Case-Shiller tracks home prices in cities across the country – they are widely regarded as a trustworthy industry resource.
One of their latest reports states that home prices are up by 4.3% in key cities across the country. The over-all increase is slightly higher than expectations of the surveyed economists. The cities hit the hardest by the market downturn have seen the most recovery; Phoenix had a 21.1% increase and Detroit had the second strongest increase at 10%. Chicago and New York were the only two cities that had year to year declines.
While it is encouraging to know the country is recovering, we all want to know what is happening in our own back yard, right?
Well for November 2012 in Lorain County here are the statistic facts:
1,726 properties were active
478 properties were under contract
229 homes sold
These homes were on the market an average of 111 days
The average sold price was $141,890
Now let’s look at November 2011 stats so we can see how the recovery is going in Lorain County:
1,958 properties were active
454 properties were under contract
220 homes sold
These homes were on the market an average of 132 days
The average sold price was $124,552
These figures confirm that we are recovering; that there are fewer homes on the market and the average days on market has decreased while the average sold price has increased.
All indications are that the real estate market will continue to show improvement; interest rates remain low, inventory is on the low side as well.
If you are considering making a real estate move in 2013, I can help you. Contact me!
Keller Williams, Greater Cleveland West – Carol Murphy Team