Cleveland Hts. Residential Property Report

Here's a summary of what happened to residential real estate in Cleveland Heights for the 60 days prior to September 25th, 2009:

Sales

162 homes were listed for sale for an average list price of $166,072.
79 homes were sold and transfered with an average sale price of $125,161.
The average list price for homes that sold was $133,134.
Average market time was 98 days.

Homes that commanded top price were in impeccable condition, had interesting architecural features like crown mouldings and fireplaces. They also had remodeled kitchens and baths.

Supply

There is a lack of supply of home priced $160,000-$200,000 and $350,000 and up.

There is a surplus of home priced $70,000-$160,000

List Prices

The highest percentage of average list prices were in the $160,000-$180,000 range.

What to expect

In my opinion the historically low mortgage rates will help support sales but will be countered by the seasonal slowdown and the lingering recession. The inventory may be reduced as sellers take their home off the market, supporting higher prices, but again we have to see the affect of the unemployment rate as the recession plays out.

New Construction

Rysar Properties is offering condominium lofts and arts & crafts townhouse at the Bluestone on Mayfield Rd. east of Taylor. The condominium lofts range from $239,000-$398,000 and the townhouses range from $398,000-$424,000.

Across the street and a little further east the Coral Company is offering townhouses at the Courtyards of Severance. Each model has the name of a famous composer. The "Beethoven" is priced at $199,000 (1532 sq.ft.), the "Mozart" at $289,000 (2067 sq. ft.), and the "Chopin" at $299,000 (2159 sq. ft.)

Summary

If a buyer can obtain a quality mortgage, they should BUY NOW! Even if a buyer misses the deadline for the $8,000 tax credit the interest rate environment is incredibly favorable for a buyer. According to our Howard Hanna mortgage officer, interest rates may go up to 6-7% almost overnight once the federal government stop buying mortgages, which they probably will do at some point.

I hope this has been helpful... Give me a call if you have any questions.