Northeast Ohio Market Report – August, 2012
For the NORML and CRIS primary counties the total new listings for August 2012 (6,427) compared to August 2011 (6,793) show a decrease of 366 or -5.4% of new listings for August 2012. The yearly total of new listings for 2012 (53,769) in comparison to 2011 (56,182) fell by 2,413 or -4.3% in listings.
The inventory of condos for sale fell by 47 units between August 2011 (597) and August 2012 (550), translating to -7.9% condos for sale. The yearly totals declined by 529 or -10.2% in units for sale.
The NORMLS and CRIS primary counties had sold listings that increased by 16.1%, or 565 listings sold, between August 2011 (3,505) to August 2012 (4,070). For the year, sold listings rose 16.7%, or 3,805 listings, between 2011 (22,751) and 2012 (26,556).
The average market time for a property, in the NORML and CRIS primary counties, gained an additional 3 days on average market time between August 2011 (111) and August 2012 (114). Comparing 2012 (118) to 2011 (115) yearly totals, there were also an additional 3 days gained on average market time.
Observing sales volume sold, the period August 2012 ($535,350,305) compared to August 2011 ($444,144,718) shows a surplus of $91,205,587 or a 20.5% swell in sales volume sold. The yearly totals sales volume sold, for the period between 2012 ($3,287,634,870) and 2011 ($2,633,703,020), shows an increase of $653,931,850 or 23%.
Average sales prices, for the yearly total period 2011 ($117,520) to 2012 ($123,800), have shown a positive change of $6,280 or 5.3%. When examining the average sales price, the period of August 2012 ($131,536) compared to August 2011 ($126,717) shows a boost of $4,819 or 3.8% regarding average sales price.
NORMLS is the Northern Ohio Regional Multiple Listing Service. This organization assists over 550 member real estate organizations and their agents in the northern Ohio area to mutually help market properties which are for sale. NORMLS publishes the reimbursement the real estate firms offer each other when completing a business deal. NORMLS serves seven REALTOR associations including Cleveland Area Board of Realtors, Lorain County Board of Realtors, Lake Geauga Area Board of Realtors, Ashtabula Board of Realtors, Medina County Board of Realtors, Lorain County Board of Realtors, Cambridge Board of Realtors, and Zainesville Board of Realtors. The NEOREX computer system that is operated by NORMLS quarters the largest database of homes in Ohio. The NORMLS and CRIS statistical information include listings submitted by contributing brokers in the counties Ashtabula, Carroll, Columbiana, Coshocton, Cuyahoga, Geauga, Lake, Lorain, Mahoning, Medina, Portage, Stark, Summit, Trumbull, and Tuscarawas.