Northeast, Ohio Real Estate Market Housing Statistics – May, 2016
Let’s take a look at the newest May, 2016 housing statistics for Northeast, Ohio. Below are all the new listings, sold listings, average sale price, highest sale price, lowest and average market time. These are all the properties, in the Cleveland, Ohio area. Single-family, condos, multi-family, land, etc. If just reviewing single-family market stats, they’re quite similar in the percentage.
You can see the difference between May of 2015 and May of 2016. Less listings/homes for sale, more sold homes, more volume sold, higher selling prices (Roughly $5,000 more on average), and interestingly, almost the same average market time.
Now, if you’ve been keeping up with the Northeast, Ohio real estate market, you know that we had a hot spring and summer market for home sellers. With interest rates so low and buyers and sellers finally able to make the move, we’ve seen a lot of activity. Some cities in the Cleveland area are so hot that homes are selling within hours, getting multiple offers and selling for top-dollar. This isn’t the case in all areas and some harder to sell homes or high-end properties will increase the average market time. So while it says 99 days market time, All of my personal listings in the last few months have sold in less than 30 days, many in less than two weeks and home buyers that I’ve worked with have had to move quickly to not miss out on a great home.
Now is the time to buy and now is the time to sell. Weird that it’s both a buyer’s and seller’s market, right? Well, rates are low so it’s a great time to lock in a low mortgage payment. With rates being so low, home buyers can afford more house. Home sellers are finally able to sell since many are no longer upside down and they’re also buying homes and locking in that great rate.
I really explain this in-depth in my April Ohio housing stats article (Which you should definitely read). I also have a few links below that are must-reads if you’re buying or selling a home in the Cleveland, Ohio area. Feel free to contact me anytime with questions or to start the process. I’m always happy to help!