Northeast Ohio Real Estate Market Update

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There is no better feeling than to be able to report excellent news to our valued friends and clients and today is one of those days!  The good news is that our real estate market has been steadily improving and we can expect an even better yet property environment to come. Here is how our marketplace is shaping up:

Sales Are On the Rise

Right now, we have 13,343 homes currently available on the market in our region. With 6,196 homes sold from January 1 through June 20 we are seeing a 14% improvement in sales from the same time frame last year. In 2011, the total number of homes sold in the first six months of the year was 5,329 – a significant improvement year over year.

Stronger Buyer Confidence

After a long time in a buyer-centric market, buyers are starting to move faster on properties, perhaps realizing that the present market conditions may not last for long. They are putting offers on the table quicker than they had been during the past couple years and they are bidding on homes almost immediately after they notice a viable opportunity.

Sellers Enjoy Multiple Offers and Bidding Wars

Sellers are also enjoying current market conditions. For the first time in a long time they are receiving multiple offers on their homes. In fact, bidding wars have started to occur much more frequently – resulting in sellers achieving their asking price goals or often surpassing the list price. With buyers willing to pay a good price for quality homes located in good locations, sellers have less trepidation about listing.

New Construction Also Improving

Existing homes are not the only type of housing that is gaining widespread interest. New construction home sales are also on the rise, with a combined total sales increase for new and existing homes of 19% year over year.

Strengthened Rental Market

Many sellers that at one time were contemplating listing their homes are now leasing their property, adding to the already improving statistics of our rental market. This allows property owners to give the market some more time while their property values mature. At the same time they are receiving rental income on the home. With a plethora of people that have faced distressed situations such as short sale, foreclosure or financial difficulties – the option to lease is a welcome one to many.

All Time Low Interest Rates Still Going Strong

One of the most significant factors that lends to our fast-improving market has been the phenomenal interest rates that are still around for buyers to take advantage of. This is fueling buyer confidence and accelerating sales – ultimately impacting inventory levels. Once our supply is even further down we hope to begin seeing an increase in property values.
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In addition to all this activity, investors are taking note and getting more involved in our area. This is a fantastic time to buy. It is a fantastic time to sell. And you cannot go wrong by getting involved in the real estate market right now. Remember, we are your real estate resource and look forward to putting our experience to good use for you! If you are interested in buying selling, investing or even just inquiring – call us today at 440.974.0404!