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.

Search for Homes in Willoughby    Search for Condos in Willoughby

Judie Crockett (left) met last week with Barbara Corcoran (center), national real estate guru, to discuss marketing homes in today's market. Also pictured is Melissa Crockett Willis, Judie's daughter and vice-president/regional manager for Howard Hanna.  The meeting and marketing session hosted at the Howard Hanna annual convention addressed marketing strategies and innovative approaches to selling homes in a slower market.

 

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.