Northeast Ohio Update

Inventory is the driver of the market today, as it has been for many months. Supply and demand will continue to dictate what buyers and sellers alike are dealing with when looking to buy or sell today. The demand side of things, while less than when rates were in 3% range, is still much greater than the supply (inventory) of housing in Greater Cleveland.

As you'll see above, pending sales are down 21% year over year. Again, this is due to the lack of available homes. In the same vein, days on market are down (selling 7% faster), indicating just how quickly homes are typically going under contract. The number of new listings is relatively flat (down a mere 1% year over year.)

However, the data does indicate an increase of the median sales price (up 9% from 2023) as well as an increase in the months of supply inventory (up 7% year over year).

The bottom line is the market is starting to heat up as we near the start of Spring. I'm hopeful as I'm seeing more options become available to my buyers. I am seeing an uptick in multiple offers as well as homes going above the asking price. Some buyers are starting to waive certain contingencies in order to stand out and be more aggressive. This doesn't mean buyers aren't winning, it just means that the strategy my winning buyers are using is different than it was a month or two ago. I'm still seeing both buyers and sellers alike who are able to meet their goals so far in 2024. Multiple buyers of mine were able to win excellent homes in multiples; some buyers getting a slight discount, and I'm seeing my sellers being able to demand their preferred terms on their listings.

If you have any questions about the market, please call me. Happy to provide any guidance I can!