NE Ohio Home Sales 2000-2007 For May

If you bought a home in 2000 and sold it this year would you make money? Of course there is no easy answer to that question, but it got me thinking. May is usually considered one of the best months in real estate so it seemed fitting to do a post about home sales for each May from 2000-2007.

These stats, as always, cover homes sold and listed on the computerized multiple listing service I have access to as a Realtor®. These are total sales, covering single family homes, condos, everything. DOM = Average number of days on the market for all of these homes that sold. OK let's get to it:

2007
New Listings: 8,765
Sold: 2,578
Av Sale Price: $162,072
DOM: 92

2006
New Listings: 7,987
Sold: 2,819
Av Sale Price: $166,676
DOM: 84

2005
New Listings: 7,156
Sold: 2,896
Av Sale Price: $171,081
DOM: 75

2004
New Listings: 5,760
Sold: 2,662
Av Sale Price: $161,025
DOM: 78

2003
New Listings: 5,470
Sold: 2,582
Av Sale Price: $154,251
DOM: 81

2002
New Listings: 4,811
Sold: 2,526
Av Sale Price $148,734
DOM: 87

2001
New Listings: 5,066
Sold: 2,447
Av Sale Price: $150,488
DOM: 72

2000
New Listings: 4,757
Sold: 2,553
Av Sale Price: $143,166
DOM: 79

The difference between the 2000 and 2007 average sale prices is $18,906. The highest average sale price year occurred in 2005. NE Ohio, though not as volatile as some of the other housing markets, followed the same patterns as they did on a smaller scale. Peace Out - 3C

CSU Levin College Study Says NE Ohio has a Glut of Retail

Supply exceeds demand by over 22 million a square foot! That is a lot of extra retail. This does not surprise me. This was reported in today's PD and can be read here. This was a grad school student study. Now, I majored in history, and one reason I always felt studying history was so important was so that the same mistakes don't have to be repeated (isn't that the definition of insanity?) Apparently it did not work in this case because similar findings came out of a study done seven years ago...and of course the amount of surplus is even higher now. I loved one of the readers comments on this blog/PD article. He said 'not only is there too much, there is too much of the same thing.....if you want Applebee's, you have ten Applebees. '

Green City Blue Lake does a great job of summarizing the new CSU retail report.

I could not agree more. This also seems to validate the City of Cleveland Planning Commission's plans for streets like Lorain Avenue. The 'Connecting Cleveland' Master Plan calls for designated retail areas along Lorain, instead of having the entire length of Lorain Avenue charged with supporting nothing but retail. Mixed use development (housing, office, retail) will be the zoning to encourage smarter use of the land.

Is it possible someone will wake up and listen this time? Peace Out - 3C