Lakewood Real Estate, the First Nine Months of 2012
I bet everyone is getting pretty tired of all the political ads that are dominating TV and radio advertising. And our local professional sports teams aren't the most rewarding diversion from our daily routines. So maybe, I thought, some people might be interested in how the real estate market is doing in Lakewood lately.
First of all, the number of properties currently on the market is low compared to where we were less than a year ago. As of this writing, the number of single family Lakewood homes presently for sale is only 144. Which means that a home that is in good condition and is priced correctly should sell quickly. It's true that we're not back to the prices we saw in 2007, but there are still buyers out there hoping to take advantage of historically low interest rates. If you are entertaining the thought of selling your home, it would be a great time to contact a real estate professional for an up-to-date marketing analysis of your property. Lakewood can be a little tricky to price, with prices varying from street to street, unlike named developments in other cities. We do Marketing Analysis Reports for free. Contact us at Pat@MurphyBergin.com.
It's nice to see some positive news from the local media lately regarding the real estate market. Here's a look at how Lakewood has done in the first three quarters of this year compared to last. For 2012, single family home values have dropped 5% compared to the first 9 months of 2011. The median price this year was $108,000 compared to $113,500. There were more homes sold this year, 303 compared to 248 a year ago. To be fair, there were a lot of bank-owned properties sold earlier this year that probably brought down the median price. Multi-family home median values rose quite a bit compared to 2011. We went from $65,000 to $81,500; the number of properties sold dropped from 81 to 73. There also is finally a little good news relating to condominiums. Median prices rose from $40,000 in 2011 to $49,000, with an increase in sales from 67 to 81.
I hope this information is helpful. "All Real Estate is local," is a frequent remark by the National Association of Realtors. So now you can go back to the political ads with a little knowledge on how Lakewood real estate is doing. Remember to vote and go Browns!
Patrick Murphy is an agent with Prudential Lucien Real Estate in Lakewood. He can be contacted at Pat@MurphyBergin.com.
Licensed Realtor at Prudential Lucien Realty.