According to the Northeast Ohio Regional Multiple Listing Service (NORMLS) and an article from the Cleveland Plain Dealer newspaper,
homes sales in the region increased from April to May. Lower home inventory, higher rental prices and higher buyer
demand due to low
(but climbing) interest rates, have been driving this increase in activity and increase in
sales prices over the past year or so. Sales volume is increasing, and sales prices have shown a slowing increase. A higher inventory in homes for sale would help boost sales activity.
Sales
from
April to May show an increase, however, sales from May 2013
to May 2014 show a decline.
Among the 15 counties in Northeast Ohio, we saw a healthy 16.3% increase
for
single family homes and a 33.1% increase in sales volume from April.
Single family
home sales are down 6.3% from May
of last year. Over the past 5 months of 2014 compared to 2013, we have
witnessed a 3.3% decline in sales volume, but a 1.8% increase in prices
for single family homes and 1.4% for condos. Local home prices dipped
slightly by 1.1% from May 2013 to May 2014.
Ohio's
sales volume showed an increase of 6.2% from April to May. Ohio's sales
prices were relatively flat, with a 0.8% decline from last May with an
annual increase total of 2.9%. National figures have
shown a 4.9% increase in sales volume and 5.1% price gain. Ohio and
Northeast Ohio's price increases have
slowed or stabilized recently, but the increases are what would be
typically expected for the region when compared with the nation.
The
key
point here is that the market is starting to stabilize and shifting to a
balanced/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 decreased
slightly, hovering around 4.2%. A recent report indicates that
economists are projecting rates to rise to 5-5.5% by year-end.
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. If the
economy continues to improve, buyers in the current market will be able
to realize value gains for the homes they purchase as well.
Showing posts with label Prices. Show all posts
Showing posts with label Prices. Show all posts
Thursday, July 3, 2014
Thursday, July 18, 2013
Luau on the Lake on July 20, Wendy Park in Cleveland OH
Photo taken from http://sc4k.org/
SC4K is a non-profit organization that provides new clothes and shoes to thousands of children in Greater Cleveland at no charge throughout the year. With a network of 35 distribution partners, they aim to positively impact the lives of less fortunate area children by giving them the boosts in confidence and self-esteem that having new clothes and shoes naturally brings.
Tickets for Luau on the Lake range from $40 to $50. The event starts at 3:30pm for VIP ticket holders and 4pm for General Admission. Food will be served from 5:30 to 7:30pm. For more information on this event, please visit sc4k.org.
Friday, March 22, 2013
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.
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.
Friday, March 1, 2013
January Pending Home Sales Up in All Regions
From the National Association of Realtors:
WASHINGTON (February 27, 2013) - Pending home sales rose in January, and have been above year-ago levels for the past 21 months, according to the National Association of Realtors®. There were healthy monthly gains in all regions but the West, which is constrained by limited inventory but was slightly improved.
The Pending Home Sales Index,* a forward-looking indicator based on contract signings, increased 4.5 percent to 105.9 in January from a downwardly revised 101.3 in December and is 9.5 percent above January 2012 when it was 96.7. The data reflect contracts but not closings.
The January index is the highest reading since April 2010 when it hit 110.9, just before the deadline for the home buyer tax credit. Aside from spikes induced by the tax credits, the last time there was a higher reading was in February 2007 when it reached 107.9.
Lawrence Yun, NAR chief economist, said inventory is the key to this year's housing market. "Favorable affordability conditions and job growth have unleashed a pent-up demand. Most areas are drawing down housing inventory, which has shifted the supply/demand balance to sellers in much of the country. It's also why we're experiencing the strongest price growth in more than seven years," he said.
"Over the near term, rising contract activity means higher home sales, but total sales for the year are expected to rise less than in 2012, while home prices are projected to rise more strongly because of inventory shortages," Yun said.
The PHSI in the Northeast rose 8.2 percent to 84.8 in January and is 10.5 percent higher than January 2012. In the Midwest the index increased 4.5 percent to 105.0 in January and is 17.7 percent above a year ago. Pending home sales in the South rose 5.9 percent to an index of 119.3 in January and are 11.3 percent higher January 2012. In the West the index edged up 0.1 percent in January to 102.1 but is 1.5 percent below a year ago.
Yun expects approximately 5.0 million existing-home sales this year. However, price growth could exceed a 7 percent gain projected for 2013 if inventory supplies remain low. Previously, NAR had expected 5.1 million existing-home sales in 2013, while prices were forecast to rise 5.5 to 6.0 percent.
The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries. For additional commentary and consumer information, visit www.houselogic.com and http://retradio.com.
The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.
An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population.
Also released today are annual data revisions. Each February, NAR Research incorporates a review of seasonal activity factors and fine-tunes historic data for the past three years based on the most recent findings. There are no changes to unadjusted or annual data.
NOTE: Existing-home sales for February will be reported March 21 and the next Pending Home Sales Index will be on March 27. The Investment and Vacation Home Buyers Survey, covering transactions in 2012, is scheduled for April 2; all release times are 10:00 a.m. EDT.
WASHINGTON (February 27, 2013) - Pending home sales rose in January, and have been above year-ago levels for the past 21 months, according to the National Association of Realtors®. There were healthy monthly gains in all regions but the West, which is constrained by limited inventory but was slightly improved.
The Pending Home Sales Index,* a forward-looking indicator based on contract signings, increased 4.5 percent to 105.9 in January from a downwardly revised 101.3 in December and is 9.5 percent above January 2012 when it was 96.7. The data reflect contracts but not closings.
The January index is the highest reading since April 2010 when it hit 110.9, just before the deadline for the home buyer tax credit. Aside from spikes induced by the tax credits, the last time there was a higher reading was in February 2007 when it reached 107.9.
Lawrence Yun, NAR chief economist, said inventory is the key to this year's housing market. "Favorable affordability conditions and job growth have unleashed a pent-up demand. Most areas are drawing down housing inventory, which has shifted the supply/demand balance to sellers in much of the country. It's also why we're experiencing the strongest price growth in more than seven years," he said.
"Over the near term, rising contract activity means higher home sales, but total sales for the year are expected to rise less than in 2012, while home prices are projected to rise more strongly because of inventory shortages," Yun said.
The PHSI in the Northeast rose 8.2 percent to 84.8 in January and is 10.5 percent higher than January 2012. In the Midwest the index increased 4.5 percent to 105.0 in January and is 17.7 percent above a year ago. Pending home sales in the South rose 5.9 percent to an index of 119.3 in January and are 11.3 percent higher January 2012. In the West the index edged up 0.1 percent in January to 102.1 but is 1.5 percent below a year ago.
Yun expects approximately 5.0 million existing-home sales this year. However, price growth could exceed a 7 percent gain projected for 2013 if inventory supplies remain low. Previously, NAR had expected 5.1 million existing-home sales in 2013, while prices were forecast to rise 5.5 to 6.0 percent.
The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries. For additional commentary and consumer information, visit www.houselogic.com and http://retradio.com.
# # #
* The Pending Home Sales Index is a leading indicator for
the housing sector, based on pending sales of existing homes. A sale is
listed as pending when the contract has been signed but the transaction
has not closed, though the sale usually is finalized within one or two
months of signing.The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.
An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population.
Also released today are annual data revisions. Each February, NAR Research incorporates a review of seasonal activity factors and fine-tunes historic data for the past three years based on the most recent findings. There are no changes to unadjusted or annual data.
NOTE: Existing-home sales for February will be reported March 21 and the next Pending Home Sales Index will be on March 27. The Investment and Vacation Home Buyers Survey, covering transactions in 2012, is scheduled for April 2; all release times are 10:00 a.m. EDT.
Friday, February 22, 2013
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.
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.
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