Cleveland OH Real Estate - Bi-Annual Luxury Home Report 2010

 Cleveland OH Real Estate - Bi-Annual Luxury Home Report 2010

Below are luxury home sales statistics for the first 6 months of 2010 in Cleveland, specifically the Eastern suburbs of Cuyahoga County. We also included figures from the first 6 months of 2009 so a comparison can be made. Commentary to follow.

All Sales           # Of Homes Sold         Ave. Sales Price              

YTD 2010                 66                          $685,707

YTD 2009                 59                          $661,592

*source NEOHREX ( Regional MLS )

High Sale YTD 2010 = $1,600,000

Commentary - Cleveland OH luxury homes have seen an increase in activity compared to the same period of time last year.  Overall sales are up over 10% from last year and the average sales price has increased as well. A majority of sales are in the lower level luxury price range. Here is a break down in terms of price of all sales this year:

Price Range                      # Of Sales

$500,000-749,999                  51

$750,000-999,999                  11

$1,000,000+                           4

While our Cleveland bi-annual luxury market report does show improvement from last year, there is still general concern about the overall real estate market, especially with the large inventory of homes currently on the market.  Right now there are 296 active luxury home listings, and based on 11 sales per month, that gives us over a 2 year supply of luxury homes on Cleveland's east side. Among these listings are 14 homes listed over $2,000,000.

With all due respect to luxury home sellers, this is great news for buyers and some seem to be taking advantage. We currently have 38 luxury homes under contract, many priced over $1,000,000. Also, rates will continue to be low, making the purchase of a luxury home even more attractive.  Moving forward, we anticipate luxury home sales to be slightly higher in 2010 then they were last year.

Below are other articles of interest pertaining to the Cleveland luxury home market:

Why Hiring A Luxury Home Agent Is Important

Defining A Luxury Home In Cleveland

Local Agent Receives Luxury Home Designation

Solon OH Luxury Home Report 2009 

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About The Authors:

Dan and Amy Schuman reside on the East side of Cleveland. They specialize in luxury homes, working with buyers relocating to Cleveland, and first-time buyers.

For Ohio and Cleveland OH real estate and homes see Cleveland Oh real estate.

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

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Cleveland OH Real Estate - Bi-Annual Luxury Home Report 2010 is the property of The Schuman Team and may not be duplicated or used without their written consent. ©July2010    

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.