In Northeast Ohio, about 9,500 homes have sold in the first four months of 2019. This essentially equals the same blistering pace we observed at this time last year, which bodes well for the market.
In addition to this, appreciation has been up about 2.86% over this same period. This may not initially sound very strong, but it’s important to realize that home values tend to lull during the winter months. So as we progress through spring, it’s quite common for appreciation to build slowly during this time of year.
Another notable development is the recent tightening of the average list-to-sales price ratio for homes in our area. In January of this year, the average list-to-sales price ratio was 95.1%. As of April, the average ratio has jumped to 96.85%. The average days on market has also dropped by nine days since January.
Based on these statistics, we can easily assume that market activity will remain strong in the coming months.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.