Lakewood Real Estate Off To Solid Start
With the first quarter behind us it is evident that Lakewood real estate is off to a solid start. After three months, 79 single family homes have sold, 5 more sales than the same period last year. Although the number of sales did not increase substantially as compared to the first quarter of 2014, several other categories have seen solid gains.
The Median Sales Price increased in the first quarter of 2015 from $123.2 to $130.4. The Average Sales Price increased from $146.3 in 2014 to $160.7 this year.
The time to sell also improved. The days-to-sell average in the first quarter of 2014 was 93 days. In 2015 time on the market improved to 79 days. Once again we are seeing many homes that are in top condition, "move in ready," selling in days and selling for list price or more.
Another strong indication that Lakewood real estate continues to improve can be seen in the total Sales Volume. This number is calculated by adding up all of the sales prices of homes sold in the quarter. Last year the first quarter Sales Volume was $10,536,734. The Volume this year increased to $12,691,396!
April stats appear to be promising as well. There are currently 66 single family homes "under contract." The Average List Price of these 66 homes is $175,805! Real Estate continues to recover and grow in Lakewood.
The challenge moving forward is in finding quality inventory for buyers to purchase. Last year there were less than 120 single family homes for sale in April. As of April 21st, we have only 85 homes on the market. Now is the perfect time for home owners to do their research. Start your homework at www.HomeValuesInLakewood.Info. Although you'll need to create a user account you will have immediate access to all active inventory as well as homes under contract and even solds in your neighborhood. Home owners looking for a quick value review of their property can go to www.HomeValuesInCleveland.Info. Although this site will not give you as much information as the first site, it will provide a quick value range for any address in NE Ohio.
Once you've started your research it's time to consult with a licensed real estate professional. In order to maximize your dollars in today's real estate market, home owners will find it advantageous to consult with a full time professional. A qualified agent will not only be able to assist home owners with interpreting market data, but will also be able to show owners how their home stacks up against the current competition. Further, qualified agents will be able to suggest home improvement strategies to maximize their property value and staging advice to help their home shine over the competition.
Chris Bergin is a licensed real estate agent with Berkshire Hathaway Lucien Realty in Lakewood and can be reached at Chris@ChrisBergin.com.