First Quarter Single Family Home Sales
It feels good to be home again. I grew up in Lakewood and bought my first home here. When the kids were gone, I moved to a ranch in Avon Lake. Now fate has brought me home again to Lakewood. You know the feeling when you return home from a trip or vacation and you sleep in your own bed for the first time in a while? There's no better sleep than that! But we have some good news that should help us all sleep better in Lakewood.
The National Association of Realtors have always maintained that, "All Real Estate is local." Though Real Estate conditions vary widely across The USA, the media is always reporting on national conditions, or large areas such as "Midwest" conditions. What really is important is the condition of our local market.
My partner, Chris Bergin and I have been running numbers on specific cities in our region using actual data from our own Multiple Listing Service. Over the last three years, Lakewood's single family home prices have been stable. Median home prices in 2008 were $113,700. In 2009 they were $114,000, and $114,500 in 2010.
Comparing first quarter Lakewood single family home median prices, Prices were up 18% from 2009 to 2010. They were up another 11% from 2010 to 2011. Although we are not back to the "booming" prices we saw in 2006 and 2007, we seem to be heading in a positive direction.
Could it be that all of the positive things happening in Cleveland: The Medical Mart, Convention Center, Casino, New Bridges, University Circle, and the new plans for The Flats are starting to make Lakewood, Cleveland's first "bedroom" community a re surging "bedroom" community again? I don't know but it sure feels good! See ya around town!
Pat Murphy is a licensed Real Estate Agent with Prudential Lucien Realty.
Patrick Murphy
Licensed Realtor at Prudential Lucien Realty.