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REALTOR® Amanda DeSapri's Blog

By REALTOR® Amanda DeSapri | Agent in Brecksville, OH

Feb 2013 vs. Feb 2012 Market Stats for Cleveland, Ohio Suburbs

The market is picking up momentum just ahead of spring. How do we know?  January 2013 market stats showed less inventory compared to Jan 2012 stats in many cities and much of the existing inventory had multiple offers and even sold for above list price.  Will March continue the trend?

This is key for sellers. Sellers need to stay AHEAD of the market, not chase the market. It's a great idea to list your home before the spring influx. Sellers purposely take their homes off the market during winter time and holidays thinking less buyers are looking. Whether or not this is a good strategy, the springs usually ensures a flood of new listings and lots of competition for buyers to pick and choose from.

Some noticeable bright spots in the market per NORMLS/MLS market data:

    • Has 4.5 months of inventory (compared to 15.6 last Feb.)  That is a 70% decrease! Seven Hills, Ohio has now entered a seller's market!
    • The number sold has increased Feb '13 over Feb '12 by 120%!
    • Sold price to original price is 99% (compared to 87%) meaning sellers are on average getting 99% of their asking price
    • Inventory is still plenty at 9 months available in Feb 2013 but compare it to 35 months available Feb 2012. That is a 74% decrease!
    • The number of sold homes increased by 133% February 2013 compared to Feb. 2012.
    • The city has moved from a buyers market to a transitional market with 6 months of inventory in Feb '13 down from 11 months in Feb '12
    • The days on market also show a decrease from year over year going from 195 down to 132 days.
    • Inventory levels have gone from 22 months down to 8 months, still a buyers market, but has reduced dramatically by 63% from Feb '12 to Feb '13
    • Median sale price rose 62%! In Feb 2012 the median was $245,237 to $398,600 in Feb 2013.
    • Average days on market is showing a reduction of 88% going from 133 days to 16 days on market!

These numbers are extremely encouraging and are no surprise when hearing the "buzz" around the office, open houses, broker open and when speaking with buyers.  There is a renewed urgency with lower inventory to make higher offers quicker.  I will continue to follow these numbers and highlight areas of interest.

Check out my featured Brecksville, Independence and Seven Hills listings here! 

Both buyers and sellers will need to adjust to the changing markets. Buyers will need to be prepared to make a move on properties they like or be willing to lose them to other buyers.  Buyers will need to realize their is less wheeling and dealing to be had, less concessions, and more solid offers.  Sellers will need to realize the properties with multiple offers are the ones demonstrating their value. They are clean, pristine, and updated. The homes that are dirty, not staged, and not updated are not creating value for buyers. These are the homes staying on the market.

I love helping both buyers and sellers achieve their goals.  If you would like find out the stats in your city, feel free to contact me directly!

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