Real Estate Review of Cuyahoga Falls
Cuyahoga Falls is being impacted slightly by the slower housing market.
Property values in Cuyahoga Falls declined slightly in 2007, with the average sales price for the year dropping $4,000 since 2006. The Market had been steadily increasing since 2000 until this year. Even with the decrease in 2007, the average sales price has increased $9,000 since 2000. The average sale price for 2000 was 104,243, increasing to $107,880 in 2001 and $110,985 in 2002. A larger increase occurred in 2003 when the average sales price jumped to $115,131.
The market then remained flat in 2004 with an average sales price of $115,782. The market then continued to increase to 117,667 in 2005, remaining flat at $117,335 in 2006 and decreasing to $113,404 in 2007. The quarterly data shows that average sales prices in Cuyahoga Falls tend to spike during the second quarter of each year.
The total number of home sales continued to decrease in 2007. There were 459 sales closed in 2007, as compared to 488 sales closed in 2006, 563 in 2005, 575 in 2004 and 557 in 2003. The average period of time it took to close escrow increased to 115 days, from 94 days in 2006.
These figures are not precise, as not all sales are reported to the Multiple Listing Service.
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