-sale customer satisfaction survey by RealSatisfied®
so they can tell us what they loved most and identify any ways we can get even better.
100% HAPPINESS GUARANTEE - You will LOVE our services and will want to tell your friends and family!
However, if you change your mind for ANY reason, you can cancel your listing agreement anytime!
If you are currently trying to sell your home By Owner, my Smart Seller Program. You can continue to sell on your own
AND I will market your home at the same time. A great program to bring you MORE offers! Here’s how it works:
1. You continue to market your home to find a buyer by yourself “By Owner”.
2. Plus, you allow me to concurrently market your home to the 25K+ buyers online, in print, and on social media. I will
provide you with a full fledge marketing program to sell your home for the highest price … BEFORE you do. If I find the
Buyer, you pay me the agreed Commission if you accept the offer on your home. In addition, the sales, showings, and
closing process will be all handled for you… from Listing to your home’s Closing! If YOU find the Buyer, then you pay me
NOTHING! We withdraw your MLS listing and you sell by Owner. No Strings Attached. No contractual obligation. Check out
WHAT IS YOUR HOME WORTH NOW?
CHECK OUT OUR FACEBOOK PAGE!
KNOW YOUR MARKET! Knowing the current conditions in
your local market is imperative when selling your home (or
looking to purchase). These factors will effect every aspect of
the sales process. Several years ago there were an over
supply of hoes on the market (and many distress properties).
Today the distress sales are at a ten year low and home
values have started to return to normal levels.
All real estate is LOCAL. Your neighborhood values will differ
from the national, regional, or county trends, If you are
looking to buy or sell, review your neighborhood and local
data carefully so you can optimize your purchase or sale to
maximum financial benefit. If you’d like a full market or
neighborhood report for your city, contact me and I will be
happy to provide it promptly.
WE LOVE OUR AMAZING NORTHEAST OHIO HOMES!
My Facebook Page features up-to-date news on the real estate
market in Greater Cleveland and the latest HOT new home listings.
All the newest home listings are featured and showcased to local
home buyers. Check it out and “LIKE” my page and check it out at:
DIFFERENCE BETWEEN A BUYER OR SELLER’S MARKET
Home Values have CHANGED! As shown in this report’s market data,
home values and market conditions have changed over the past few
years which has benefited homeowners (in many cases). The Good
News is… most likely your home may have gone up in value!
If you would like a current professional estimate of what your home is
worth now and/or neighborhood value report, please contact me at
(440)476-4959 or firstname.lastname@example.org. You can also visit
NortheastOhioHomeValuation.com to request online.
Search Online @ AmazingNortheastOhioHomes.com