Cleveland Real Estate Update – October 2022
Happy Fall Ya’ll.
Rich Ganim here with the Cleveland Home Specialists and Keller Williams Elevate and this is your October 2022 real estate market update.
The number of available homes for sale was up 9.3% from one year ago and up 6.5% compared to August.
The number of sold listings decreased 18% year over year and decreased 16.1% month over month.
The number of under contract listings was down 10.1% compared to August and down 13.1% compared to September of last year.
The Months of Inventory based on Closed Sales is 1.4, up 39.1% from the previous year. Meaning, that it would take just under a month and a half for all the homes on the market to sell if there weren’t any more new properties hitting the market.
Both the Median Sold Price and the average sold price were down compared to last month too.
Days are market increased by 4.3% compared to last year and on average homes are selling at 100% of their list price.
So what does this mean for you?
If you’re thinking about selling your home, it’s imperative that you price the property correctly and market it to it’s fullest potential. Don’t go into the market thinking you’re going to get 20+ showings and multiple offers. Remember, all you need is one really good offer to sell your house.
If you’re a buyer thinking about making a purchase, I wouldn’t let the increase in interest rate scare you. While homes are still selling quickly, you’ll often have less competition which will allow you to not overpay for the property. Additionally, we are seeing more sellers accepting offers with home inspections and closing cost assistance.
Now more than ever you need to make sure you’re working with a professional real estate agent. You need somebody that is studying the market daily and guiding you down the most successful path possible.