Cleveland, Northeast OH Area Real Estate Market January 2013

According to the Northeast Ohio Regional Multiple Listing Service and an article from the Cleveland Plain Dealer newspaper, homes sales in the region continue to surpass last year's sales figures. Lower home inventory, higher rental prices and higher buyer demand due to low interest rates, is driving this increase in activity and increase in sales prices.  Competition over available homes has been more common over the past several months.

Sales comparing January 2012 to January 2013 show improvement after a small decline in December.  Among the 15 counties in Northeast Ohio, single family home sales are up 6.2% and condo sales are up a 29.7%.  An increase in sales contracts early in the year, indicate strong sales probable in February and March.  In addition to the increase in sales activity, Northeast Ohio is showing a 6.4% increase in single family home prices and 6.0% increase for condos, compared to last January. 

The key point here is that the market is starting to stabilize and shifting to a seller's market.  Sellers are getting more for their homes than last year, with buyers paying a bit more to purchase a home to take advantage of the low interest rates.  Buyers should note that interest rates have reached nearly as low as they can go, when deciding the best time to make a purchase.  In fact, rates have already shown increases over the past couple weeks.  The data over the past several months indicates we have seen the bottom of the local real estate market.



By comparison, Northeast Ohio is currently being outpaced by the national sales increase of 9.1% in January.  Prior to that, Northeast Ohio was ahead of the national numbers.  The US market has also seen a 12.3% increase in sales price from the year before.  Nationally, 4.92 million homes have sold, which is just shy of meeting the lower part of the 5-6 million of annual home sales considered to be a normal or healthy range.  

4th Annual Brite Winter Festival in Cleveland

The 4th annual Brite Winter Festival will take place on Saturday, February 16 from 5 to 10pm at the Market District in Ohio City.

This event draws thousands of visitors every year, who brave the cold weather to enjoy the live entertainment, musical performances, interesting art exhibitions and outdoor games. Activities include a 24-foot long skee-ball ramp, ski bike racing, snow miniature golf, an incredible electronic arcade crane and hysterical snowball fights. The area’s best known bars and restaurants typically offer great discounts to festival goers when they come inside to warm up.

Highlights of the events include up to 20 art installations which were created through a partnership between The Cleveland Institute of Art and the Department of Community Affairs of The Cleveland Museum of Art. GE lighting will provide high energy efficiency lights for the installations for the second year in a row. 48 bands from across Ohio and the Midwest are also scheduled to play on 7 different stages. A fantastic selection of rock, punk, folk, indie, soul, acoustic and electronic acts has been curated by the Cleveland-based Bad Racket Recording Studio.

The event is free of charge, but if you would like to help out, you may participate as a volunteer or donate to the Brite Winter Festival Kickstarter campaign, which will earn you a pint glass from Glass Bubble Project, amongst other perks. For more information, please visit the event’s official Facebook page, www.facebook.com/britewinter.