Northeast Ohio Housing Market Trends in 2007

The computer listing service on the web those of us in the business utilize (NORMLS) gave us statistics on homes and condos sold in all of Northeast Ohio since 2007 began. This means Bratenahl, Medina, Avon Lake, Cleveland, Parma, the whole ball of wax. Here is some data:

• Homes and Condos sold, on average, after three months on the market.
• 5,474 new homes were listed for sale - up 67% from the number listed a month earlier
• 692 condos were listed
• 1,253 homes sold - 42% of the housing on the market sold
• 165 condos sold - 27.4% of the condos on the market sold
• 2007: Average Sale Price for single family homes in NE Ohio was $154,125 (same time frame in 2006: Average Sale Price was $160,699)
• 2007: Average Sale Price for condos was $138,914. (same time frame in 2006: Average Sale Price was $155,190)

So yes, the average home and condo sale price is down from the beginning of 2006. Peace Out - 3C