Cuyahoga County Housing Trend Reports

I see a lot of people in my Cleveland neighborhood doing home repairs: new siding, roofs, windows. I wondered if they are planning on selling their homes or just doing due diligence and making them look better/be more energy efficient. I headed to the computer listing service we use as Realtors® and searched some statistics. This service (NORMLS) is updated through the end of the prior month - in this case, April.

So what has been happening since January 1, 2007? Here is some data (single family or SF- homes only this time):

Brecksville: there are 92 homes on the market; 125 have been listed for sale since January. The average sale price for a SF home was $281,924. 48 homes sold. They were on the market about 75 days and the sellers got 94.29% of their asking price, on average.

Bay Village: there are 134 homes on the market; 172 newly listed for sale since January. 52 SF homes have sold since January. The average sale price was $249,918. They were on the market about 91 days on average. And sellers for these homes received about 93.71% of their asking price.

Shaker Heights: there are 371 SF homes for sale; 451 of these homes have been listed since January. 65 SF homes have sold. The average sale price was $210,292. They were on the market about 86 days before they sold. And the sellers of these homes received about 94.15% of their asking price.

Lakewood: 328 SF homes are for sale in Lakewood now. 493 were newly listed since January. 131 homes sold. Their average sale price was $147,647. These homes were on the market for about 96 days before they sold. Sellers received about 95.27% of their asking price on these homes.

What about Cleveland? Okay, here is my neighborhood - where all that home repair work has the streets buzzing.

West Side of Cleveland From Brookpark Road North to Lorain Avenue, East to W. 117th and West to W. 140th.

There are 428 homes for sale now. There were 117 sold since January. There were 467 new listings since January. The average sale price was $90,013 and these sold homes were on the market about 79 days. Sellers of these homes received about 94.49% of their asking price.

The key finding in these results is a change in the average listing price to sale price. Historically, sellers have been receiving 3% of their asking price in NE Ohio. The neighborhoods I studied showed that to have changed. I would say 5% of asking price is closer to reality based on these stats. Why would that be?

1. Could be harder to convince sellers to accept that the market value of their home is not what it was three years ago.

2. Could be that homes on the market needed work and that came 'off' the asking price when a contract agreement was reached.

3. It's a buyer's market. I'm as tired as you are of hearing that phrase. But with so much competition, sellers are more willing to negotiate on their prices.

Peace Out - 3C

Loft Living In Cleveland

Have you ever thought about living Downtown or more importantly, living in a loft? For people who like open space in their homes, living a 'loft' lifestyle could be the way to go. There is an article in Crain's Cleveland today written by Zachary Lewis. He interviews a loft-dweller who just happens to reside in the Grand Arcade. His story is interesting because he aptly describes one cool aspect of buying a loft: designing your own space and being able to feel like it is truly created by you.

Some people may choose to try out 'loft living' as renters. The Bingham in the Warehouse District is a terrific example of apartment living for lofters (I just made up that word!) Browse their website and see for yourself.

Several true advantages to loft-living Downtown: close to transportation (leave your car at home, save gas, take RTA to the airport). Another advantage is all the natural beauty that surrounds you - great architecture, the lake, scuplture.

This is a fun article at Wise Geek who I believe is a Chicago resident. Cool take on loft living and lifestyles. Peace Out - 3C

Cleveland Homes and Condos Sold In April

It's May 1st, and inquiring minds (mine anyway) want to know how many homes sold last month. I'm starting with Downtown Cleveland and the West Side of Cleveland.

West Side Homes Sold in April: 121
West Side Condos Sold in April: 9

The homes sold ranged from $5,000 (I'm guessing this one needed a little love to be livable!) to $513,000 for an Ohio City Town Home.

The nine condos ranged in price from $30k to $487,500.


Here are some Downtown Cleveland stats: there are 165 units on the market right now. In April:

21 units went under contract
6 sold.

I'm off to do a brokers open at a condo today so I will update more communities later.

Peace Out - 3C

Cuyahoga County Homes For Sale: Can You Say "Buyer's Market?'

To say there are many homes on the market in each community is putting it mildly. Here, by zip code, is a summary of some Cuyahoga County communities and the number of homes available.

Cleveland's Near West Side:

44102 320 Single Family Homes For Sale 48 Condos or Town Homes For Sale

44111 359 Single Family Homes For Sale No Condos For Sale

44113 102 Single Family Homes For Sale 84 Condos or Town Homes For Sale

44135 319 Single Family Homes For Sale 6 Condos or Town Homes For Sale

Shaker Heights:

44122 180 Single Family Homes For Sale 48 Town Homes or Condos

Lakewood:

44107 334 Single Family Homes For Sale 135 Condos or Town Homes

Rocky River:

44116 137 Single Family Homes For Sale 114 Condos or Town Homes


Peace Out - 3C

Cuyahoga County Home Sales: Old Brooklyn

This is my last update of home sales for the day. It covers zip code 44109. It includes the portion of Old Brooklyn near State and Broadview Roads as well as the area near Spring Road and route 176:

22 Single Family Homes sold in March between the prices of $19,900 and $140,000. They were on the market an average of 74 days -- again, not long, just a bit over two months. The average Ask Price was $79,093 and the average Sale Price was $74,583. The average amenities for the sold homes were: 3brs, one bath and a two car garage. There were no condo sales in March.

On the market now: 179 Single Family Homes and 5 Condos (and one two family home misplaced in the condo section!)

***NOTE: if only five homes sold and there are 179 on the market with owners wanting to sell, there are things to take into consideration. A Realtor® colleague in Michigan came up with a terrific list of things that might be hard to hear, but if your home is up for sale, it's worth a read. I'm going to re-link it again here. Peace Out - 3C

Cuyahoga County Home Sales: Cleveland's West Side

Here are statistics for March 2007 home sales for zip codes 44102 (near the City of Brooklyn) and 44111 (including Westtown) and 44135 (Bellaire Puritas and Westpark):

44102: 5 Single Family Homes sold in March between the prices of $9,000 and $200,000. The average number of days on the market for these listings was 74. The average Ask Price was $51,750 and the average Sale Price was $46,733. Amenities? On average, 3Brs, one bath and a two car garage.

One condo sold; the asking price was $298,000 and it sold for $265,000.

What's still on the market? no condominiums, but 47 Single Family Homes.

44111: 18 Single Family Homes sold in March between the prices of $26,544 and $120,000. The average time on the market for these homes was 119 days. The average Ask Price was $66,388 and the average Sale Price was $63,444. Amenities? 3Br, one bath and a one car garage. No condos sold in March.

What's on the market? One condo and 123 Single Family Homes.

44135: 18 Single Family Homes sold between the prices of $45,000 and $155,000. They were on the market about 53 days, or less than two months. (This tells me they were priced right because there is plenty of competition). The average Ask Price was $87,250 and the average Sale Price was $83,995. Amenities? 3 Brs, one bath and a two car garage. No condos sold in March.

What's on the market right now? Four condominiums and 174 Single Family Homes.

Peace Out - 3C

Ohio City, Tremont Homes Sold in March 2007

This is for all of zip code 44113. The single family homes that sold were town homes (single family because they are owned in full by the owners, and are not condominium complexes). One was in Clarence Court and four were in Bergen Village.

There were Five single family town homes sold between the prices of $218,233 and $$465,873. The average length of time they were on the market was 187 days. The average Ask Price was $348,360 and the average Sale Price was $375,173 (new construction, so with add-ons or upgrades, the prices can go up). The five town homes averaged 2 Brs, 2 Baths and a 2 car garage.

There were two condominiums sold in March between the prices of $107,000 (for one in Grove Court, near the West Side Market) and $547,500 (in Stonebridge). They were on the market for 91 days or three months.

To put things in a bit of perspective: there are 70 condos for sale in zip code 44113 and 92 single family homes.

Peace Out - 3C

Cleveland's West Side Home Sales February 2007: Part Two

These home sales stats are for two more 'sections' of Cleveland's West Side. They cover sales during February 2007, and they will be compared to sales for February 2006. This is Part Two. My previous post contains sales figures for the other two West Side areas of Cleveland.

The following home sale statistics include the Clark Metro, Tremont and Ohio City communities.

February 2007: 32 Homes Sold. They were on the market an average of 94 days. The Average Ask Price was $76,184 and the Average Sale Price was $71,487. The average price per square foot was $38/sq. ft.

February 2006: 33 Homes Sold. They were on the market an average of 103 days. The Average Ask Price was $80,053; the Average Sale Price was $80,586. The average price per square foot was $57.
*There are 641 homes or condos for sale in this area.


The last area for home sales I want to cover in this post includes the Old Brooklyn and South Hills neighborhoods.

February 2007: 27 Homes Sold. They were on the market an average of $87 days. The Average Ask Price was $90,163. The Average Sale Price was $87,310. That brings the average price per square foot to $65.

February 2006: 19 Homes Sold. They were on the market an average of 86 days. The Average Ask Price was $102,784 and the Average Sale Price was $98,171. The average price per square foot was $79.

* There are 236 homes/condos for sale as of today in this West Side area. Peace Out - 3C

Homes Sold February 2007 For Cleveland Ohio's West Side...Part One

It's the weekend, and February is history, so it must be time for sales stats. Here is information on the City of Cleveland West Side sales figures for February 2007 - and I am comparing them to February 2006 information. Our computer system breaks the areas up into four sections. I will do two sections here and two in the next post. The first section includes but is not limited to: Kamm's Corners, and homes South of Puritas and West of 130th.

February 2007: 21 Homes sold with an average time on the market of 100 days. Average Ask Price was $126,286, the Average Sale Price was $122,027. The Average Sale Price Per Square Foot was $85/sf.

February 2006: 17 Homes sold with an average time on market of 74 days. Average Ask Price was $109,199, the Average Sale Price was $105,041. That averaged out to $85/square foot.

The next area includes but is not limited to: the Baltic Road area, and homes between Lorain and Puritas.

February 2007: 28 Homes sold with an average time on the market of 78 days. Average Ask Price was $65,178, the Average Sale Price was $61,330. That comes to $49/square foot.

*There are 289 homes for sale right now in this area.

February 2006: 27 Homes sold and were on the market an average of 74 days. Average Ask Price was $71,962, the Average Sale Price was $68,860. That comes out to $50/square foot.

*There are 404 homes for sale in this area right now.

Lakewood, Rocky River, Cleveland Heights and Shaker Heights Homes Sold in Cuyahoga County Since 2007 Began

Four communities to update here detailing sold homes in Cuyahoga County in 2007. This is a list of all the homes sold through area brokerages (since January 1st of this year) for these four suburbs.

Lakewood: 17 Single Family Homes sold this year. Sale prices ranged from $62,000 to $1,100,000.00. The average number of days on the market was 79. The average ask price was $227,561 and the average sale price was $215,583. The average room count included 3BRs,2Baths and a 2-car garage.

Rocky River: 9 Single Family Homes sold this year. (Actually ten are listed but one home listed over $500k is showing as 'sold' for $2500.00, seemed unusual so I am not including that sale here). Sale prices ranged from $153,000 to $560,000. The average number of days on the market before going under contract was 76. The average ask price was $279,600 and the average sale price was $264,722. The average room count included 3 BRs, 2 Baths and a 2-car garage.

Cleveland Heights: 23 Single Family Homes sold this year. Sale prices ranged from $30,000 to $367,900. The average number of days the houses were listed was 89. Average ask price was $122,123 and the average sale price was $115,653. The average room count included 4BRs, one bath and a 2-car garage.

Shaker Heights: 10 Single Family Homes sold so far this year. Average days on the market was 71. Sale prices ranged from $45,000 to $425,000. Average ask price was $271,070. The average sale price was $250,300. The average room count included 4BRs, 2 baths, and a 2-car garage.

The one constant in home buyer tastes seems to be at least 3 bedrooms with a 2-car garage. I'll feature more communities later this week.

Remember Big Yellow Taxi by Joni Mitchell, where she sang 'they paved paradise and put up a parking lot?' Here is the Counting Crows version.

Peace Out - 3C

Lease Options - An Alternative to Selling & Personal Savings Declines aka, All the News That's Fit To Print

Several news articles struck me today. They are only somewhat related, but I'm posting them both anyway. The first one is another sledge hammer to personal savings. Reuters and CNN is reporting that personal savings in the United States has fallen to a -1%, the lowest reported since 1933, during the Great Depression. That is a stark figure. They are also talking about Sub Prime Loan defaults increasing in numbers. Sub prime loans are loans given to people who may have credit issues, for example, and do not qualify for prime lending loans; they usually involve higher interest rates. The number of sub-prime loans defaulting has been increasing year by year. The personal savings statistic was very sobering and should be a wake up call to all of us. An article from CNN Money talks about manufacturing coming out of it's slump which would be good news.

The other article is from the National Association of Realtors (NAR) on line magazine. In the Cleveland market there are a lot of homes competing with each other for buyers. This article talks about an option for sellers, and that is to allow your home to become a Lease with an Option to Purchase. One reason this becomes attractive to me is if you are selling your home very soon after you have purchased it. Maybe you are moving out of state for job purposes; an unexpected transfer that makes you think you have to put your home on the market even though you just purchased it. We just 'closed' a lease agreement on a rental for a home in just this situation. It's very hard to recoup your expenses in a short period of time so maybe selling a home is not the best idea, why not put it up for rent or a Lease with an Option to Buy ? Single family home rentals are very marketable and this can be a win-win scenario for both the homeowner (landlord) and the tenant. This allows you to wait a bit longer before putting the home on the market for sale, allowing more time for the home to increase in value. It can also give you time to make some improvements that will increase your homes value, all the while making your mortgage payment through the monthly rental amounts. It's worth considering.
Peace Out - 3C

Tax Abatement: Does it Help More Than it Hurts the City of Cleveland?

The City of Cleveland authorized a Tax Abatement Program for new construction and rehab projects in 1991. 100% tax abatement on a 'for sale' property has been alluring to buyers, something I have seen first hand. In 2006 I had several clients move here from other States and they specifically chose homes that included the 100% abatement over others that were similar but lacked the tax relief. The question comes up for debate again because City authority for this Abatement Program ends this July; they have to decide if they are going to continue it, change it or end it.

City Council is holding a series of hearings on the issue. Last week's hearing brought out some of the prominent builders in the area. Developers like Sutton Builders, Rysar Properties, Zaremba and The Ferchill Group all asked the City to continue the Abatement Program. I thought the most telling comment came from Chris Ferchill of The Ferchill Group. The Ferchill Group developed The Villa Carabelli Town Homes which occupy space in both Cleveland and Cleveland Heights. He pointed out that "....the six units within City of Cleveland limits sold quickly [and they had 100% tax abatement for 15 years]. ...the fourteen units in Cleveland Heights took two years to sell...." and the tax abatement for those units was 65% for 7 years. (quote is from the Crain's article linked above)

Councilwoman Fannie Lewis discussed the fact that tax abatement had helped turn her neighborhood around (although Fannie Lewis deserves a lot of credit herself, she is a dynamo for her neighborhood, IMHO). And Councilman Cummins from the Old Brooklyn neighborhood pointed out that his area doesn't have much land to assemble for new construction projects, but that rehabbed and new homes on vacant lots should get 12 % abatement. This discussion, regarding whether or not the abatement amount should change, was a key part of the hearing. Overall it sounds like the majority of the builders requested that The City give them a year at the status quo while they rethink a strategy.

Personally and professionally, I see the advantages of tax abatement, and stories like Fannie Lewis' tell me we need to keep some form of it. But the City of Cleveland is losing money on the type of abatement structure set up currently. It was necessary, but now I'm thinking a change in focus might be good. Why not apply the total 100%/15 year tax abatement to Smart Growth rehabs or new builds; or homes that are built near public transportation (TOD's)? Or reach a certain level of energy efficiency? Other layers of abatement could still be applied but at smaller percentages for different types of rehab projects. The storefront abatement program seems like a winner to me too. I would tell you to keep an eye on the City Council website for information on more public hearings, but I will have to call on Monday to find out -- the City Council website seems to be in 'reconstruction' mode this week. I will edit this or add a short blurb in a new post when I find out details. Peace Out - 3C

2/27/07 - I have an update - Cleveland State University did a study involving 400 homebuyers who purchased homes in Cleveland over the last few years. The majority of them (60%) said tax abatement was a big reason they chose Cleveland over someplace else. I think that's great, it just proves abatement works. What it does not do however is prove it should stay in the same form it is in right now. Regardless, here is the Crain's Cleveland Business article in it's entirety.

Preparing Your Home to Sell

Homes are selling, even in Cleveland, don't let anyone else tell you otherwise. What is helping them sell, over the many others buyers have to choose from? I believe it's Price,Condition and Amenities. I am going to focus on a home's condition and how little you may have to spend to make it appeal to a buyer over and above all the others out there.

A professional Realtor® (like myself!) can help you - but this is what I suggest as a first step: walk your house from room to room, look at your yard, your garage, your basement. Use a critical eye. Pretend this is not your home, but a house for sale. Here are a few things you might notice that can be corrected inexpensively:

1. Wash your windows, inside and out. Yes, even in cold weather. OK, you can't do it when the water would freeze to the glass, but get someone lined up to wash them for you on a day when the temps are above freezing. A cloudy window may make a buyer think your windows are in need of repair because they are so dirty. Sparkly windows increase your chances to sell. If you need a good recommendation, try a membership with Angie's List. Consumers recommend the people on Angie's List, that's the only way they get there.
2. Clean and Uncluttered, that is how your house should be when someone walks through it. This is not expensive. Store things in one room of your home, or in a basement room; Start packing things up and put things in the garage, in a POD, or if you really have a lot of things and it's making your rooms look smaller than they are, rent a storage space for a few months. As for cleaning? We need that critical eye of yours again! Do you always have the door to your extra bedroom open because you use it as an office? Has it been years since the door has been closed? Does that maybe also mean the dust bunnies behind the door have multiplied better than real bunnies? In each room, clean things that you don't normally clean. Moldings on doors, baseboards, window sills, closet floors, under beds, inside kitchen cabinets. Wash the curtains; keep your counter tops clean.

**The key is this; if a potential buyer walks through your house and the windows are dirty, the rooms unkempt, they may subconsciously think you have not cared for the home well enough and worry about repairs they might need to make that are unseen to them now. Even if there are no repairs to make, it's a subliminal thing, a comfort level they want.

Amenities. Should you remodel something? Can you recoup the costs? Can it help you sell your home? The National Association of Realtors (NAR) discusses this issue in a video on their website. According to NAR and other experts, a bathroom remodel can give you a very high return. You might want to consider remodeling an average sized bathroom by replacing the flooring, installing a new sink, freshening up the paint with modern colors. Another thing you can add for under 5k in most any house, is a deck or air conditioning. Or a fence. Are your funds limited? How about adding that disposal you always wanted but never got around to in your kitchen. Again, you might get an on line subscription to Angie's List and get an idea what repairs or upgrades might cost you. Find something you can do within your budget. The NAR site also offers you How To Remodel Your Home on A Budget.

I checked homes sales for the past 8 weeks in my Cleveland market areas, and I found the ones that sold while others sat on the market, had A/C, or a fenced in yard, or both - and at least a one car garage. If you have the funds available to add on one of these items, it might be just the thing that tips the scales in your favor while others sit on the market. At the very least, perform some easy steps like washing windows and replacing cracked outlet covers, getting rid of those growing dust bunnies behind the doors, little things that just might make a buyer pick your home over someone else's home.
Peace Out- 3C

894 Homes Sold in Cuyahoga County in December 2006

They made some changes to the listing service (MLS) tax information section and it automatically provided some results I found a bit interesting. It covers home and condominium sales for October and November 2006 and compared them to sales in 2005 for the same months. This is for all of Cuyahoga County:

Sales Statistics
for CUYAHOGA County OH

Single Family Residence

Time Period
Number of Sales
Median Sale Price

Nov 2006
1,153
$128,900

Nov 2005
1,336
$128,000

Oct 2006
1,295
$130,000

Oct 2005
1,395
$127,450

2006 YTD
15,692
$131,000

2005
17,056
$130,000

Condominium

Time Period
Number of Sales
Median Sale Price

Nov 2006 151
$130,000

Nov 2005
147
$120,000

Oct 2006
163
$115,000

Oct 2005
136
$118,350

2006 YTD
1,950
$117,000

2005
1,960
$115,000

I just did my own report, for all of Cuyahoga County sales in December 2006:



There were 894 homes and condos sold.

The average sale price County wide was $154,137.03

The only other thing I want to say about this chart is the comparison of 2005 to 2006.

Condos: fewer sold in November 2006 but the median sale price was higher by $10,000


Homes: 183 fewer single family homes sold in November 2006 than 2005, but the median sale price was $900 higher...so about the same but certainly not a decline!


I found it interesting to note that the 'bubble bursting' that we hear about on the National News or on National Websites has fortunately not been an issue in Cuyahoga County. We did have a few years when homeowners experienced a bit higher percentage of profit on the sale of their home than normal. Some communities like Lakewood and Westpark saw double digit growth. So this past year saw a slower pace of increases. Closer to 1%. I'll post monthly updates for the County, which means soon I can do January 2007. Granted, the above stats do not take into account how many people may have pulled their homes off the market because they changed their minds or the homes did not sell. It also does not reflect information on homes that sold privately without the benefit of a Realtor®.



Peace Out - 3C

Update on Five Year Plan

Apparently, the Business Community is responding to Mayor Jacksons/City of Cleveland's Plan announced yesterday. The Greater Cleveland Marketing Alliance is working on commericals to air Nationally - a volunteer plan at no cost to the City (meaning us). They have already raised 2 million dollars from private individuals or companies for this promotion.

On another less positive note, apparently our local ABC news channel (Newsnet5) did a poll (they of course neglected to say how many respondents there were) and asked this question: Do you think the new Five Year Plan will be a success? 65 percent said no. 35 percent said yes. I guess on the plus side, there were no undecideds? lol. I can certainly understand the skepticism, we've been there before. I'm hoping it will be different this time.

Mayor Frank Jackson Unveils Cleveland's Agressive Five Year Capital Improvement Plan

When I first moved back to Cleveland in 1997, one of the first things I tried to do was go on line and see what kind of economic development issues were under way in Cleveland. Trust me, that was a frustrating experience. There was a one page website that at THAT time had not been updated in years. I tried to call and got no further. Basically was told that there were no public information pamphlets on initiatives to be mailed out! Over the last few years the City of Cleveland website made some progress, but now we are moving into the age of internet technology!

Cleveland's Mayor Frank Jackson made public his Capital Improvement Plan (CIP) for the next five years. The plan was actually put together by the Planning Department and focuses on the theme that our 36 neighborhoods are the centers of the City and initiatives should ocur that fit into each of these neighborhoods. So now we have a City Wide Plan which is apparently the first serious update since 1991. No wonder we have had some issues with fragmented progress lol. First, I am elated to see that the web (specifically the City of Cleveland Website ) is going to be the public location for updates to this plan. Cleveland has entered the modern era! I don't really want to sound sarcastic, I want to sound pleased, because I am. Apparently our Mayor has been working behind the scenes (along with Council I'm sure :-) to develop a strategy and make sure we can all be made aware of progress on that strategy. If he were running for re-election today I would vote for him in a heartbeat!

Ok, back to the Plan: Highlights
1.5 Billion Dollar Expenditure Over the Next Five Years
$90 Million for the Lakefront project to open it up to residents (to get an idea of Detroit Shoreway and Lakefront Plans click here )
1.1 Million Investment in Kamms Corners Streetscaping (details through Kamms Corner Redevelopment Center's Website)
$10 Million Investment in either Ward 10 or 11, for a recreational facility
$5 Million to the traffic on E. 105th to improve safety and aid access to University Circle (issue addressed in this 2003 pdf file )
(see enclosed pdf file through CIP Plan link above for complete details)


As a Realtor®, this next section of the Plan intrigued me. The City is dividing areas of Housing into several categories:
1. Areas of Choice (higher home values and excellent housing conditions)
2. Stable home values and condition
3. Transitional, or areas that are experiencing higher levels of foreclosures and maybe more moderate housing market values
4. Fragile areas, with lower market values, abandoned homes, some demolition ocurring.
5. Distressed, which really just means even lower market values, more abandoned properties and demolition needs.

The CIP addresses each of the five areas. Needed improvements of each of the areas can be identified by working with the Neighborhoods and Redevelopment groups involved. The City says to stay tuned to their website because we will all be able to (soon) download a more detailed plan for each of our 36 neighborhoods (well, it said each neighborhood, so hopefully all 36). (above photo courtesy of The Eco City website)

Peace Out - 3C