Cleveland Real Estate News: Yearly Comparisons For Homes Sold, Lakewood and Rocky River

I have been crazy busy this week, but promised more stats and thought this might be useful. I picked two communities with sold housing stocks and thriving business communities: Lakewood and Rocky River. These are going to be statistics of homes sold for each year 2004-2007 (again, home stats cover homes listed with area brokerages). These combine single family homes, town homes, condos; these stats cover January through August 17th of each year.

Rocky River:

2007 188 Homes Sold
Average Sale Price was $244,002

2006 194 Homes Sold
Average Sale Price was $241,095

2005 189 Homes Sold
Average Sale Price was $231,815

2004 205 Homes Sold
Average Sale Price $245,043

Lakewood:

2007 84 Homes Sold
Average Sale Price was $281,433

2006 87 Homes Sold
Average Sale Price was $255,672

2005 344 Homes Sold
Average Sale Price was $185,018

2004 327 Homes Sold
Average Sale Price was $182,533

In both communities the sale prices are higher but the numbers of homes sold are lower. Lakewood has quite a jump in average sale prices. I'll be very curious to see what the stats look like for the next six months; will the volatility in the lending market affect these communities? What about foreclosure rates? I guess we can stay tuned.

Cuyahoga County Real Estate Sale For June 2007 - Includes Ohio City and Tremont

I have no idea how we have managed to already find ourselves at the end of June, but so be it. Sales in zip code 44113 are still intriguing; condos and town homes are continuing to be the top picks in this zip code. Here is what happened in June:

16 Properties had 'activity.' 3 of them are contingent, meaning they went under contract and have not closed yet. Of these three, all are attached dwellings (condos or town homes). The asking price for these three homes was $161,104, $184,900 & $204,750. (We won't know the sale prices until they close).

13 Properties Sold. 3 of them were single family homes. 10 of them were Condos/Town Homes. The Average Ask Price was $184,115 and the Average Sale Price was $179,408. The average price per square foot was $99. Again, since only three of these properties were single family homes, the average sale was for a 2 BR, 2BA unit with 2,272 square feet. And a two car garage.

There are a total of 174 homes on the market in zip code 44113. The breakdown is 92 single family homes and 82 condos. Some of the other stats interest me as well.

Of the 13 homes sold, none were sold for more $225k so I used that as a benchmark to do some sleuthing. There are currently 97 homes on for sale here with an asking price higher than $225k. I talk to myself (well I'm the only one here) and ask if maybe the price points are a tad high for the pocketbooks? Look at the average stats on these 97 homes listed for more than 225k:

Days on The Market: The 13 homes sold still averaged a bit more than three months. That's it. These homes have an average of 264 days on the market. And they are not sold yet. Most of these are gorgeous new construction homes so that explains a bit about this next stat, but still: there are some that have been on the market for more than 500 days.

The average cost per square foot on the sold homes was $99 yes? Well these homes average $182 a square foot. And the average square footage is 1,932, when the homes that sold for less money averaged over 2,000 square feet of space per home. My new mantra is lower price points please. Peace Out - 3C

Mayfield Village,Mayfield Heights Home Sales

When my ex MIL was alive and living in Mayfield Heights, I spent a lot of time there. It's a community with a sizable rental market as well as residential housing. The Village of Mayfield Heights has it's center at S.O.M. Center Road and Wilson Mills Road (there is also an Aladdin's Eatery and a Yours Truly nearby, two of my favorite 'local' food chain establishments!)

The last U.S. Census Report shows the combined Village and 'Heights' population as 19,386. Retail is a big part of this community's business life: Eastgate and Golden Gate shopping centers provide hundreds of storefront shopping. (Petsmart is a new 2007 store in Goldengate)

How about single family homes in Mayfield? Here are stats from January 20007 until now.

72 homes sold since January. They ranged in price from $50,000 to $408,000. The averages were: 1,477 square feet, 3 BR, 1 Bath, 2 car garage. The average Ask Price was $161,030 and the average Sale Price was $154,299. They were on the market an average of 82 days. There are 124 homes for sale in Mayfield Village/Heights right now.

Peace Out - 3C

Cuyahoga County Home Sales: Richmond Heights

Richmond Heights is 90 years old this year (it was Incorporated in 1917) . Just over 10,000 people live there, according to the 2000 U.S. Census. Current stats show the High School has a 95% graduation rate and one of the major industries in town is the General Electric Lamp Glass Company. According to the latest edition of the City newsletter, Miss Ohio 2007 is a Richmond Heights gal (Anna Melomud). The newsletter also mentions some recommended home safety maintenance tips you might want to check out on page six.

Most homes in this community are 30 years old or younger; 30 years ago is when most of the City's development began to occur.

So what's happened in the housing market here since January 2007? Let's take a look:

34 Homes have sold since the beginning of the year. Here are the averages on these homes:

1,880 square feet of living space; 3 BRs, 2 BA, and a two car garage. The average Ask Price was $181,602. The average Sale Price was $173, 429. That came out to an average of $87 a square foot in these purchases. And the homes averaged just over three months, or 114 Days on the Market before selling.

There are 142 homes on the market right now in Richmond Heights. The photo above shows the living room in one I have listed on Lindsey Lane. Peace Out - 3C

Good Advice From a Fellow Realtor®: Thoughts to Consider While Your Home is Under Contract But Not Quite Sold

Leigh Brown is a Realtor ® in North Carolina but no matter, good advice is good advice. She blogged about a recent story involving a seller, and has good tips for you if you have a contract on your house but it is not quite closed yet (or as I say, the ink is not totally dry on the contract until the Title transfers lol). Check out what Leigh has to say here. 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

Thinking of Selling Your Home? You May Need a Point of Sale Inspection

Maybe a new job or a need for a bigger (or smaller) home has you thinking about putting your home up for sale. For some of our communities, a Point of Sale inspection is required. This means, before the Title to your home can transfer to that new buyer, you will need a city inspector to okay the sale and sign off that no repairs are needed. Shaker Heights, Cleveland Heights and Euclid are all areas requiring a Point of Sale. (The Cleveland Heights link is for their general contact numbers; they did not have 'point of sale' info' readily available on the web. But the Euclid and Shaker links take you to some detailed info about point of sales in those communities).

Lakewood has a point of sale inspection on non-owner occupied (rental) properties. One reason to do a point of sale inspection before you list your home? Buyers can feel as comfortable as you can that there won't be any surprises in store for them, or additional expenses, if they exist, will all be described in the inspection report. You can't avoid it so instead of possible unpleasant surprises, an inspection can give you, as a seller, peace of mind. Lakewood also has a fantastic First Time Home Buyer program but the City inspection will be detailed so again, why not get it done ahead of time so you won't have surprises at contract time.

With a lot of homes on the market you can give yourself a competitive advantage by having the inspections completed before the first potential buyer walks in your door. Most of our communities have wonderful old housing stock and these inspections are ways to keep each home in tip top shape, adding value to living in these communities (although there are those who disagree...there was a very thoughtful post by my friend, a Realtor ® in Minneapolis). Regardless of how you feel about them, they exist so we may as well be prepared. What's that phrase: forewarned is forearmed? Hmm, I hope that is correct lol.

The other thing an inspection can do is help you decide when to put your home up for sale. You might decide to get a few things repaired this year and then sell next year, as long as you have the luxury to do so. 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

Lakewood, Rocky River Homes/Condos Sold March 2007

It's Saturday and the end of March, so it's time for housing sales information. Here is what sold in these two communities this month:

Lakewood: 33 Single Family Homes sold between the prices of $50,000 and $855,000. The average number of days these listings were on the market was 94, or just over three months. The average Ask Price was $ $176,484 and the average Sale Price was $155,721. Average amenities? 3 Br's, 2 Baths and a 2 car garage.

10 Condominiums sold between the prices of $39,500 and $300,000. The average number of days these condos were on the market was 142 (condos take a bit longer to sell in general, especially in a city like Lakewood where there are a lot of condo complexes). The average Ask Price was $143,410 and the average Sale Price was $132,990. Average amenities? 2 Br's, 2Baths and parking/garage for one car.

Rocky River: 17 Single Family Homes sold between the prices of $137,000 and $400,000. The average number of days these homes were on the market was 96 or again, just over three months. The average Ask Price was $246,182 and the average Sale Price was $231,764. Amenities? 4 Br's, 2 Baths and a 2 car garage.

5 Condominiums sold between the prices of $55,260 and $232,000. They were on the market about 130 days. The average Ask Price was $ $134,860 and the average Sale Price was $123,152. Amenities? 2 Br's, 2 Baths and parking for one car.

Here are a few more statistics to keep in mind. It is definitely still a buyers market. What's listed for sale now?

Rocky River: 116 Single Family Homes and 109 Condominiums
Lakewood: 288 Single Family Homes and 117 Condominiums

Peace Out - 3C

Want To Sell Your Home? This is Good Advice

I already have a link to her blog but, this post is so good, I'm not even going to add anything myself, just say, if you want to list your home this Spring, read this list of things not to do...it's great advice from Maureen in Michigan.

Peace Out - 3C

Single Family Home Sales: Cleveland's West Side, Lakewood and Rocky River

It's the weekend and time for an update on home sales. This is a 'single family' home report, by zip code, for a few of our west side communities:

• Data includes homes sold through brokerages


• Data from March 1, 2007 to the present.

Rocky River 44116

1 home under contract

6 homes sold

Lakewood 44107

6 homes went under contract

17 homes sold

Cleveland's West Side 44135

1 home under contract

12 homes sold

Cleveland's West Side 44111

5 homes under contract

9 homes sold

Cleveland's West Side 44102

1 home under contract

6 homes sold

Cleveland's West Side 44113

2 homes under contract

none sold in March (yet!)

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.

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