Cleveland, Northeast OH Area Real Estate Market May 2013

According to the Northeast Ohio Regional Multiple Listing Service (NORMLS) 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 (but climbing) interest rates, is driving this increase in activity and increase in sales prices.  The low inventory is increasing new construction demand, as well.
Sales comparing May 2012 to May 2013 show increasing sales figures by double digits.  Among the 15 counties in Northeast Ohio, single family home sales are up 12.6% and condo sales are up a 25.8%.  From April to May 2013, sales rose by double digits also. 

By comparison, Northeast Ohio is showing a 13.4% price increase from last year, outpacing the state of Ohio's 9.3%. The US market saw a 15.4% increase in sales price from the year before, and is showing a sales increase of only 4.2%. 

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 several months, and have been hovering around 4%. 

This is a great time for buyers who also have a home to sell, because rates are still relatively low on the buying side, but home values have risen in many areas to improve the financial return on the selling side.