Here is a link to an article in the Heights Observer about changes in the Cleveland Heights School system:
http://heightsobserver.org/read/3/3/chuh-schools-announce-new-assistant-superintendent-and-principal-reassignments
Friday, March 26, 2010
Encouraging Signs in Cleveland Heights Real Estate
After a very difficult period in the Cleveland Heights real estate market I see encouraging signs. According to Trendgraphix, which collates and measures MLS data, the following encouraging signs have been seen in the Heights market in the price range of $80,000 or higher. I have excluded less expensive home because these tend to be distressed home that distort the market picture. For the period February 2009-2010:
The number of homes for sale declined 8.1%, the sold price per square foot increased 11.7%, the average sold price increased 42%, and the months of inventory (meaning how many months would it take to sell everything on the market at the present rate of sales) dropped 40.9%. Days on market increased 10.2%, meaning it is taking a little longer to sell homes in this price range than a year ago. How could the average sold price rise 42% and the average per square foot price rise only 11.7%? That probably means that the larger homes are selling more as the economy recovers somewhat.
So, we have a decline in the number of homes for sale and rising prices. The two areas of concern are one, the fact that the federal government is ending its intervention in the housing market (by buying up mortgage-backed securities) at the end of this week and two, that the MIP (Mortgage Insurance Premium) for FHA loans will rise from 1.75% ot 2.25% on new loans on or after April 5th. This means mortgage rates will probably rise and FHA loans will become a bit more more expensive.
HOMEBUYERS TAX CREDIT- We still have five more weeks before the homebuyers tax credit program ends. That combined with the prospect of rising mortgage rates, upward price pressure, and the influx of new residents and doctors coming to the Cleveland Clinic and University Hospitals means we will probably see in increase of sales in April. What happens after that remains to be seen. Overall I would say that this is still a historically great time to buy or move up to a larger home.
I hope you are enjoying the milder weather and looking forward to spring!
The number of homes for sale declined 8.1%, the sold price per square foot increased 11.7%, the average sold price increased 42%, and the months of inventory (meaning how many months would it take to sell everything on the market at the present rate of sales) dropped 40.9%. Days on market increased 10.2%, meaning it is taking a little longer to sell homes in this price range than a year ago. How could the average sold price rise 42% and the average per square foot price rise only 11.7%? That probably means that the larger homes are selling more as the economy recovers somewhat.
So, we have a decline in the number of homes for sale and rising prices. The two areas of concern are one, the fact that the federal government is ending its intervention in the housing market (by buying up mortgage-backed securities) at the end of this week and two, that the MIP (Mortgage Insurance Premium) for FHA loans will rise from 1.75% ot 2.25% on new loans on or after April 5th. This means mortgage rates will probably rise and FHA loans will become a bit more more expensive.
HOMEBUYERS TAX CREDIT- We still have five more weeks before the homebuyers tax credit program ends. That combined with the prospect of rising mortgage rates, upward price pressure, and the influx of new residents and doctors coming to the Cleveland Clinic and University Hospitals means we will probably see in increase of sales in April. What happens after that remains to be seen. Overall I would say that this is still a historically great time to buy or move up to a larger home.
I hope you are enjoying the milder weather and looking forward to spring!
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