Cleveland, Northeast OH Area Real Estate Market February 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 were lower in February than it was in February 2012.  However, the article was quick to point out that some real estate agents aren't advertising their listings, so the figures aren't accounting for those sales.  Carl DeMusz from the NORMLS advised "...that at least 89 sales -- many of them involving higher-end properties -- were held out of the listing service last month. Overall, sales are "at least slightly better than what we're showing," he added. "What we're seeing in the market is not the optimistic numbers. They're the conservative numbers."
Using the "listed" home sales (not accounting for these missing sales) comparing February 2012 to February 2013 show a small decline.  Among the 15 counties in Northeast Ohio, single family home sales are down 1.6% and condo sales remained flat.  January's data reported a 20.8% increase in sales contracts early in the year, indicating strong sales were probable in February and March.  Northeast Ohio is showing a 15% increase in single family home prices and 11.7% increase for condos, compared to last February. 

What I'm finding is that buyers are very active right now, but some are waiting for more homes to come onto the market.  I see sellers wanting to list as we approach April and warmer weather, which would indicate February as more of a "hiccup" in the improving local real estate market. 

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 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 months.  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 Ohio's sales increase of 10.2% in February, however, Northeast Ohio is showing a higher price increase of 15% versus Ohio's 7.9%. The US market has also seen a 10.2% increase in sales from the year before, and Northeast Ohio is showing a higher price increase than the national average increase of 11.6%.  Nationally, 4.98 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.