Pat & Steve Pribisko

What's Up with the Settlers Reserve Real Estate Market as of 4/30/11 (Westlake, OH)

Finally, a weekend with sun and warm temperatures! With more than 5 months of bad weather, could we finally have a spring?

Our Settlers Reserve market has taken a downturn as has Westlake, OH in general. We believe the impact on our market from weather has been significant in 2011.

Following are market statistics for Settlers Reserve:

Homes sold from 1/1/10 to 4/30/10 = 5

2010: AvgList=$289,060; Sqft=103; List/Sqft=103; DOM/CDOM=86/86; AvgSP=$275,000; AvgSP/Sqft=98

Homes sold from 1/1/11 to 4/30/11 = 0

2011: AvgList=$N/A; Sqft=N/A; List/Sqft=N/A; DOM/CDOM=N/A;
AvgSP=$N/A; AvgSP/Sqft=N/A

As of 4/30/11, there are 8 homes in Settlers Reserve listed for sale.

TEAM PRIBISKO has lived in Settlers Reserve for nearly 28 years. So, we are constantly reviewing the market conditions in Settlers Reserve, both as residents and Realtors. Pat Pribisko and Steve Pribisko

What's With the Weather? What's with the Real Estate Market? (Westlake, OH)

Westlake has had a real estate market downturn in 2011. And, could the winter and spring (to date) weather have been much worse? We had multiple blizzards with snow covering the ground most of the winter. Then, spring arrived with the all time record for rain in April. And, although we did see the strange yellow ball for a few days, we are back in a week of rain again. TEAM PRIBISKO believes the negative impact on our real estate market from weather has been significant.

When the weather takes a final turn for the better, TEAM PRIBISKO believes our real estate market will take a turn for the better as well.

Let's look at the current numbers on a year over year comparison basis:

Homes sold from 1/1/10 to 4/30/10 = 73

Homes sold from 1/1/11 to 4/30/11 = 47

1/1/10 - 4/30/10: AvgList=$348,493; Sqft=2815; List/Sqft=113; DOM/CDOM=100/125; AvgSP=$319,685; AvgSP/Sqft=105

1/1/11 - 4/30/11: AvgList=$297,751; Sqft=2730; List/Sqft=105; DOM/CDOM=130/151;
AvgSP=$280,617; AvgSP/Sqft=99

Stay tuned for market updates.

Statistics from the days on the market of 101 and an average sale price of $230,095. During the same time period in 2009, 205 homes sold in Bay Village with average days on the market of 128 and an average sale price of $201,471. In 2010, 223 homes sold in Westlake with average days on the market of 136 and an a verage sale price of $323,439. During the same time period in 2009, 213 homes sold in Westlake with average days on the market of 131 and an average sale price of $289,774. [These numbers are given for information only, not for comparative purposes between the two cities.]

Westlake is celebrating its bicentennial this year, while Bay Village celebrated its bicentennial last year. These long established cities have their own history and attributes. Westlake covers 15.9 square miles, with a population of 31,719. Bay Village covers 4.6 square miles, with a population of 16,087. Westlake has had controlled development over the years, with planned separation of housing development areas, retail establishments and industrial properties. While Bay Village has sought to maintain its village atmosphere, housing development areas have stayed up-to-date with the changing times.

Westlake and Bay Village are convenient to everything that one could want, including a 20 minute commute to downtown Cleveland and the airport. And, now the cities have more educational opportunities with the addition of the Tri-C Westshore Campus, newly opened in January. Between the two cities, buyers can find the home that meets their required criteria with a location that has the amenities they desire.

- By Pat Pribisko, JD, Realtor®, ASP, Keller Williams Greater West Office,
As Published in The 2011 Westlake & Bay Village Community Guide

It's time to compare market data for the first half 2010 to market data the first half 2009.

In the first half 2010, 126 homes sold as compared to the first half 2009, when 86 homes sold.

We'll break the numbers down by price range:

In 2009 in the $100,000 to $199,999, 31 homes sold: an ave list price of $162,275; sq ft of 1917; list price/sq ft of 90; dom/cdom of 69/101; ave sales price of $152,081; & sales price/sq ft of 84.

In 2010, in the $100,000 to $199,999, 36 homes sold: an ave list price of $165,039; sq ft of 1789; list price/sq ft of 96; dom/cdom of 86/95; ave sales price of $156,516; & sales price/sq ft of 92.

In 2009, in the $200,000 to $299,999, 22 homes sold: an ave list price of $271,684; sq ft of 2773; list price/sq ft of 99; dom/cdom of 112/120; ave sales price of $256,416 & sales price/sq ft of 93.

In 2010, in the $200,000 to $299,999, 35 homes sold: an ave list price of $263,711; sq ft of 2775; list price/sq ft of 98; dom/cdom of 75/92; ave sales price of $249,203; & sales price/sq ft of 93.

In 2009, in the $300,000 to $399,999, 16 homes sold: an ave list price of $359,906; sq ft of 3271; list price/sq ft of 111; dom/cdom of 95/125; ave sales price of $338,962 & sales price/sq ft of 105.

In 2010, in the $300,000 to $399,999, 15 homes sold: an ave list price of $358,993; sq ft of 3127; list price/sq ft of 116; dom/cdom of 89/114; ave sales price of $335,760; & sales price/sq ft of 108.

In 2009, in the $400,000 to $499,999, 8 homes sold: an ave list price of $484,425; sq ft of 4015; list price/sq ft of 125; dom/cdom of 151/202; ave sales price of $441,625; & sales price/sq ft of 113.

In 2010, in the $400,000 to 499,999, 13 homes sold: an ave list price of $468,454; sq ft of 3783; list price/sq ft of 126; dom/cdom of 162/233; ave sales price of $445,269; & sales price/sq ft of 119.

In 2009, in the $500,000 to $599,999, 3 homes sold: an ave list price of $616,633; sq ft of 4335; list price/sq ft of 144; dom/cdom of 174/174; ave sales price of $565,833; & sales price/sq ft of 133.

In 2010, in the $500,000 to $599,999, 5 homes sold: an ave list price of $588,780; sq ft of 4126; list price/sq ft of 145; dom/cdom of 228/228; ave sales price of $542,100; & sales price/sq ft of 134.

In 2009, in the $600,000 to $699,999, 1 home sold: an ave list price of 649,900; sq ft of N/A; list price/sq ft of N/A; dom/cdom of 68/68; ave sales price of $617,000; & sales price/sq ft of N/A.

In 2010 in the $600,000 to $699,999, 9 homes sold: an ave list price of $704,346; sq ft of 4421; list price/sq ft of 162; dom/cdom of 96/160; ave sales price of $647,500; & sales price/sq ft of 149.

In 2009, in the $700,000 to $799,999, 0 homes sold: an ave list price of N/A; sq ft of N/A; list price/sq ft of N/A; dom/cdom of N/A; ave sales price of N/A; & sales price/sq ft of N/A.

In 2010, in the $700,000 to $799,999, 0 homes sold: an ave list price of N/A; sq ft of N/A; list price/sq ft of N/A; dom/cdom of N/A; ave sales price of N/A; & sales price/sq ft of N/A.

In 2009, in the $800,000 to $1,000,000+, 2 homes sold: an ave list price of $864,950; sq ft of 4398; list price/sq ft of 193; dom/cdom of 139/423; ave sales price of $825,000; & sales price/sq ft of 182.

In 2010, in the $800,000 to $1,000,000+, 5 homes sold: an ave list price of $1,098,800; sq ft of 4966; list price/sq ft of 208; dom/cdom of 217/335; ave sales price of $902,800; & sales price/sq ft of 180.

Do you want additional or specific information? Contact Pat Pribisko at 440-725-0910 or Steve Pribisko 440-463-1726; pribisko@AgentsWhoEarnYourTrust.com; www.AgentsWhoEarnYourTrust.com; Keller Williams Greater Cleveland West.

Numerical Information Provided By North East Ohio Real Estate Exchange.

There has long been a joke that if one lives in the Cleveland area either West or East of the Cuyahoga River, a VISA is needed to venture to the other side. The joke still exists today.

Now, I do know that some people use their VISAs, since I hear that West Siders go to Legacy Village and East Siders go to Crocker Park. But, there is so much more to see than a destination for specialty shopping and eating.

Since we are in the middle of a recession and gasoline prices are so high, many families are not going on a formal Vacation. The new word for replacing a Vacation is a "Staycation." But, a Staycation doesn't mean that you have to stay at home. You can go on short adventures to the opposite side of the Cuyahoga River. Let's say you live East. You could go to the Bay Village Metroparks located along the Lake Erie Beach - swim, have a picnic, buy ice cream, visit the Nature Center, etc. And, let's say you live West. You could go to Mentor Headlands Beach State Park. Bring your swim suit & towels, plus a change of clothes or swimsuit cover and flip flops, so you can eat at one of the nearby affordable restaurants. Are you getting the idea?

Use Google as your personal travel agent. Be creative. Whether it's you and a friend, a spouse, kids, your parents etc., you can find something for everyone. Just make your Staycation an adventure and within your budget. And, make sure you head to the other side of the Cuyahoga River. That's part of the adventure!