September Real Estate Stats
The Northern Ohio Regional Multiple Listing Service just released the September stats for our 18-County service area.
New Listings were up over 10% from Septemer 14 to this September, and up 7% YTD. Sold Listings jumped nearly 19% from last September and remain up 14.8% YTD! Not surprisingly, Volume Sold is up significantly as well, up 18.4% YTD.
The Average Sales Price reported in at $151,960, up nearly 7% compared to last September. The ASP is up a modest 3.2% YTD, increasing from $142,460 to $146,962. The Average Market Time remains steady at 91 days in 2014 and 90 days YTD 2015.
Condos continue a slow road to recovery. New Listings remain relatively flat, yet Sold Listings are up nearly 10% YTD, improving from 3,3389 to 3,662. The Volume Sold has improved by 12.5%, indicating that condo sales prices are finally on the rebound. The Average Sales Price has improved as well, with a modest 2.5% growth. The ASP has improved from $120,916 to $123,986. Market Time has improved as well, from 117 days on average down to 105.
Locally, Lakewood continues to post another solid year. As of October 22, there were only 83 Single Family Homes for sale. Despite the low inventory, Sold Listings are up 4.3% YTD, from 344 at the end of last Septmber to 359 this year. The Average Sales Price continues to improve as well, jumping more than 7%! The ASP thru 9 months has improved from $154,246 to a healthy $165,651.
Market time continues to improve as well, dropping from an average of 82 days last year to 74 days in 2015. Many homes continue to sell quickly, at or over list price. Stories of multiple offers persist in the marketplace as well. Year to Date Volume Sold has jumped from $53M to $59M. Local real estate activity can be tracked with a free account at www.HomeValuesInLakewood.Info.
The Lakewood Condo market continues to improve slowly. While sales have jumped a whopping 56% from 84 sales last year to 131 this year, the Average Sales Price has only improved 2.5%, increasing from $80,600 to $82,900. Market time has improved slightly as well, with an average of 104 days to sell.
Overall, like the City itself, the Lakewood real estate market remains extremely active and one of the best options for buyers to call home!
Chris Bergin is a licensed real estate agent with Berkshire Hathaway Lucien Realty in Lakewood and can be reached at Chris@ChrisBergin.com.