Below you will find a comparison of closed sales between first qarter 2008 and first quarter 2009. All information is obtained from NEOHREX and is deemed reliable but not guaranteed.
| JAN'08 | FEB'08 | MAR'08 | JAN'09 | FEB'09 | MAR'09 | ||
| GARFIELD HTS. | |||||||
| # CLOSED | 25 | 22 | 34 | 23 | 12 | 22 | |
| AVG. PRICE | $52,624 | $46,233 | $36,163 | $41,937 | $24,092 | $45,893 | |
| AVG. SQFT. | 1311 | 1202 | 1317 | 1297 | 1198 | 1206 | |
| AVG. PRICE PER SQFT | $40.13 | $35.36 | $27.61 | $30.07 | $17.85 | $26.07 | |
| % TO LIST PRICE | 92.82% | 90.74% | 84.12% | 83.39% | 66.13% | 91.56% | |
| AVG. MARKET TIME | 127 | 155 | 160 | 173 | 111 | 156 |
If you would like to buy or sell a home in Garfield Heights, or in the surrounding communities, please call me at 440-263-7496, or you may want to visit my website for more specific information on the communities I service: Brecksville, Broadview Heights, North Royalton, Independence, Seven Hills, Parma, Parma Hts., and Garfield Hts.
If you would like to buy or sell a home in the southern communities of Cleveland Ohio, please call me at 440-263-7496, or you may want to visit my website for more specific information on the communities I service: Brecksville Ohio Real Estate, Broadview Heights Ohio Real Estate, North Royalton Ohio Real Estate Independence Ohio Real Estate, Seven Hills Ohio Real Estate, Parma Ohio Real Estate, Parma Heights Ohio Real Estate and Middleburg Heights Ohio Real Estate. Information is obtained from Neohrex (Northeast Ohio Real Estate Exchange) and is deemed reliable but not guaranteed and should be independently verified. Properties subject to prior sale, rental, or other status changes. All properties that are advertised as being listed or sold by Barb Szabo are in conjuntion with ReMax Trinity.
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Can you explain what this means? Does it mean that sales were pretty good in January but took a nosedive in February and started climbing back out of it in March? Or just overall that sales were down from last year this time?
~Renae
Barb, Is there anyway to eliminate the REO'sfrom the numbers or report them separately. I believe because of the number of REO properties being sold the numbers get distorted from any effective comparison. I may be dreaming, but figured I would ask the question.
Also, in order to get a large enough group for analysis, is it possible to do it by quarters from Jan 1, 2008 forward.
Hi Renae, It's meant to compare the first quarter year to year, and the overall decline, and the increase in market time. You can see a decline in the average selling price year to year for every month except March 2009. Does that mean things are improving a bit? Maybe, but each quarter should be a little more telling.
Tim, I'm glad you asked because a couple of years ago, when I did my cmas I would throw out any banked owned homes to get to a "true price". But I was told by an appraiser that it would not work to do that. He said thatif the bank owned are so numerous that they bring the values down, then that is the value for the area. Not fair, in my mind, or maybe he didn't know what he was talking about. He was struggling with an appraisal in Garfield that was a "normal" seller and the lender was telling him his price was too high. So maybe the lender was "driving it" I don't know. My quarter report this year will always include the numbers from last year. What are your thoughts about the appraisals?
Barb, A few months ago, I had a discussion with an appraiser about the effect of foreclosures on appraisals. He said he tried to use Real Third Party sales instead of Distressed sales (Foreclosures and Their Resale). He also said that he always made note of the distressed sales in his appraisals and in some cases and some areas he had little choice but to use them on the actually appraisals.
As a suggestion you might wish to look at the format that the appraisers will be using, It breaks sales down by quarters instead of by month. Take a look at the form. The problem with by month is sometimes the swings in the numbers do not make much sense. Actually they would confuse someone. Just my opinion. Call me if you want, I might be able to assist you with a spreadsheet to help you compile the numbers.