Lakewood Real Estate: Mid-Year Review
July 4th reminds us that summer is here! It's time to gather with friends and family for cook outs and picnics; time to hit the beach and pool; time to sit back on the front porch and relax on a warm summer night!
July 4th also reminds us that we are at the mid-year point for real estate. Lakewood remains hot, and one of the top destinations for buyers in NE Ohio! Here is a look at the numbers since January 1st, with some quick comparisons to the 1st 6 months of 2014 & 2015.
As of June 30th, there were (only) 66 Single Family Homes for sale in Lakewood. In June 2014 there were 157 and in 2015 there were 116. Inventory remains very tight as we hit the summer.
As of June 30th, there were 97 homes "under contract" and already 241 closed sales for the year. In 2014 a total of 196 sales were reported. In 2015 there were 183.
Despite low inventory Lakewood continues to rock. Total Sales Volume thru 6 months reported in at $40M, compared to $33.6M last year and $31.3M in 2014. The Average Sales Price has improved steadily, from $159,500 in 2014, to $166,500 last year, and holding steady this year at $166,900.
A larger gap can be seen in the Median Sales Price. In 2014 the MSP for Single Family Homes was $127,800. This figure improved last year to $131,800 and has jumped to $147,000 for the first 6 months of 2016.
Not surprisingly the low inventory and high buyer demand has had a positive impact on market time. The Average Days to Sell has improved from 84 days in 2014, to 81 days in 2015, down to 68 days this year. Even the Cumulative Days on Market (the true time a home has been for sale) has shown improvement, dropping form 90 days the past 2 years to 73 in 2016.
Sellers remain bullish on the Lakewood market. With homes consistently selling for 98.9% of List Price (or over!) it does not come as a surprise that the Average List Price has jumped dramatically from $163,300 two years ago to $201,600 this year.
It is important to remember that real estate is local, and cyclical. Even in Lakewood the market can fluctuate among price points and even street-by-street. Free market reports and home value estimates are available at www.HomeValuesInCleveland.Info as well as 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.