Lakewood Posts Another Solid Year In Real Estate
The results are in! Despite rarely having more than 100 homes for sale any given month, Lakewood posted another solid year in real estate sales!
The sale of Single Family Homes improved for the 4th consecutive year. Closed sales improved by more than 5%, seeing sales improve from 447 homes to 472. In 2012 total sales were 394.
The Median Sales Price improved by 3%, with half the homes selling for more than $135k and half for less. In 2012 the Median Sales Price was $108k.
Other key indicators improved as well. Cumulative Days on Market, the total number of days it took for a house to sell, improved from 83 days in 2014 to 73. Back in 2012 it took 121 days to sell! Another key indicator, the List-Price-to-Sales-Price Ratio improved from 97% to 98%. Back in 2012 homes were selling for 96% of list price. It's no surprise that the total Sales Volume increased in 2015 from $69.1M to $77.6M. In 2012 the total sales volume was $50.3M.
So how did Lakewood stack up against other west side communities? While Rocky River saw total sales increase by over 10%, the Median Sales Price declined by more than 7%. Bay Village had a great year. Total sales in Bay improved by 29% and the Median Sales Price jumped nearly 16%. Fairview Park, Westlake, and North Olmsted all saw the total number of sales improve with their sales prices remaining flat. For a copy of the full report email me at Chris@ChrisBergin.com.
Heading into 2016 Lakewood only has 83 homes on the market (as of January 11). There have already been 2 "closed" sales, with another 48 homes under contract. If the trend continues, buyers will need to continue to sharpen their pencils and make strong offers in order to secure the home of their dreams. Go to www.HomeValuesInLakewood.Info and stay up to date with neighborhood listings, sales, and activity.
Chris Bergin is a licensed real estate agent with Berkshire Hathaway Lucien Realty in Lakewood and can be reached at Chris@ChrisBergin.com.