Compared to October 2016, sales for new and existing owned residential properties in Northeast Ohio jumped 7.3 percent. When comparing 2016 to 2017 statistics, the difference includes roughly 290 condominiums and houses. With a decreasing number of available properties throughout the Northeast region of the state, buyers continue to push to beat out their competition.
From September to October of this year, sales declined only slightly. Considering that is the time of the year when property sales fall, shows the fervency of the market throughout this region of Ohio. During that same timeframe, prices increased, but only by a small margin. However, when looking at prices from the same time last year, the increase was significant.
Reportedly, the average cost for a house in October 2017 for this region was $162,790, a 7.3 percent increase. As for condominiums, the average sales price saw a 7.2 percent jump from 2016, up to $141,100. When looking at properties in Cleveland, the number of available houses declined 12.2 percent in October of this year.
Considering the fast pace of residential property sales in Northeast Ohio, everything listed would be off the market in just 3.7 months. According to real estate experts, a balanced market requires a six-month supply of listed houses and condominiums, giving buyers and sellers a level playing field. However, with the current speed at which homes in Cleveland sell, it is evident that sellers have the upper hand.
Another area of interest is the number of houses in Cleveland that sold higher than the asking price, which for October 2017 equated to 18.6 percent. As for the median listing time, houses went under contract within one week from the date listed.
Although 18 counties experienced tremendous growth, those with over 100 sales in October 2017, the one with the highest gain was Portage County. In that county, residential property sales skyrocketed 16.8 percent from last year. Not far behind was Summit County with an increase of 13.7 percent, and both Cuyahoga and Lorain County rising 7.5 percent.
For a better perspective, nearly 1,300 condominiums and houses sold this past October in Cuyahoga County, almost 50 percent greater compared to Summit County, the second busiest.
For Cuyahoga County, the average selling price for residential properties last month was $172,237, an increase of 11.8 percent from October 2016. In Summit County, the annual price gain hit 9.9 percent. Of the 18 counties, only four had year-over-year declines, including Carroll, Coshocton, Geauga, and Portage.
In looking at data covering just 10 months of 2017, sales reached a 1.1 percent increase from last year. On average, the price of houses rose 5.7 percent, whereas condominiums had a 5 percent increase.