An Update on the Brunswick Real Estate Market

I’ve got a thorough market update for you today regarding the Brunswick real estate market.

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We’ve got a comprehensive market update to share with you today. We’ll look at every detail of the Brunswick market, as well as how the market changes as you go up in price. 

Right now, the Brunswick market is in a seller’s market overall. The number of properties that have come on the market has increased from 66 to 90 in just one month. Pending properties have stayed pretty flat, and our inventory is at about 1.3 months. If no new listings came on the market, our inventory would be depleted in just over a month. The average days on market is shrinking too. We’ve dropped from 57 days to only 48. 

What does this mean if you’re thinking about buying and selling? For sellers, you need to make sure your home is priced at market value and presented well. Making the small improvements will lead to you getting a maximum price. 

We’re seeing a bit of a different market for condos. We’re still in a seller’s market with 1.7 months of inventory, but our pending inventory is at 2.1 months. This may be indicative of a bit of a slowdown. 

As you already know, real estate is hyperlocal and each segment of the market can have its own trends. Here’s a quick look at all of the price points we’ve been tracking and what kind of numbers each of them is seeing:

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We looked at every market detail.

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For homes priced under $150,000 we are in dire need of inventory. We have less than one month available. Based on the current pending properties, we have an average of fewer than 14 days on market. 

Homes in the $150,000 to $200,000 range have seen a big increase in inventory, going from 10 properties for sale to 21. There has been some strong buyer activity in this market, with just 0.8 months of pending inventory. These properties are sitting on the market a bit longer than they have been, but they are still selling for good prices.

For homes in the $200,000 to $250,000 range, we’re still seeing strong sale numbers. Homes in the $250,000 to $300,000 range aren’t seeing as much of an increase. In fact, we might see this price point slowly shift into a neutral market. 

For the luxury market above $300,000, this is a buyer’s market with a lot of inventory. Around nine months to be exact. However, we saw a ton of homes go under contract last month and our pending inventory was at just 1.8 months. This is a great price point for sellers that are still out there. Even though inventory is high, the best homes are still moving quickly.

If you have any questions for us about the Brunswick market or if you’re looking to buy or sell a home, give us a call or send us an email. We would love to hear from you soon.

What Do the Numbers Say About Our Market?

We have the latest numbers from our market and what they mean for both buyers and sellers.

Selling in Northeast Ohio? Click here for a free home value report

Buying in Northeast Ohio? Click here for full MLS access

To get a sense of where our southwest Cleveland area market stands, let’s look at how the numbers stacked up at the end of May. 

In Medina, there were 248 active listings, 115 pending listings, and 114 closed listings. There were roughly 2.2 months of inventory. These numbers indicate Medina has moved from a neutral market to a seller’s market. 

In Brunswick, there were 58 active listings, 78 pending listings, and 69 closed listings. Based on the number of properties closing per month, Brunswick has zero months of inventory, which makes it a heavy seller’s market. 

In Hinckley, there were 22 active listings, 12 pending listings, and four closed listings. This area is still a neutral market and hasn’t changed much from previous months. 

In Strongsville, there were 123 active listings, 66 pending listings, and 64 closed listings. With less than two months of inventory, they continue to be a seller’s market. 

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Our market generally favors sellers.

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In Middleburg Heights, there were 23 active listings, 21 pending listings, and 25 closed listings. They have less than a month of inventory, so they’re also a strong seller’s market.  

Though most areas are in a seller’s market, not every price point favors sellers. The sweet spot for buyers seems to be in the $150,000 to $300,000 range. In Brunswick, the $300,000 to $400,000 is more on the border of being a neutral or buyer’s market because there is more inventory in that price point than there are buyers. 

If you have any questions about our market or are thinking of buying or selling a home, give us a call or send us an email for a free consultation. We’d be happy to help you.

Discussing 7 Key Areas in Our Market

What's going on in our market? I'm joined by Chris Moscarino from Bold Real Estate Consultants to help me update you on Berea, Brookpark, Parma, Middleburg Heights, Strongsville, Brunswick, and Medina.

Selling in Northeast Ohio? Click here for a free home value report

Buying in Northeast Ohio? Click here for full MLS access

For today's update on the northeast Ohio market, I've asked Chris Moscarino of Bold Real Estate Consultants to come help me explain things. We're focusing on seven areas in particular today.

Berea: Inventory is 1.9% lower than last February and sold homes are up 14.3% with 23 homes pending. It's a neutral market but appears to be shifting to a seller's market. 

Brookpark: It's a seller's market with inventory down 60% from last year. Sold homes are down 20% with pending sales up 18.8%. The good news for sellers is that 19 of 20 homes for sale went under contract.

Parma: It's also a seller's market with inventory down 21.2% and sold homes up 14.9%. Almost 50% of the inventory is going under contract, which is great news. We're almost to a point for the first time in a decade when available inventory is down below 200 homes. 

Middleburg Heights: Current inventory is down 66.1% with just 21 homes on the market. Sold homes are up 18.2% and pending sales are up 31.3%. This tells us that almost all homes going under contract are selling.

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Inventory is 66.1% lower now than it was at this point last February in Middleburg Heights.

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Strongsville: Inventory levels are down 43.7% and sold homes are down 33.3% with pending sales up 10.2%. It's another area with over 50% of the inventory on the market going under contract. 

Brunswick: The market is neutral but shifting to a seller's market. The number of sold homes is down 40% from last year and pending sales are down 1.6%. These decreases are due to lower inventory.

Medina: Inventory is down 19.2% but the number of sold homes is up slightly. Pending sales are up 11% as well. The market is consistently neutral.

If you have any other questions about your particular area, give me a call or send me an email. I'd be glad to help you!

The Latest Trends in the Northeast Ohio Real Estate Market

How did the December 2016 market stack up against the December 2015 market? We’ll look at the latest numbers today. 

Selling in Northeast Ohio? Click here for a free home value report

Buying in Northeast Ohio? Click here for full MLS access

Today, we’ll take a look at the latest market numbers from a few different areas and compare December of 2016 to December of 2015.

In Parma, inventory dropped by 22% from December of 2015 to December of 2016. At the same time, the number of properties going under contract went up 16%. Overall, Parma continues to be in a seller’s market. If you’re hesitating to sell this time of year, you should know that Parma is still in a great place for you to list your home and net more money. 

In Middleburg Heights, inventory levels are down 62% and the number of properties going under contract is up by 30%. Middleburg is also in a seller’s market.

North Royalton saw a 39% decrease in inventory and a 19% increase in properties under contract. North Royalton is in a neutral market compared to a few months ago, when we were in a strong seller’s market.

In Strongsville, inventory levels are down by almost 50% year over year, while pending properties are up 88%. Strongsville is in an incredibly strong seller’s market, which is great news for homeowners who may have been under water back in 2008 or 2009. If that’s the case for you, now is a great time to get your property back on the market and net more money.

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Now is a great time to put your home on the market.

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Brunswick also saw a decline in inventory, with inventory dropping by 42%. The number of properties under contract also dropped to 28.3%. Why? A lot of the inventory out there right now is stale, so the good inventory is going quick. Brunswick is still in a seller’s market.

Inventory in Medina dropped by 27% but the number of properties going under contract increased by 27%. Medina continues to maintain a neutral position in the market right now.

So, what does that mean to you? If you are a seller and you have been hesitating about putting your home on the market, now is a great time to sell. A lot of people have pulled their homes off of the market to wait for spring, which means you will face less competition. Not only that, demand is still strong and there are plenty of buyers out there on the market.

If you have any other questions about the current market or about selling your home, give me a call or send me an email. I would be happy to help you!

Where's the Northeast Ohio Market Heading?

The Northeast Ohio real estate market is diverse with both buyers and sellers alike seeking a variety of different properties. As a prospective seller, you can find out the market value of your property with a free home value report right here, or if you're looking to purchase in the Northeast Ohio area click here for full MLS access. Always feel free to reach out to us for any questions regarding the current market conditions, or the value of your property at 440.879.7260

With so much information out there on the web, it can be difficult to separate the relevant data from misinformation. But we're here to help -  we have access to resources you can't find online and we want to explain some of the trends we've seen in Northeast Ohio markets over the last few months. 

One of the most common questions we're asked is, "Are we in a buyer's market or a seller's market?" The answer really depends on the price point. For example, in Brunswick - for homes priced between $150,000-$200,000 - we have a seller's market, with less than four months of inventory. In the same city - but for homes priced between $200,000-$250,000 - we have 8 months of inventory, which means it's a market that favors buyers. 

Now that we know inventory levels vary greatly depending on the price point and location, you may be wondering how inventory levels affect your home's value. It's as simple as the law of supply and demand - when there's a lot of inventory, but demand is low, the value of your home is going to drop. When demand is high, but the inventory is low, you have a good chance of getting top dollar for your home. 

It's important to watch the inventory levels in the market before selling. Many people think the spring is the best time to sell because there are more buyers. In reality, the exact opposite is true - we're seeing people net more money for their home in the winter because of the limited amount of inventory available to buyers.

Another factor that will affect your home's value is interest rates, which have dropped again. Low rates are great for buyers, as they are able to lock in a great home at a low interest rate and save money over the course of their homeownership. For sellers, low rates mean buyers have increased purchasing power, which means they will be willing to spend a little bit more on a property because they are still able to afford it.  

If you're thinking about buying or selling, don't hesitate to give us a call or shoot us a quick email. We would love to fill you in on market conditions in your area and help you determine what course of action is best for you. We look forward to hearing from you soon!

Thanks, and have a great day!