Mid-Year Real Estate Review: How's Lakewood Doing?
The July 4th holiday means one thing: we are half-way there! And this means that we also have completed the ever-important spring real estate season in NE Ohio. So how’s Lakewood doing so far in 2012?
First, let’s talk inventory. Currently there are 157 Single Family Homes for sale in Lakewood, excluding any For Sale By Owners. The average home for sale is just under 1,700 square feet, has been on the market for 156 days, was originally listed for $156,900 and has been reduced to $150,000. The median list price is $120,000, with the highest priced home at $849,000 and the lowest at $33,300.
There are currently 92 homes under contract. These homes also average about 1,700 square feet. They have been on the market an average of 148 days. The average list price at time of contract was $149,300. Of note, 12 of these homes are located at the new Clifton Pointe development on Sloane, selling between $350,000 and $729,000.
Sold properties since January 1st total 185 units. These sold homes average about 1,800 square feet, were on the market for an average of 144 days, and sold for an average of $131,000, which is about 94% of list price. The highest sales price was $710,000 on Lake and the lowest was for $9,500 on Coutant. When added to the homes currently under contract, we have a year-to-date sold potential of 277 homes. In 2011 the number of sold single family homes totaled 318 units, so we are already about 87% of the way there, and it’s only July!
There is also some good news amongst Expired Listings. An expired listing is a home that came on the market and did not sell. Since January, only 44 homes that were on the market expired this year. This is another good indicator that the Lakewood market is beginning to turn.
Finally, concerns are rising that there is a lack of good quality, move-in condition, homes for sale in Lakewood. There are more and more indications of multiple offers on properties that are priced competitively and that are ready for a buyer to move into. Home owners that have equity in their property that may have been waiting for the market to fully recover may want to consider placing their home on the market this summer. Lakewood home owners can check their home value for free at www.HomeValuesInLakewood.Info.
Chris Bergin is a licensed real estate agent with Prudential Lucien Realty in Lakewood.