Monday, July 30, 2007

Cleveland Real Estate: Zip Code 44111 Housing Stats

We are halfway through the year 2007, which is hard to believe no? Cleveland real estate in zip code 44111 is selling, but there are some shocking stats.

These figures - as always - cover homes listed on the real estate computer listing site, NORMLS, for homes sold through brokerages who list there:

Zip Code 44111: 114 Single Family Homes sold since January 2007

Here are the averages for those homes: 1,327 square feet; 3 bedrooms, 1 bath and a two car garage. Okay so far. The average asking price was $69,547. The average sale price was $66,837. That comes out to about $52 a square foot. The average number of days on the market for these homes was 84.

The other stark news is that the first 35 homes out of these 114 sold for under 50k -- and the first 46 homes were bank owned. Yes, there is a correlation. It's also sad because it affects the market values.

And btw, there are still 370 single family homes on the market in this zip code -- and that is only for the homes with 3 or more bedrooms. This puts a stark reality to the foreclosure issue. And sometimes reality bites. Peace Out - 3C