Here is my end of year real estate report for the Heights. These are the latest statistics extracted from the Northern Ohio Multiple Listing Service:
These figures represent the MONTHLY average of sold homes in the last three months...
Cleveland Heights- total for sale at present- 433
Solds/month Absorption Rate/month
$0-$99,999
26 5.9%
$100,000-$199,999
10 2.2%
$200,000-$299,000
2 .4%
$300,000-$399,999
2 .4%
$400,000+
.33 (1 in 3 months) .1%
University Heights- total for sale at present- 125
$0-$99,999
8 6%
$100,000-$199,999
3 2%
$200,000-$299,999
.33 0.3%
$300,000-$399,999
0 0%
$400,000+
0 0%
Shaker Heights- for sale at present- 286
$0-$99,999
10 3.5%
$100,000-$199,999
7 2.6%
$200,000-$299,999
4 1.5%
$300,000-$399,999
2 0.7%
$400,000-$499,999
1 0.3%
$500,000+
1 0.5%
Clearly homes below $100,000 are selling the quickest with homes ranging in the $100,000-$200,000 following behind.
Price trends- comparing the last three months with the July-August-September period
Cleveland Heights- down 2%
University Heights- down 42% (ouch...)
Shaker Heights- down 23%
Obviously Cleveland Heights is holding up better or perhaps its biggest price drops occured earlier. That would require more research.
If you are a buyer, this is a great time to purchase a house. Prices have come way down and mortgage rates are as low as they ever have been. As you can see, there are 844 homes for sale in the Heights so there is a wide selection of properties to choose from!
If you are selling, contact a realtor regarding advice on how to prepare your home to put it in it's best light, thereby increasing your chance of selling it in this incredibly competitive market. Don't forget- EVEN IN THIS MARKET PEOPLE NEED TO SELL AND BUY HOMES!
Due to low mortgage rates, it's a great time to refinance your present mortgage if you have one. Whether is purchasing or refinancng, contact your realtor for more information!
Let's look forward to better days ahead with a positive attitude and I wish you a very Happy New Year!!
Scott
