Lakewood Real Estate Remains Red Hot
The Lakewood Real Estate Market remains one of the hottest, if not the hottest, market on Cleveland’s west side!
As of September 20th there were 86 Single Family Homes for sale in the Lakewood market. Although historically low, this is much higher than the 45-55 homes we were carrying through the spring market. In addition, 77 properties were under contract, sale pending, as of the 20th.
Since January there have been 396 closed transactions for Single Family Homes. Sales are up 10.3% over the same period last year (359 closed sales) and Lakewood is on track to match, if not exceed, the total sales in 2015.
Let’s take a look at how 2016 is matching up to 2015 in other significant statistical categories.
The Cumulative Days on Market, the true number of days it took a home to sell, improved by 12 days. Last year it took, from start to finish, 76 days on average to sell. This year it is down to 64 days. Impressive, considering it is taking the average lender more time to close a buyer’s loan than in 2015.
In 2015 the Closed Price to List Price Ratio was an impressive 98%! 2016 is aiming for perfection, ringing in at 99.4% thru September 20th. Several months this year are averaging sales 100% or more of list price!
It is not surprising that sellers are feeling bullish on the market. 2016 has seen the Average List Price jump 10.7%, growing from $174,100 in 2015 to an average of $192,800 this year. The Average Sales Price has improved another 4.7% this year, improving from $165,300 last year to $173,100 thus far in 2016. Perhaps most impressively is that over $68M in real estate has transferred hands in 2016, up $9M over the same period last year! And this is only for Single Family Homes! This is a whopping 15% growth over last year.
What’s in store for the Lakewood market moving forward? No one knows for sure, but there are no indications of a slowdown locally. Lakewood remains a destination of choice for buyers. If inventory remains tight, with high buyer demand and still historically low interest rates, expect many happy sellers in Lakewood for months to come! Keep up with market activity and home values at www.HomeValuesInLakewood.Info.
Chris Bergin is a licensed real estate agent with Berkshire Hathaway Lucien Realty in Lakewood and can be reached at Chris@ChrisBergin.com.