Cleveland East Side Suburbs - Year In Review 2016
Here is our official 2016 real estate report for the East side suburbs of Cleveland. We did a comparison from last year to 2015. Suburbs are in alphabetical order.
BAINBRIDGE
Year # of homes sold Ave. Sales Price Ave. Days on Market
2016 39 $391,721 169
2015 40 $403,433 156
Highest Sale = $870,000
Lowest Sale = $45,000
Luxury Sales # of homes sold Ave. Sales Price Ave. Days on Market
2016 14 $630,314 185
2015 10 $685,483 162
BEACHWOOD
Year # of homes sold Ave. Sales Price Ave. Days on Market
2016 123 $312,602 81
2015 102 $291,245 104
Highest Sale = $815,000
Lowest Sale = $80,000
Luxury Sales # of homes sold Ave. Sales Price Ave. Days on Market
2016 11 $685,594 84
2015 10 $584,240 118
MORELAND HILLS
Year # of homes sold Ave. Sales Price Ave. Days on Market
2016 47 $531,774 173
2015 44 $425,694 144
Highest Sale = $1,850,000
Lowest Sale = $98,000
Luxury Sales # of homes sold Ave. Sales Price Ave. Days on Market
2016 20 $831,983 195
2015 12 $742,533 90
ORANGE
Year # of homes sold Ave. Sales Price Ave. Days on Market
2016 24 $340,220 126
2015 19 $339,639 118
Highest Sale = $887,500
Lowest Sale = $105,000
PEPPER PIKE
Year # of homes sold Ave. Sales Price Ave. Days on Market
2016 116 $425,281 139
2015 110 $421,096 128
Highest Sale = $1,045,000
Lowest Sale = $150,000
Luxury Sales # of homes sold Ave. Sales Price Ave. Days on Market
2016 32 $661,389 120
2015 32 $655,505 123
SHAKER HEIGHTS
Year # of Homes Sold Ave. Sales Price Ave. Days on Market
2016 399 $277,280 113
2015 356 $281,796 136
Highest Sale = $1,937,500
Lowest Sale = $13,000
Luxury Sales # of homes sold Ave. Sales Price Ave. Days on Market
2016 49 $696,529 176
2015 34 $672,500 170
SOLON
Year # of Homes Sold Ave. Sales Price Ave. Days on Market
2016 335 $309,712 111
2015 303 $310,027 98
Highest Sale = $840,000
Lowest Sale = $75,000
Luxury Sales # of homes sold Ave. Sales Price Ave. Days on Market
2016 48 $656,169 118
2015 36 $672,009 115
TWINSBURG
Year # of homes sold Ave. Sales Price Ave. Days on Market
2016 278 $242,521 278
2015 259 $231,464 259
Highest Sale = $530,000
Lowest Sale = $29,900
*source NEOHREX ( Regional MLS )
2017 MARKET OUTLOOK
First quarter sales will certainly be in line with last year as there are 111 homes currently under contract in the above mentioned communities. Inventories are low now so many buyers are on the sidelines waiting for the new crop of homes to hit the market over the next 30-60 days.
It's hard to imagine the market being better overall than in 2016, especially with a possibility of rates increasing. The determining factor may be available inventory over the next 3-4 months.
Homes will continue to sell for close to 96% of asking price. It certainly helps a seller if the home is properly priced and staged up front.
Buyers would be wise to get pre-approved well in advance so they can jump on the right home when it comes on the market. With limited inventory, especially early in the year, you can't afford to hesitate.