Cuyahoga County Condo Sales: Shaker Heights Condos Sold

Today was inspection day on a home sale in Shaker Heights. My clients are moving here from another State to accept jobs at Case Western Reserve and that alone makes me happy - it's great when people relocate to the Cleveland area. Anyway, the inspection took a few hours, as usual. The inspector does two things that are really important when you buy a home. 1. Look for any major issues and 2. help with his/her expertise on how to maintain your furnace and other mechanicals. My clients are first time home buyers so it's always good to learn how to keep things running well to keep from having repair costs in the future. ASHI (American Society of Home Inspectors) inspectors have a lot of knowledge under their belts - this inspector was no exception.

Anyway, tooling around Shaker is always fun, it's a gorgeous City. So I decided it's time to continue the condominium market trends discussion with results in Shaker Heights condominium sales for 2006 - comparing them to 2005 sales. Here is what I came up with: condo sales held steady both years. Here are the results:

2005: 65 condo sales and they were on the market an average of 97 days, or just over three months. Sales ranged from $117,144 for an efficiency condo to $699,167 for a 3 BR, 2 1/2 Bath condo on South Park Blvd. The average Ask Price was $121,926 and the Average Sale Price was $117,144.

2006 to Present: 66 condo sales from $19,900 to $596,900. Most of these condos were also on the market for just over three months (an average of 93 days) The Average Ask Price was $ $152,890 and the Average Sale Price was $145,328.

For both years, the average sale was for 2BR/2Bath condos with 1 car garages. I've talked with Realtors® from other states and they said their condominium sales were doing well - I'm inclined to agree with them as far as these Shaker Heights results are concerned. For information on current condominiums on the market, check out my website. (There are 82 condos available right now in Shaker). (Photo courtesy of Shaker City website. Peace Out - 3C

How are Cuyahoga County Condo Sales? Part One: Tremont, Ohio City and Cleveland's Near West Side

I was cruising around on my favorite Ohio Forum, and I saw a thread talking about condos and the housing market. Someone asked how condos and homes were appreciating in price. I realized I wanted to focus on condos and find out for myself. So this is the first leg of my search, comparing condominium sales in 2005 to 2006 for the Near West Side, which includes Tremont and Ohio City. There are quite a few condo complexes to choose from in this part of Cleveland. So let's get started.

2005 : 95 Condos Sold. Sale prices were all over the map: $14,000 to $499,900. How long did it take for these condos to sell? An average of 212 days. The Average Ask Price was $242,338 and the Average Sale Price was $238,836. On average, the condos that sold in 2005 had 1444 Sq. Ft., 2 BRs, 2 baths and a one car garage. Next?

2006: 52 Condos Sold. Again, sales prices were all over the map: $25,325 to $459,740. How long did it take for these condos to sell? An average of 151 days (fewer sold, but the ones that did were on the market for a shorter time). The Average Ask Price was $213,663. The Average Sale Price was $213,515. Your eyes are not deceiving you, that is just barely $100 difference between the average price the sellers wanted and the price the buyers paid. On average, the condos that sold had 1374 Sq. Ft., 2BRs, 2 baths and a two car garage.

***The average price per square foot in 2005 was $178/Sq. Ft. And in 2006, $156/Sq. Ft.

Want to buy a condo in this area? There are 120 for sale right now. Peace Out - 3C

(photo courtesy of OhioCity.com website)

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