What’s Happening with Real Estate in the Cleveland Area?

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Today we will be giving you brief market updates for some pockets of the Cleveland area. We’ll be focusing on Summit, Medina, And Cuyahoga Counties.

To start, let’s look at Cuyahoga Falls. There are 146 properties and there are 90 homes under contract, which is way up over last year. There is only 2.9 months of inventory available, but that is a common problem all across the nation. In Stow, we have 67 homes on the market, which is down from last year. Nearly 36 homes closed last month, and the average days on market is 64. There are 91 properties on the market in Hudson, which is down from last year by about 16%. There are also 50 homes under contract and 31 closed properties. The average days on market is holding steady at 108, and there is only a 2.9 month supply of homes.

It’s a great time to be a seller in Cuyahoga Falls, Stow, or Hudson. Inventory is really low and sellers can take full advantage of this. This also means that sellers can kind of demand their price without much pushback from buyers.

Let’s take a look at Medina County now. In Brunswick we are in a seller’s market, and the days on market is currently at 95. That’s a little higher than usual, but this could be due to poor pricing.

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It’s a great time to be a seller in Cuyahoga Falls, Stow, or Hudson

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The City of Medina has 83 properties and 43 of them have gone under contract. Nearly 22 of those properties closed. The days on market is sitting at 111 and inventory levels are right at 3.8%.

Strongsville is actually in a neutral market right now. There are 169 properties, 89 went under contract, and 56 actually sold. The days on market is at 74 days and they have a 3 month supply of homes.

In Parma there is a seller’s market with 216 properties on the market, 144  under contract, and 88 properties went under contract. Inventory is below 200 homes, which is far below the usual level of 400 homes. Homes are selling in an average of 86 days with only 2.5 months of inventory left.

If you have any further questions about the market in Cleveland, please don’t hesitate to contact us. We can provide you with all the necessary information.

Ohio Real Estate Market Update

Selling in Northeast Ohio? Free home value report right here

 Buying in Northeast Ohio? Click here for full MLS access. 

We notice many prospective buyers are on the fence or are waiting for prices to drop after the election. According to Freddie Mac, interest rates are expected to increase through the end of 2016. Thus, buyers will have less power in negotiations. However, no one can predict the future, so now is an excellent time to buy.

Locally, we’ve seen appreciative home values in several suburbs, making now the perfect time to buy or sell.

A huge concern we notice is the seller’s desire to sell their home for a great price. They want to earn top dollar. That’s why you should hire a team like us. We can help you reach that goal. As a team, we leverage each other’s skills and knowledge. We invest time into our market to help you when it counts.

Each individual team member has a unique specialty. We’re localized experts. We also have an exceptional administrative support team to further support us.

Give us a call or send us an email today for a free real estate consultation! We would love to help you take advantage of current conditions.

Is Your Area in a Buyer's or Seller's Market?

Selling in Northeast Ohio? Free home value report right here

 Buying in Northeast Ohio? Click here for full MLS access. 

Today, we're here with a market update for Brunswick, Medina, Stow, and Hudson.

Stow is still in a seller's market with 2.6 months of inventory. We can expect a shift to a neutral market as we move towards three months of inventory. The number of homes for sale is down 14.2% this month compared to last month, and down 17.1% compared to last year. However, the number of homes sold last month is up 42.3% compared to last year. So, if you're selling your home, now is a great time to put your house on market and net the most amount of money possible.

Hudson is currently in a neutral market with 5.2 months of inventory. Hudson will most likely shift into a buyer's market as inventory increases. The number of homes for sale is actually up 11.5% compared to last year, while the number of homes closed is down 10.3%, which also indicates that we are teetering on a buyer's market.

Brunswick and Medina are about the same. Both have 3.2 months of inventory, which means both are in a neutral market now. That being said, 3.2 months of inventory is close to a seller's market, making now the perfect time to sell. Just keep in mind that it may take a little longer than 90 days to sell your home.

If you're thinking of selling, there are three major things that impact the sale of your home: price, location, and condition. We hit on all three of those points. Our professional home stager and our professional photographer both make your home appeal to more buyers. Professional photographs in particular will give you an edge over the competition.

If you have any questions, give us a call or send us an email. We would be happy to help you!