2013 Real Estate Review
The results are in. So how did the sale of Lakewood Single Family Homes stack up as compared to 2012? Let's take a look at the details.
This past year there were 436 single family homes sold! That's a 10.66% increase over 2012, and the first time there have been over 400 sales in many years. The Median Sales Price in 2013 was 13.24% higher than the median in 2012, increasing from $108,000 to $122,250. In addition, the Average Days on Market (DOM) decreased from 67 days in 2012 to 44 days in 2013. The Total Dollar Volume increased in 2013 by $12.6M, growing from $50.3M in sales in 2012 to over $62.9M last year!
Let's break down the sales and see which Price Points were hot in 2013, and where any major changes occured over 2012.
Sales Under $50,000-- In 2012 there were 72 sales under $50,000 representing 18% of the market. In 2013 this number dropped to 42 sales, 9% of the market.
Sales Between $50-100,000-- In 2012 recorded 101 sales, representing 25.5% of the market. In 2013 this number increased slightly to 108 sales, but still represented 25% of the market.
Sales Between $100-200,000-- In 2012 there were 179 sales in this range, representing 45% of the market. Sales in 2013 jumped to 219 units, and taking half the market share at 50%. Of note, the days on market dropped from an average of about 100 to 64 days.
Sales Between $200-500,000-- Sales in 2012 totaled 32, representing 8% of the market. Sales in 2013 increased to 58 units, making up 13% of the market. DOM also improved in this range, from 112 days to an average of 71.
Sales Over $500-- In 2012 there were 11 sales, 2.8% of the market. 2013 dropped to 9 sales, and 2% of the market.
The hottest single price point in 2013 was between $120,000 and $140,000. There were 73 sales in this range and the average Days on Market was 48! This price point is the classic "First Time Buyer" range. Multiple Offers were comon in this range, the average Sales Price to List Price ratio was nearly 98%! This is not surprising since Lakewood has been one of the hottest market for young adults to call home in NE Ohio!
Possibly the best news in 2013 was that sales under $50,000 dropped by half. 2014 should see a continued decline in this range as fewer and fewer foreclsosures hit the market place.
So how did Lakewood do compared to other west side communities? North Olmsted saw the largest increase in units sold with a whopping 33% increase over 2012. Bay Village faired the worst, with total sales dropping by 5%. The West Park area saw the largest increase in Median Sales Price with a 16% increase over 2012. Fairview Park recorded the smallest, with a decrease of 4% compared to 2012. Remember, ALL real estate is local. You can track your local neighborhood for free at www.HomeValuesInLakewood.Info.
The future is bright for Lakewood in 2014. Just like this time last year, inventory is very low. As of Janaury 13th there are only 97 Single Family Homes for sale. This will change as home owners become more confident in the market and as the weather warms. Now is the prefect time to get your home ready to sell and enter the market before the spring rush. Buyers are looking, and options are slim. Expect competition for homes to remain competitive until inventory increases to a level that keeps up with demand. Until then, get your home ready and get it on the market!
A full copy of the 2013 Real Estate Report is available by emailing Chris@ChrisBergin.com with the subject line "Lakewood 2013."
Chris Bergin is a licensed Realtor with Prudential Lucien Realty in Lakewood and can be reached at Chris@ChrisBerign.com.