Market Conditions in 44134>Question Details

R, Home Buyer in Parma, OH

when will some of the inventory clear in parma?

Asked by R, Parma, OH Mon Oct 22, 2007

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Parma does have quite a bit of inventory every year. It usually hits its low point in January or February of every year. The fact that there are over 650 homes for sale this fall is not that unusual, what is unusual is that over the summer months the number of homes sold did not spike significantly with the new homes coming on the market. Inventory peaks in May historically, as do sales...usually. As a buyer, this means that there are quite a few homes on the market that are under-valued. As a seller, pricing and patience become even more important. Good homes are selling, while marginal homes, unless aggressively priced, continue to languish on the market. I do the bulk of my business in Parma, and I truly think that sales will continue to be steady through the fall. Good evidence of this is the fact that over 120 properties are either contingent or pending at this time.
1 vote Thank Flag Link Tue Oct 23, 2007
There is a large number of homes for sale in Parma (currently 680). But, keep in mind that Parma is one of Northeast Ohio's largest suburbs. The outlook for existing home sales (nationally) for 2008 is a 5.8% increase ove 2007. The Northeast Ohio area has not been impact as greatly as several of the markets that experienced large home price increases in the past few years, so the market is correcting itself. I currently have a number of listing in Parma and have gotten a number of showings and good buyer interest. With interest rates at historically low levels, large inventory, and home prices reaching bargain prices - there is no better time to buy!
2 votes Thank Flag Link Mon Oct 22, 2007
can you update your information for today's market in parma? or is it the same market peaks every year?
0 votes Thank Flag Link Sat Mar 8, 2014
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