A Look at Year-To-Date Real Estate Numbers from 2012 Vs. 2011

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We have been watching the real estate market closely for the past several years and this year things have really changed for the better – particularly in the area of sales. Here are some market statistics to demonstrate the state of our market.

Total Number of Sales

In 2012 we sold 10,165 properties whereas in 2011 the number was merely 8,740.
Lake, Geauga and Cuyahoga counties saw a very significant 14% increase, year over year looking at year-to-date statistics.

Days On Market Average

The average number of days our properties are on the market has remained relatively unchanged with 2011’s DOM at 157 versus this year’s average at 163 days.

Median Sales Price

Sales price has also not changed in 2012 from 2011’s average – with both years at about $133,000. One thing interesting to note, however, is that there has been a significant jump in the number of upper-end properties beginning at the $1M price range. In 2012 we saw a total of 25 homes sold versus just 19 one year prior in the same time frame. This represents a 24% increase year over year.

Looking at the $100,000 - $250,000 price range we experienced a 17% increase in the number of homes sold in 2012 as compared to the previous year. In 2011, the total year to date number of homes sold through the summer were 2,896. In 2012 we have had 3,241 sold homes reported so far.

The mid-range upper level price bracket also saw an increase in sales with more homes selling through this year versus the same time frame in 2011. Eight percent more homes between $500,000 and $1M sold in 2012. We saw an increase of 12% in the number of homes sold in the $250,000 - $500,000 price range.
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I’ve been saying this for some time now and it seems we will continue to see record setting low interest rates for a while longer. Right now, qualified buyers can get a 30-year fixed rate loan as low as in the mid-3% range, with refinances even lower. Bump it down to a 15-year fixed rate and you can really lower your interest rate.

Our current market conditions make it an idea time for buyers with low interest rates and increased buying power – while sellers are also enjoying increased demand, allowing them to receive multiple offers and achieve high list-to-sale ratios.

If you would like to meet and discuss your real estate needs, contact me today at 440-974-0404 – I’d be happy to help!