In the City of Bay Village, there are currently 115 homes FOR SALE with an average List Price of $408,500. The average days on the market is 120. The least expensive home is listed at $69,900 and most expensive is listed at $3,900,000.
In November, there were 20 homes that went under contract and placed in "Pending/Contingent" status.
For the month of November, there were 16 homes that SOLD with an average Sale Price of $200,000. The lowest Sale Price was $100,000 and the highest Sale Price was $515,000.
Compared to one year ago, the number of homes Sold is up slightly by nearly 6%, with the average sale price also up by 11%.
Given the decline in months of inventory and continued overall activity, Bay Village continues to exhibit very positive signs for a stabalizing market.
My opinion for this month: Although we have positive indicators, my opinion for Bay Village will remain neutral as to a Buyer's or Seller's market. And yes, even though the number of sales are increasing and inventory decreasing, I believe caution must be maintained since a major factor in this recovery has resulted from the tax credit provided to first time buyers (which has now been extended through April of 2010).
- Mortgage RATES are at a 50 year low, hovering around 5%; NOTE, rates are anticipated to move upward towards 6% in the next several months. - First time buyers have an $8000 tax credit available (income limits apply). See details at ColleenRock.com/Blog - Step-up buyers have a $6500 tax credit available (income limits apply). See details at ColleenRock.com/Blog - Unemployment is at 8.6% for the Cleveland metropolitan area.
WHAT DOES THIS MEAN? If you are currently in the market to purchase a home, YOU SHOULD BE BUYING NOW. With the housing market rebounding, substantial tax credits and extremely low interest rates, take advantage of the times; nothing lasts forever.
Housing is an excellent, long-term investment. PLEASE remember, all real estate is LOCAL.
There are advantages, for both buyers and sellers. Please contact me if you are considering selling or buying a home in 2010.
If you are in need of obtaining accurate information on your home's value, please call or email me direct. You may also visit www.colleenrock.com to view local reports and demographic information. FOR DETAILED COMMUNITY INFORMATION visit my website (CLICK on link below)
ZIP Code: 44140 Location Characteristics: The City of Bay Village, Ohio is located 15 miles west of Cleveland and stretches five miles along Lake Erie's wooded southern shore. It's near enough to the pulse of Cleveland with quick and convenient access to first-class museums, the world-famous Cleveland Orchestra, the Rock and Roll Hall of Fame, and Indians and Browns games, but just far enough off the beaten path to offer the peace, privacy, and comfort of suburban living.
Bay Village is a warm and welcoming community of approximately 17,000 residents who enjoy a multitude of recreational and cultural opportunities, which have created a close-knit residential community.
The community boasts a highly educated and professional population and a quality school system, making it one of the most desirable residential suburbs of Cleveland.
About Colleen Rock:
Colleen Rock is consistently a top producer within NE Ohio's Real Estate Industry. Her keen interest in real estate stemmed from her family's business investments which included residential and commercial properties. Colleen's extensive experience and expertise in all areas of the real estate process keeps her on the leading edge of her profession.
A native Clevelander, true to the west side, Colleen's first hand knowledge of the school systems, neighborhoods and communities are one of the real benefits to her clients and customers. She takes the time to understand your unique situation.
Communication is a priority and she leaves nothing to chance. Colleen's active listening skills coupled with her competence, confidence and confidentiality are the fundamentals of her Signature Style.
- Professional of the Year - Award of Achievement - President's Sales Club - Multi-Million Dollar Club - National Sales Award
"Just as your home is a reflection of you... Your satisfaction if a reflection of me."
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
