Shortages of Homes For Sale in Lakewood Drives Quick Sales

The number of houses for sale in Lakewood is at the lowest level in over 5 years, and turnkey houses are moving quickly. If you have been on the fence about selling, now may be the time.

You've always heard that the spring and mid-summer are the best times to sell a house - but Lakewood is currently facing a bit of a phenomenon. The number of houses for sale is at the lowest level in more than five years, and it is causing homes to move quick! The spring market may be a little early this year, and this could be great for potential home sellers.

The national pending home sales for December were published this morning, and showed a drop in sales, but it was cited this is due to there simply not being enough houses available. While most national real estate news stories don't apply to the Cleveland area, this one certainly does.

Behind the Numbers

Before we get into why this is great for you, it's helpful to see the raw numbers. As of the end of December, there were only 112 single family homes for sale in Lakewood. That may seem like a lot, but looking at years past, it's quite a drop.

Month Houses Available Change to Now December 2012 112
December 2011 160 -30% December 2010 195 -43%

Now you might be thinking, well that's great, but there are a lot of houses in Lakewood that are super cheap, or super expensive, and neither are like mine. If we take a look at the $100,000 - $200,000 price range, where most of the "standard" housing stock of Lakewood falls, we see even bigger differences.

Month Houses Available Change to Now December 2012 50
December 2011 76 -34% December 2010 99 -49%

That's right, there were only 50 houses in this price range for sale at the start of the year! As of the time of writing this article, there were 52 houses available, and another 10 contingent (contract was accepted, but not finalized yet).

What this means for you

This news comes with some pretty positive implications. If you've been considering selling your home, now may be the perfect time. It might be cold and snowy out, but there are buyers who want to buy, and they aren't finding what they are looking for! Buyers want to take advantage of the historically low interest rates, and don't want to wait. With most new houses being found on the internet, the weather doesn't play into the home buying market as much as it used to. 

If you're curious what your home might sell for, or have questions about the housing market, feel free to send me an email at colinmchale@howardhanna.com, and I would be more than happy to provide you with any information!

For more information, visit my website.

Disclosures: All reports are published January 2013, based on data available at the end of December 2012. All reports presented are based on data supplied by NEOHREX. Neither the Associations nor their MLSs guarantee or are in anyway responsible for its accuracy. Data maintained by the Associations or their MLSs may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

maggie j robinson February 01, 2013 at 05:51 PM
YES, Its a great time, the market is transitioning from being a buyers market to being a sellers market....if you have a great house, with up to date features and you price it right, it won't sit on the market and chances are good you'll have multiple offers. Right now buyers are looking for MOVE IN READY. Call anytime, Maggie SELLS Lakewood
Steve Fought February 03, 2013 at 02:31 PM
No kidding. I've been looking to buy in Lakewood, and the availability is tight.
Colin McHale February 03, 2013 at 03:26 PM
@Steve - I would be happy to help you find something if you're not already working with someone, especially as new houses start coming on the market. Send me an email: colinmchale@howardhanna.com
ian king February 04, 2013 at 06:44 AM
What about the condo market? It seems prices keep falling in buildings like the Caryle and Winton Place. The Meridian seems to hold its value and not many units are on the market there. Any idea anybody what condo sales are doing in Lakewood?
Colin McHale February 04, 2013 at 12:06 PM
Good Morning @Ian. I just posted a new page on my website for you that breaks down the similar graphs for Condos in Lakewood. Things seem to be moving in a similar direction in terms of condos on the market, but sales are holding steady with the supply. http://colinmchale.com/LakewoodCondoTrends.aspx If you would like particular information on how each of the condo buildings is currently pricing, and how those have been trending over the past year or so, shoot me an email with the buildings you have in mind (if there are any additional than what you listed), and i'll provide you with this information. Thanks! - Colin McHale (colinmchale@howardhanna.com)


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