Property sales in Cleveland jump 24% in rup to Christmas
In a season where home sales usually slow down, Cleveland has seen an impressive increase of 24% in property sales. The property market maintained steady growth throughout spring and summer which has carried through in the lead up to Christmas.
Sales of new and previously owned houses in the Cleveland area were up 24.4 percent in October, when compared with a year before. Condominium sales, a small percentage of the market, were 43.8 percent higher than in October 2011, according to listing service data for 15 local counties. And sales rose from September, the Northern Ohio Regional Multiple Listing Service said.
Statewide, home sales increased 23.1 percent in October, the 16th consecutive monthly gain, according to the Ohio Association of Realtors.
Existing-home sales nationally rose 2.1 percent, the National Assocation of Realtors said.
Distressed homes -- foreclosures and short sales -- accounted for 24 percent of October's sales nationally, down from 28 percent in October 2011.
Recent sales growth, coupled with fewer listings, is nudging prices higher in some Northeast Ohio communities. Across the 15-county area, the average sale price for a single-family home was $129,824 last month, up 13.2 percent from a year before. Condos sold at an average price of $114,435, down 0.5 percent.
The lowest sale price? A single-family home for $900, listing-service data shows. The highest was the $4.1 million Bratenahl mansion that new Cleveland Browns owner Jimmy Haslam and his wife, Dee, bought in early October.
A deeper dig into the data shows that sales rose from October 2011 in all seven counties tracked by The Plain Dealer. And average sale prices rose in six of those counties: Cuyahoga, Geauga, Lorain, Medina, Portage and Summit.
The picture of a stabilising U.S. property market is growing clearer. More areas are reporting a turn up inprices. Foreclosure supply is dwindling. New homes starts up.
Expect a lot more such news as the ~American property recovery gathers pace.