Home sales for 2012 in Northeast Ohio increased 13.4% over home sales in 2011. The increase represents the highest level in the past four years, this is one of the strongest indications that the real estate market is recovering.
Higher sales and a shrinking supply of available homes pushed prices up in 2012 and experts expect more improvement in 2012. Continuing low interest rates and “pent-up” buyer demand will be the leading factors for continued improvement in market sales.
Statewide sales increased 12.7% - so the news is good across our state.
The local stats indicate a slow and steady growth for the five counties of Cuyahoga, Geauga, Lake Lorain and Medina, however sales have not reached 2000 levels.
Nationwide sales increased in 2012, reports indicate that an estimated 4.65 million homes changed hands, the highest level for the past 5 years. Nationally many markets continue to report low inventory, the National Association of Realtors report that it would take just 4.4 months to sell all of the available US Homes at the current buying pace.
Prices are inching up and 2012 marked the return of bidding wars and fierce competition for the best homes in Northeast Ohio. However the housing bust wiped out nearly a decade of price growth in the Cleveland area, many homeowners remain stuck in house or condos that re worth less than the debt they carry. Sales of bank-owned properties, though a dwindling share of the market, continue to weigh on home values.
If 2013 is the year you plan to make a real estate move, contact me and let’s discuss the value of your home, you may be pleasantly surprised.
Keller Williams, Greater Cleveland West ~ Carol Murphy Team