North Olmsted, OH Real Estate ~ Who's Buying What?

As promised in an earlier post, I'll update the North Olmsted housing market every month. In the meantime, I decided to take a look at what the summer of 2009 looked like here in my home town. Who's buying what? Houses, condos, lower priced homes, high-end properties? North Olmsted actually doesn't have a lot of homes in the $300k and up range, and only one sold since June 1st at $332,000. Surprisingly, it was only on the market for 59 days. That seller must have been very pleased, considering the average days on the market for the past several months has been 4 1/2 months!!

Anyway, here is what my research has discovered. Since June 1, 2009:

SOLD:

99 properties, with an average sale price of $124,086

17 condos and 82 single-family homes

Average Days On Market is 138...4 1/2 months

CONTINGENT/PENDING:

79 properties, with an average list price of $129,917

11 condos and 68 single-family homes

Average Days on Market is 140...4 1/2 months

Now remember, this is just North Olmsted, a large, very diverse southwestern suburb of Cleveland, OH. As you know, all real estate is local...but I find these numbers very encouraging! Especially since most of my clients happen to be first-time home buyers, and these numbers are perfect for those just starting their home search.

Of course, I'm sure the $8000 Tax Credit has had a huge impact on those numbers. Every one of my buyers this year will be taking advantage of the tax credit!! I truly do hope the government extends the credit, and also gives an incentive to ALL buyers...not just the first-timers. This market is turning around, but could still use some help!