Current Market Conditions
Greater Cleveland area currently has 15% more homes on the market compared to last year this time. Many homes seem to be staying on the market a lot longer than usual. It is most definitely a buyers market and we are starting to see prices falling a bit. Interest rates are still unbelievably low. Now is the time to buy and get more home for your dollar.
Cleveland is a city that has had a slow down in the job market and is now starting a period of new growth. Compared to other larger cities, prices here are competitive and affordable. There are some great things planned for the Cleveland area that will change the home sales market in the near future. New lakefront development and commercial growth will certainly liven up the market. With prices slightly down this is a great time to make the most of buying here.
When the exciting new changes for Cleveland begin the home prices are going to explode. In Cleveland the first half of 2005 has shown many homes for sale with a limited number of buyers. January thru May saw 1843 homes being sold with only 876 of them selling. The average number of days they where on the market was 66 with an average selling price of $90,224.00.
In May some breaking news came for Cleveland that has started the market in an upward direction. May saw 441 homes come on the market with 212 selling in an average of 59 days at an average price of $99,716.00.
Location Characteristics: The population of Cleveland is 468,000. Besides the city's extensive business centers and universities, it's world famous Cleveland Orchestra, it's three outstanding major league sports facilities, it's famous Art Museum, it's Rock and Roll Hall of Fame, and its excellent lakefront beaches, Cleveland's main attractions are its ethnically diverse, redeveloping neighborhoods combined with nearly suburban - like areas. From older, lovely century homes to stylish contemporary residences - all close to major shopping, cultural centers, and freeway access - Cleveland's tree-lined streets confirm its nickname as The Forest City. The reasonable home prices in Cleveland make buying here a smart choice!
If you are interested in market conditions in other Northeast Ohio areas, please contact me, or simply post your questions or comments.
Cleveland is a city that has had a slow down in the job market and is now starting a period of new growth. Compared to other larger cities, prices here are competitive and affordable. There are some great things planned for the Cleveland area that will change the home sales market in the near future. New lakefront development and commercial growth will certainly liven up the market. With prices slightly down this is a great time to make the most of buying here.
When the exciting new changes for Cleveland begin the home prices are going to explode. In Cleveland the first half of 2005 has shown many homes for sale with a limited number of buyers. January thru May saw 1843 homes being sold with only 876 of them selling. The average number of days they where on the market was 66 with an average selling price of $90,224.00.
In May some breaking news came for Cleveland that has started the market in an upward direction. May saw 441 homes come on the market with 212 selling in an average of 59 days at an average price of $99,716.00.
Location Characteristics: The population of Cleveland is 468,000. Besides the city's extensive business centers and universities, it's world famous Cleveland Orchestra, it's three outstanding major league sports facilities, it's famous Art Museum, it's Rock and Roll Hall of Fame, and its excellent lakefront beaches, Cleveland's main attractions are its ethnically diverse, redeveloping neighborhoods combined with nearly suburban - like areas. From older, lovely century homes to stylish contemporary residences - all close to major shopping, cultural centers, and freeway access - Cleveland's tree-lined streets confirm its nickname as The Forest City. The reasonable home prices in Cleveland make buying here a smart choice!
If you are interested in market conditions in other Northeast Ohio areas, please contact me, or simply post your questions or comments.
posted by Cecilia Sherrard at
9/06/2005
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