Beachwood OH Real Estate - Bi-Annual Market Report 2010

Beachwood OH Real Estate - Bi-Annual Market Report  2010 

The year is now half over, giving us plenty of data to determine an accurate state of the real estate market here in Beachwood OH. We will first give a list of all homes that sold in Beachwood last month, and then show a monthly and year-to-date comparison to 2009. 

Here are all sales in Beachwood for June, 2010:

All Sales           # of homes sold         Ave. Sales Price              

June 2010                12                      $232,833                

June 2009                18                      $274,695

YTD 2010                 49                      $254,354

YTD 2009                 52                      $247,446  

*source NEOHREX ( Regional MLS )

COMMENTARY:

While last month wasn't as good as June 2009, year-to-date figures suggest that this year is fairly even to last year in terms of actual number of sales. The good news is that the average sales price is slightly higher this year compared to last year. In addition, although not indicated above, the average market time to sell a home in Beachwood so far this year is 100 days compared to 137 days in 2009.

What does this mean? While we anticipated home sales to surge throughout the area in general due to the home buyer tax credit, which expired on June 30th, Beachwood was not an area greatly affected.  This is most likely due to the fact that first time buyers, who were the ones most likely taking advantage of the tax credit, were not as likely to buy in Beachwood. The first-time buyers were more likely buying in nearby inner-ring suburbs, where home prices are more affordable. 

While it appears the market has stabilized, we don't anticipate seeing sales numbers that we saw during the boom years of 2003-2007 perhaps ever again. The expectations of home buyers and sellers in Beachwood may have to be redefined.

While interest rates are near historic lows, the economy is not totally recovered from the recession. Some economists believe we are still in recovery mode while others see rougher times ahead. In the end, the economy affects major buying decisions, such as housing, and until we see more signs of long-term growth, especially in the unemployment figures, the local housing market will continue to move along slowly.

Below are other articles of interest pertaining to Beachwood OH Market Reports:

Beachwood OH Real Estate - Monthly Market Report April 2010   

Beachwood OH Real Estate - Year End Market Statistics 2009 

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About The Authors:

Dan Schuman is a proud member of the Beachwood Chamber of Commerce and has served on the Board of Directors for the past 7 years.

The Schuman Team, Amy and Dan Schuman, specialize in luxury homes and work extensively with buyers and sellers who are relocating to Beachwood.

For Ohio and Beachwood OH real estate and homes see Beachwood real estate.

For a personal consultation or to speak to The Schuman Team, call 216-346-3235.

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Beachwood OH Real Estate - Bi-Annual Market Report 2010 is the property of The Schuman Team and may not be duplicated or used without their written consent. ©July,2010

Disclaimer: The Schuman Team practices real estate in Ohio. Since many states have different laws and protocol regarding a real estate transaction, we recommend consulting a qualified local legal professional prior to entering into any written agreement. This blog contains observations and opinions related to our first hand experience working with buyers and sellers in Ohio, but should not be construed as legal advice.  Accuracy is not guaranteed.