Median Price for Houses Rises..

The National Association of Realtors reports that the median price for a house has risen over the last year in 100 of 155 metropolitan markets, including Cleveland. Read about it below:

http://www.cleveland.com/business/index.ssf/2010/08/house_prices_steadier_in_north.html

Cleveland Hts. Office smashes sales record!

The Cleveland Heights office of Howard Hanna Real Estate Services smashed the monthly record of unit sales with 103 homes sold in the month of April! That far exceeded the previous record of 86 homes sold in May of 2005. How's real estate these days? Unbelievable!

Cleveland Heights Sales Trends

Here is a summary of the absorption rates of homes for sale in Cleveland Heights for June, July, and August (up to August 24) These figures are based on data from the local MLS
JUNE
Less than $100,000- 53%
$100,000-200,000- 20%
$200,000-$300,000- 14%
$300,000+ 23%
JULY
Less than $100,000- 55%
$100,000-200,000- 14%
$200,000-$300,000- 11%
$300,000+ 18%
AUGUST
Less than $100,000- 52%
$100,000-200,000- 8%
$200,000-$300,000- 13%
$300,000+ 8%
Conclusion: the fastest selling homes are those under $100,000. June was the strongest month for sales, as expected, and then July and August saw a significant drop in the absorbtion rate for homes over $100,000, while homes under $100,000 continued to experience good sales into August. Sold price per sq. ft. declined significantly over the three summer months except in the $300,000+ category, meaning the more expensives home seem to be holding their value.
Days on Market
This changed very little over the three months and averaged as follows:
Under $100,000 - 89 days
$100,000-$200,000- 102 days
$200,000-$300,000- 116 days
$300,000+ 149 days

Scott Haigh, Realty One