August 2024 Market Update

It's hard to believe it's already time for back to school! I hope you and your family are enjoying this fantastic August weather and are soaking it all in.

In the real estate world, it's as interesting as always out there. As you'll see in the data above (Greater Cleveland), The number of listings is up month over month by 9.3%. This good news for buyers, as this is a large increase in available homes for sale and is a substantial number. What is interesting about this number is that pending sales are actually down 12.2% for the month. This indicates that more homes are going on the market BUT less are going under contract.

What this means to buyers and sellers alike is we are seeing a return of the more typical Northeast Ohio market trends. A buying season that peaks late spring-mid summer is becoming normal again. This wasn't necessarily the case at all during and right after Covid. But, things are more or less going back to normal overall.

It's a mixed bag for buyers and sellers alike. I closed on a home in University Heights for a seller that went $37,100 over asking cash with no inspections. I also have had a price reduction right down the road for another listing to below the appraised value. It's all over the place!

The bottom line is, with the right guidance, owners are still commanding top dollar for their listings. And, I am seeing more and more buyers get deals below market as well. Make sure you work with a reputable broker to ensure you are making all of the right moves to protect your largest asset or not overpay for it.

Let me know if there's anything I can help you with! I don't pay to market and my business is based on referrals and clients! I appreciate it!

Cheers,

Pat