Market Report, By The Numbers
School is back in session, Labor Day has come and gone, and 3/4 of the real estate market is nearly in the books! Where has the summer gone?!
Nationally, we keep hearing about the rebounding and recovering real estate market. The National Association of Realtors has just published its Second Quarter Market Report for Cleveland, defined as the geographic area between Elyria and Mentor covering the counties of Cuyahoga, Geauga, Lake, Lorain, and Medina. The Median Home Price was reported at $122,700. One year appreciation in this sector is 18.1%. Over a 3 year period it is up 3.7%. Nationally the Median Home Price is at $203,033 with a 1 year appreciation of 12.2% and 15% for the 3 year period. Although sales prices are up from a year ago, price growth is beginning to slow.
A number of factors are responsible for the slow down. Inventory remains historically low creating less opportunities for buyers. The 30-year Fixed Mortgage Rate, although still historically low, has continued to gradually increase, putting some buyers back on the fence. Most notably, however, is that the local employment growth is fairly flat. While the national unemployment numbers have improved nearly a full percentage point, the numbers in the Cleveland market are the same, or worse, than a year ago.
So how is Lakewood stacking up since January? Through September 9, 2012 a total of 282 single family homes were sold. The Median List Price was $109,900 and the Median Sales Price was $108,500. Nearly 43% of the sales were below $100,000. About 38% of the sales were between $100 - 160,000.
Looking at 2013 through September 9th, a total of 290 homes have sold. The Median List Price was $128,700 with the Median Sales Price posting at $123,000. That's nearly a 13% improvement over the same period last year. Looking further at the numbers, sales under $100,000 declined to 34%, a drop of 9%. Sales between $100 - $180,000 accounted for nearly 47% of the sales!
Currently there are 78 homes "under contract." Their Median List Price is $121,400. Although this will affect the 13% growth YTD, clearly the Lakewood market will be up over 2012. Inventory has also continued to grow since the spring. There are currently 131 homes for sale, with a Median List Price of $121,000. Of the homes for sale, 31% are priced under $100,000 and nearly 50% are priced between $100 - 160,000 providing opportunities, although limited, for buyers to secure a new home by the holidays.
Residents can track neighborhood activity, monthly or quarterly, at www.HomeValuesInLakewood.Info. A FREE PDF copy of the NAR Report is available by emailing Chris@ChrisBergin.com, subject "NAR REPORT."
Chris Bergin is a licensed real estate agent with Prudential Lucien Realty in Lakewood and can be reached at Chris@ChrisBergin.com.