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Real Estate Market Update – January 2024
Greetings, Cleveland Realtors!
Mike Ferrante here from Century 21 HomeStar and the 21 Mike team, bringing you the latest scoop on the Northeast Ohio real estate scene. In this brief market update, we’ll delve into the December 2023 numbers, exploring key trends and insights that every realtor in the Cleveland area should be aware of.
Before we dive into the specifics, if you hunger for a more detailed analysis, we’ve got you covered. Check out our comprehensive 10-year Market study, where we dissect the trends and history of the past decade.
Now, let’s get down to business with the December 2023 real estate market update.
1. Inventory Dilemma: A Closer Look at Active Listings
First up, let’s turn our attention to active listings in Cuyahoga County, a key metric for assessing market vitality. We observe the number of properties for sale, highlighting an ongoing inventory shortage. At 2,110 listings last month, the figure remains relatively flat compared to the previous month but paints a stark contrast to the 2,311 listings in December 2022. We have seen a substantial drop from December 2019’s 3,550 listings. The bottom line? Northeast Ohio needs 5 to 7,000 more listings for a balanced market.
2. Pricing Dynamics: Riding the Wave of Appreciation
Now, the burning question: How have prices been affected by this inventory squeeze? The median sale price, reveals a slight dip to $235,000 in December 2023, typical of the seasonal adjustment we witness in the winter. However, compared to a year ago, we’re still up from $234,500 in December 2022. The bigger picture shows a commendable upward trajectory over the last five years, with December 2019 boasting a median sale price of $176,950.
3. Sales Performance: Navigating the Numbers
Switching gears, let’s focus on the number of sales, a critical metric often discussed in the context of a market downturn. In December 2023, we recorded 993 sales, dipping slightly below 1,000 for the first time in the last 10 years. However, contextualizing this against historical data, the market remains robust. Even with a 10-15% reduction in sales compared to previous years, prices are steadfastly on the rise.
4. Days on Market: A Window into Market Dynamics
Lastly, our attention turns to the median days to sell, a barometer of market favorability. In December 2023, homes took a brisk 26 days to sell, a testament to the ongoing seller’s market. This compares favorably to 2019’s 51 days and a significant improvement from a decade ago when homes languished for an average of 71 days.
Looking Ahead: 2024 Projections
In closing, the forecast for 2024 is optimistic. Prices are anticipated to continue their upward trend, and while the market grapples with an inventory challenge, we remain hopeful for an eventual balance. For a deeper dive into these numbers and a comprehensive 10-year look back, check out our next blog!
The 21 Mike team – Your One-Stop Shop for Buying and Selling in Greater Cleveland!
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