Average January home-sale prices up 9 percent in Northeast Ohio

This report came out on the 18th of this month and shows the strength of the Cleveland Real Estate Market. The article comes from https://www.cleveland.com/.

"This growth in home prices continues a long-running trend that real-estate experts expect to continue through 2019, though perhaps at more modest levels. January’s 9 percent growth rate is among the highest in the past year, according to Yes-MLS data. In December, the average sale price in Northeast Ohio increased 9.7 percent from a year prior. February 2018 saw a 10 percent boost in average home-sale price over February 2017. In 2018, there were year-over-year increases in average sale price every month except November."

That is a healthy growth in the equity positions in Cleveland Ohio and surrounding cities. I think the trend will continue to at lease 2021, because of the lack of inventory. Another reason is the increase purchasing power of investors and funds that purchase residential homes. Cleveland metro is the best kept secret in Real Estate. 

There are literally 1000's of homes being purchased by investors for income and good income to boot. This will also cause a tightening of inventory, because they have a buy and hold real estate. The key is how long will they hold. 

"Following another trend that real-estate experts have noted, homes across many parts of the region are getting snapped up by buyers more quickly. Single-family homes in the 18-county area were on the market an average of 75 days last month, compared with 85 days in January 2018, according to Yes-MLS. Condos in the region were on the market an average of only 68 days in January, down from an average of 86 days a year ago."

That is always a good sign with lower days on market. If you price a home correctly it will sale faster in most cases. 

Homes values will almost always go up, let's face it their not making in new land.... The key is purchasing your home or investment in the correct areas. That is what I do is look daily at all the new homes on market and ones that are also off market. 

Need Real Estate call me I'm Brett and I have purchased and sold 100's 100's of properties 

Call 216-703-5740 EXP Realty Ohio and 602-363-6551 EXP Realty Arizona 

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