Cleveland Ohio Real Estate – Bi Annual Market Report 2013

 

 

 

Now that the year is officially half way over, it it time for our bi-annual reivew of the Cleveland Ohio real estate market.

First, we will provide the number of sales and average sales price for popular area suburbs for the first 6 months of 2013 and compare these figures to the first half of 2012.  Then, we will provide an overall analysis of the market, including discussion about where the market is headed in the future.

SOLD HOME STATISTICS

JANUARY – JUNE 2013

 

EAST SIDE SUBURBS

BEACHWOOD

Date                                              # of homes sold               Ave. Sales Price             

First Half 2013                                       47                              $264,784

First Half 2012                                       39                              $235,758

CHAGRIN FALLS

2013                                                    42                              $299,716

2012                                                    26                              $321,174

HUDSON

2013                                                   176                              $347,432

2012                                                   149                              $328,253

MORELAND HILLS

2013                                                    25                               $385,120

2012                                                    24                               $527,156

ORANGE   

2013                                                    21                                $302,917

2012                                                    12                                $329,750

PEPPER PIKE

2013                                                    36                                $434,049

2012                                                    38                                $398,756

SHAKER HEIGHTS

2013                                                  183                                $262,316

2012                                                  159                                $234,778

SOLON

2013                                                   136                               $293,286

2012                                                   103                               $288,244

TWINSBURG

2013                                                    94                               $225,673

2012                                                    78                               $192,397

 

WEST SIDE SUBURBS

BAY VILLAGE

2013                                                   98                                $239,106

2012                                                  123                               $231,045

BRECKSVILLE

2013                                                   62                                $284,025

2012                                                   62                                $261,501

LAKEWOOD

2013                                                  230                               $121,429

2012                                                  245                               $117,477

ROCKY RIVER

2013                                                  111                               $293,481

2012                                                  112                               $244,515

STRONGSVILLE

2013                                                  211                               $200,397

2012                                                  222                               $183,108

WESTLAKE

2013                                                  144                              $336,027

2012                                                   97                               $296,705

*source NEOHREX ( Regional MLS )

 

COMMENTARY:

Overall, the real estate market in the Greater Cleveland area has improved from 2o12, which was considered a strong year. In most areas, we have seen either an increase in the number of sales or average sales price. Certain suburbs, such as Beachwood, Hudson, Shaker Heights, Solon, Twinsburg and Westlake have seen increases across the board.

The real estate market rebounded in 2012 and the positive momentum has continued through the first half of 2013.

The two factors that have helped the market are low inventories and a better overall economy. With a limited amount of homes available in many areas, the market has shifted away from the “buyers market.” Many areas are seeing a much more balanced market and some even favor the sellers. The stabilizing economy has made both first time buyers and move up buyers more comfortable making a major purchase. The rising stock market and low interest rates ( until the last few weeks ) have also helped.

Moving forward, the next month will be busy as buyers scramble to get into their new home before school starts at the end of August. Things will then likely slow down for a little while until after Labor Day, when the market typically picks back up.

The recent rise in interest rates is something to keep our eye on.  While it likely won’t affect the many buyers who are currently under contract, it will have an influence on the overall market. Because of this,  we don’t anticipate the second half of 2013 being quite as strong as the first 6 months, but it will end up being a very strong year for local real estate.

 

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ABOUT THE AUTHORS

The above information is compliments of The Schuman Team, Amy and Dan, of Howard Hanna Real Estate Services. They specialize is luxury homes, relocation, and first-time buyers.

They can be reached at 216-346-3235 or 216-403-9189 or via email, danschuman@howardhanna.com or amyschuman@howardhanna.com.

The Schumans service the following Cleveland area suburbs: Aurora, Bainbridge, Bay Village, Beachwood, Bentleyville, Chagrin Falls, Cleveland Heights, Gates Mills, Highland Heights, Hunting Valley, Lakewood, Lyndhurst, Mayfield Heights, Mayfield Village, Moreland Hills, Oakwood Village, Orange, Pepper Pike, Shaker Heights, Solon, South Euclid, University Heights, Westlake, Woodmere.

Cleveland Ohio Real Estate – Bi Annual Market Report 2013 is the property of The Schuman Team and may not be duplicated or used without their written consent.©July, 2013

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