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Here is the Cleveland Area Luxury home (Cuyahoga County) real estate market report for June 27, 2009.
Summer is officially here. Tempatures are high and so is the amount of Inventory in the upper end.
Total Number of Active Listings in in Cuyahoga County from $1,000,000 and higher: 130
Total number of Pending homes in Cuyahoga County from $1,000,000 and higher: 3
The average list price of these homes is $1,431,333.
Homes over $1,000,000 Sold since March 1, 2009: 3
Average List Price: $1,912,667
Average Sale Price: $1,488,333
Sellers are getting on average 77% list price.
If we look at total number of pendings and total number of sold for the past 4 months, we know that 1.5 homes sell per month in the upper end in Cuyahoga County. If there are a total of 130 active listings in Cuyahoga County over $1,000,000 and only 1.5 sell per month. That means there is almost 8 years of inventory in the upper end in Cuyahoga County. In other words, at this rate, it will take the market 8 years to absorb all the homes on the market.
Questions about the Upper End Real Estate Market in Cuyahoga County? Luxury Real Estate Buyer, want to take advantage of the low prices in the upper end? Contact the Weiner Real Estate Group. Email Info@NoPlaceLikeCleveland.com or call Erin Snyder Oakley at 216-410-822.
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