Market Recovery Marches On
The Northern Ohio Regional Multiple Listing Service (NORMLS) just released their July Statistics Report. The report covers both single family homes and condos in their 15-county service area, including Ashtabula, Carroll, Columbiana, Coshocton, Cuyahoga, Geauga, Lake, Lorain, Mahoning, Medina, Portgage, Stark, Summit, Trumbull, and Tuscarawas.
Looking at single family homes, new listings in the service area increased in July 2014 over July 2013 by 6%, with new listings totaling 6,247. The year-to-date total, however, is basically flat, with new inventory totaling just 38,499, down a slight 0.2% from last year. Sold listings are also flat comparing July 2014 to last July, with sales totaling 3,700. Notably, however, YTD sales are down 2.5% for the first seven months of 2014 when compared to YTD 2013. There is some good news, though! The Average Sales Price in the service area is up 2% this July to $154,670 compared to last July, and remains 1.8% higher YTD over 2013, up to $140,474 from $137,983. The Average Market Time remains flat, at 83 days in July and 94 days YTD.
So how is the Lakewood market doing compared to the larger region? New listings of single family homes have gradually increased this year, finally breaking the 120 unit barrier, but overall remain lower than normal. Through the first 7 months of 2014, there have been 244 sales compared to 241 last year. The Average Market Time has dropped from 95 days to 85 days, and the Average Sales Price has continued to improve, growing from $143,700 last year to $153,700 this year. So although the volume of sales is flat, homes are selling a bit faster, and for more money, than the same period last year. The recovery continues in Lakewood!
The impressive improvement regionally can be seen in the condo market. New listings of condos are down 3.5% when comparing July 2014 to July 2013, and are down 2.8% in YTD comparisons. This is a welcome sign to a condo market that has taken a beating over the last several years. Regionally, the number of Sold Listings was up in July comparisons by 3.6% and remains up 1% in the YTD comparisons. There is good news found with the Average Sales Price improving nearly 4% in July, and the YTD average improving 3%, growing from $116,300 last year to $119,800 in 2014. Even better, the Average Market Time has dropped 20% when comparing July 2014 to July 2013, from 128 days to 102, and YTD the improvement remains with a 10% drop, adjusting from 134 last year to 120 days this year.
Locally, the improvement in the condo market remains steady and slow. Condo sales are flat, with 55 sales last year and 59 in 2014. The Average Sales Price is nearly unchanged, averaging $78,900 in 2013 and $77,800 this year. The best improvement can be seen in the Average Market Time. 2014 has seen the AMT improve by nearly 60 days, dropping from 164 last year to 107 days in 2014.
Keep in mind that statistics and reports are what they are. Real estate remains local. It is always best to keep up with what is happening on your street and in your neighborhood. Local market activity and home values can easily be tracked at www.HomeValuesInLakewood.Info. Another good resource for demographic and economic stats for neighborhoods is www.ClevelandsRealEstateSource.Info.
Chris Bergin is a licensed real estate agent with Berkshire Hathaway/Lucien Realty in Lakewood and can be reached at Chris@ChrisBergin.com.