Positive Signs for Single Family Housing
Single-family home sales will continue strengthening, according to latest report from the Urban Land Institute (ULI).
The Real Estate Consensus Forecast, ULI’s semi-annual survey of the nation’s leading real estate economists and analysts, examined 26 economic and real estate indicators in the third quarter. The report predicted healthy estimates for single-family housing as compared to ULI’s March report.
“The predictions diverge from the previous forecast [from March] in that it is more optimistic regarding the single-family housing sector,” said ULI Executive Director Dean Schwanke.
According to the report, single-family housing starts are projected to increase by 145,000 units in 2013, while home prices are expected to rise 3.9%. Meanwhile, single-family home starts, which have been near record lows, are projected to increase from 530,000 in 2012 to 800,000 in 2014. All of these numbers show improvement from ULI’s March forecast.
“Finally, the single-family housing sector is experiencing a turnaround that is expected to continue,” said Schwanke. “The ULI Consensus Forecast from March projected a stabilizing housing market, and the most recent numbers have been strong, leading forecasters to be even more optimistic going forward.”
So how is Lakewood stacking up thru the first quarter of 2013? Currently there are only 100 Single Family Homes for sale. The average list price is $157,000. There are 84 homes “under contract”, with an average list price of $189,600. Since January 1st there have already been 89 closed sales. The average list price was $127,700 with an average sale price of $123,700. All stats point to a solid recovery in the Lakewood market.
At this pace, Lakewood has only about a 3 month supply of homes on the market. Appropriately priced homes are selling in record time, with multiple offers. Lakewood continues to be one of the hottest markets on Cleveland’s West Side. The 25-35 year-old population is growing in leaps and bounds. No matter how you look at it, Lakewood is on pace to have a very good year for Single Family Homes. Remember you can always track neighborhood activity and home values at www.HomeValuesInLakewood.Info.
Chris Bergin is a licensed real estate agent with Prudential Lucien in Lakewood and may be reached at Chris@ChrisBergin.com.