Real Estate Information

The first graph shows the number of single family homes "For Sale" (light green) relative to the number of "Homes Sold" (dark green) since January 2010.  Inventory of single family homes in Painesville Township dropped 12.2% for the fourth quarter of 2011 relative to the same period in 2010 while the number of "Sold" homes has increased by 10.0%.  "Pendings" (homes under contract but not yet transferred) have remained the same.  Condominium inventory has decreased by 34% with "Solds" and "Pendings" down 50% and even with the comparable 2010 fourth quarter respectively.

The second graph shows the average "Asking Price" (green) relative to the average "Sale Price" (red) for single family homes.  It appears that we've bottomed out and, if last month's trend continues, we might approach some sort of normalcy.  Condominium sales are showing the same trend lines but with a much slower sales activity.

The last graph indicates the "Months of Inventory" which essentially shows the number of months it would take to sell all of the homes currently listied for sale in Painesville Township if we never listed another home.  There's some good news here.  The "Months of Inventory" for single family homes is down 20.2% in the fourth quarter of 2011 relative to the same time period in 2010.  Condominium inventory, however, is up by 31.9% over the same quarter in 2010 which is indicative of the general condominium market everywhere in the area. 

Short sales and foreclosures continue to have a negative effect on the overall market which is a condition that will continue for the next three to four years until we work through the shadow inventory of distressed properties.  Interest rates below 4% for 30-year, fixed loans certainly add to the affordability of home ownership although buyers face slightly stricter guidelines in obtaining a mortgage.

Willoughby, the "Courtesy City!  Listed on the National Register of Historic Places, Willoughby strives to maintain its small-town atmosphere.  The public square remains much unchanged with the first business area still being used today . . with the store facades capturing a vivid expression of the past.

The first graph  shows the number of single family homes "For Sale" (light green) relative to the number of "Homes Sold" (dark green) since January 2010.  Inventory of single family homes dropped 7.5% for the fourth quarter of 2011 relative to the same period in 2010 while the number of "Sold" hoes has increased by 66.7%.  "Pendings" (homes under contract but not yet transferred) have increased by 27.3% which is a very good indicator for 2012.  Condominium inventory has decreased by 28.1% with "Solds" and "Pendings" up 66.7% and 150% respectively.

The second graph shows the average "Asking Price" (green) relative to the average "Sale Price" (red) for single family homes.  While the "Asking Price" had remained fairly stable, the actual "Sales Prices" have shown some wild fluctuations with fairly dramatic dips throughout the cylcle.  Willoughby has been growing in popularity with redevelopment of the core areas and restaurants.

The last graph indicates the "Months of Inventory" which essentially shows the number of months it would take to sell all of the currently listed homes if we didn't list another home.  There's some good news here!  The "Months of Inventory" for single family homes is down in Willoughby by 44.5% in the fourth quarter of 2011 versus the same quarter in 2010.  Condominium inventory is down an amazing 56.9% over the same quarter in 2010.

Short sales and foreclosures continue to have a downward pressure on the overall market which is a condition that will continue for the next three to four years until we work through that distressed property inventory.  Interest rates below 4% for a fixed 30 year loan certainly add to the affordability of home ownership although buyers face stricter guidelines in obtaining a mortgage.

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Concord Township sits at the crossroads of two major highways -- Interstate 90 and State Route 44. This intersection is a natural for economic development and offers some of the best regional development opportunities within the tri-county area of Lake, Geauga and Ashtabula counties.  Concord is basically the suburbs of Mentor, Lake County's largest city, and boasts many fine residential communities nestled among the low rolling hills south and east of Mentor proper.

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The graph on the top left shows the number of single family homes "For Sale" (light green) relative to the number of "Homes Sold" (dark green) since January 2010.  Inventory of single family homes has dropped 13.9% for the third quarter of 2011 relative to the same period in 2010 while the number of "Sold" single family homes has increased by 8.3%.  "Pendings" (homes under contract but not yet closed) have increased by 8.3% which is a good positive indicator for 2012.  Condominium sales have been fairly stagnat without much difference between 2010 and 2011.  The graph shows a fairly stable situation with activity turning upward gradually.

The graph at the right shows the average "Asking Price" (green) relative to the average "Sale Price" (red) for single family homes.  The current average "Asking Price" is $328,000 for single family homes, down 6.3% from the same quarter in 2010.  The average "Sold Price" is $276,000, down 4.2% from last year.  The wild fluctuation of the red "Sold" line is more of an indication of the relatively few number of sales skewing the average than it is the volatility of the market.  Condominium sales and list prices have shown a slight uptick although still fairly slow.

The last graph on the lower left indicates the "Months of Inventory" which essentially shows the number of months it would take to sell the current single family homes that are on the market at the current sales rate if we never listed another one.  Currently we have an 8.9 month inventory of single family homes for sale which is a 20.5% reduction from the same quarter in 2010.  Taking a larger view of the total graph shows that we appear to be improving overall and should continue to do so throughout 2012.

Short sales and foreclosures continue to have a downward pressure on pricing which is a condition that will be with us for the next three to four years as we work through the distressed inventory.  It's a great time to buy not only because it appears we have bottomed in price levels but also because we enjoy unbelievable low interest rates at under 4% for a 30 year, fixed mortgage.  Qualifications for home loans have tightened but banks have money to lend.

For more information, contact The Crockett Team.

The Crockett Team of Howard Hanna has finally moved to its new location at 8376 Mentor Ave, in Mentor at the southwest corner of Mentor Ave. and Center Street, just a mile west of our previous office which served us well for over 16 years.  Not needing much of an excuse to have a party, we had our "Grand Opening Celebration" on Wednesday at our new office (while is was still clean).

Pictured are David Crockett, Ron Traub (Director of Economic & Community Development for the City of Mentor), Judie Crockett and Todd Crockett.

The move was part of a master plan by Howard Hanna to consolidate and update the Mentor operations.  "The redesign and workflow pattern for the new office will really help to increase our efficiency" said David Crockett.  "In addition, we've upgraded our computer systems as part of our effort to enhance our Internet marketing efforts".

The Crockett Team was honored as being the Number 1 Realtor in the State of Ohio by the Ohio Association of Realtors.

Mentor, Ohio is an eastern suburb of Cleveland in the Midwest that is enjoying good employment numbers relative to the rest of the country.  The unemployment rate for Mentor declined to 5.8% in September and then further to 5.3% in October.  That is the lowest unemployment rate of any Ohio community with a population of over 50,000.  Seven of the 20 communities in that category have unemployment rates over 10 percent.  This is also the lowest unemployment rate for Mentor since December 2008.

Mentor has a population of about 50,000 with a median income of $60,218.  It is the largest city in Lake County which is the smallest county in Ohio.  Mentor is suburbia with a fairly stable economy and a good mix of city services and amenities.

  (Search For Homes in Mentor)  (Search for Condos in Mentor)           (ClevelandHomeFinder Home Buyer Search Site)

The graph of the top left shows the number of single family homes "For Sale" (light green) relative to the number of "Homes Sold" (dark green) since January 2010.  Inventory of single family homes has dropped 19.5% for the third quarter of 2011 relative to the same time period in 2010 while the number of "Sold" homes has increased by 40.7%.  "Pendings" (homes under contract buy not yet closed) have increased  22.6% which is a very good indicator for 2012.  Condominium inventory has decreased by 11.5% with "Solds" and "Pendings" off 22.2% and 16.7% respectively.  Lower home prices and very low interest rates have shifted the advantage to single family homes.

The graph on the right shows the average "Asking Price" (green) relative to th average "Sale Price" (red) for single family homes.  It appears that we've bottomed out and even if we are not showing a strong increase, at least we've stabilized.  Condomium sales are shfowing the same trend albeit with much slower sales activity.

The last graph on the lower left indicates "Months of Inventory" which essentially shows the number of months it would take to sell the current inventory of homes if we never listed another one.  There's some really good news here.  The "Months of Inventory" for single family homes in Mentor is down 42.8% in the third quarter of 2011 relative to the same time period in 2010.  Condominium "Months of Inventory", however, have increased by 13.7% during the same time period once again a reflection of a shift in buyer value preferences.

Short sales and foreclosures continue to have a negative effect on the overall market which is a condition that will continue for the next three to four years until we work our way through that distressed inventory. Interest rates below 4% for a fixed, 30 year loan certainly add to the affordability of home ownership although buyers face slightly stricter guidelines in obtaining a mortgage.

For more information, please contact The Crockett Team.

Concord, Ohio is a semi-rural community adjoining Mentor in the path of growth and development, although recent development has slowed due to the current economic environment.  Over the last couple of decades newer communities have grown throughout the area such as The Hunt Club at Quail Hollow.  New construction has slowed dramatically but the resale market has stabilized but with a reduction of home values of about 20 to 25%.  Bank foreclosures and short sales have had an impact on the overall market but less so than in other surrounding areas.

The graph on the top left shows the number of homes "For Sale" (light green) relative to "Homes Sold" (dark green) since January 2010.  It shows that inventory has stabilized with sales relatively low.  Sales activity is expected to improve as we head into 2012, especially early in the Spring.

The graph on the right shows the average "Asking Price" (green) relative to the average "Sale Price" (red).  You'll note that the asking price average has remained fairly steady at the $350,000 level while the actual selling price average has fluctuated wildly.  This is primarily due to the low number of sales which tends to skew the average numbers significantly.  Short sales and foreclosures, with their significantly lower sales prices, also add to this fluctuation.

The lower left graph shows the "Months of Inventory".  This essentially tells us how long, based on current sales activity, it would take to sell the current homes listed for sale if we didn't list another home.  The higher average sale prices in Concord increases the marketing time and resultant 'months of inventory' during economic downturns like we're experiencing now.  In the last month, however, we have seen a rise in higher priced homes which is encouraging.

Mentor, Ohio is an eastern suburb of Cleveland in the Midwest that will serve as a good indicator of the overall real estate market in most areas throughout the country with the exception of those extremely depressed areas.  The market has stabilized but with a reduction in home values of about 20 to 25% on a grand average over the last 2 years.  Bank foreclosures and short sales which constitute about 35% of our sales have had a depressing effect on home values.  This situation will be with us for the next three to four years as we work through the backlog of distressed properties.  Interest rates are a real plus, however, with historically low rates of about 4.5% for 30 year conventional loans.

Mentor has a population of about 50,000 with a median income of $60,218.  It is the largest city in Lake County which is the smallest county in Ohio.  Mentor is suburbia with a fairly stable economy and a good mix of city services and amenities.

The graph on the top left shows the number of homes "For Sale" (light green) relative to "Homes Sold" (dark green) since Jan. 2010.  If does indicate that inventory has stabilized with sales picking up slightly. 

The graph on the right shows the average "Asking Price" (green) relative to the average "Sale Price" (red).  This graph reflects, in great measure, the impact of heavily discounted foreclosures and short sales in the mix.  Netting out these sales would produce a graph that was much tighter since traditional sellers have their homes listed at or close to market value.

The last graph on the lower left shows the "Months of Inventory".  This essentially tells us how long, based on current sales activity, it would take to sell the current homes listed for sale if we didn't list another home.  You'll note that we had a dramatic spike at the beginning of 2011 which appears to be seasonal when you compare it to the same spike at the beginning of 2010.  Much of this, however, was due to the general economic climate.  In fact, the beginning of 2011 was a little tougher and longer than the same period of 2010.  With rates as low as they are, we don't anticipate the beginning of 2012 to be as severe as in the last two years even though the economy has not improved to any degree.

The graph above gives us some perspective into the real estate market in Mentor over the last 6 years (going back to the 'good old days'.  The trend line shows that the average sale price has dropped from the high set in the 3rd Quarter of 2007 but has stabilized.  We don't have a crystal ball but it looks like were at or very near to the bottom with no where to go but up.

Note also that the number of sales have trended downward with the most dramatic drop in the 4th Quarter of 2010.  That's the bad news but we can deal with it.  We're working our way out of it.

The good news for buyers (and, therefore sellers) is that interest rates are still at historic lows hovering just below the 5% level.  Buyer should not wait to buy.  Now is the time.  All the stars are lined up.  Rates can and are starting to rise and the pricing is at the bottom.

As a seller, it's important to sell now if moving is in your plans.  Remember the '1%/10% Rule'.  If interest rates rise 1% (ie. from 5% to 6%) the cost (monthly payment) to a buyer to own your home will increase by about 10%, all other conditions being equal.

If you're thinking of making a move, call The Crockett Team at (440) 974-7444  . . .  and reserve our moving truck.