The Weiner Real Estate Group is committed to being your Northeast Ohio Real Estate Experts!  In so doing, the next couple of posts are going to be dedicated to the state of our real estate market. 

I will go through each East Side Suburb to give you a comprehensive look at the market.  This will give you a realistic view of what is going on out there.  And to tell you the truth, it isn't all doom and gloom like the papers say.  These numbers are taken strictly from the Multiple Listing Service and are true as of July 9, 2008.  Remember the market changes every day.  

Today we start with the Shaker Heights State of the Market Report:

There are 382 active listings on the market in Shaker Heights.

These homes have been on the market an average of 103 days.

Homes that are now under contract are the most recent successes, these sellers have reached their goals.

There are currently 65 pending listings in Shaker Heights.

These homes have been on the market an average of 105 days.

Homes that have recently sold are historic indicators of perceived value. Appraisers will use this data when determining the loan value of your home.

There were 170 properties sold in the last 6 months in Shaker Heights.

These homes were on the market for an average of 112 days.

The average sale price of $213,948, divided by the average list price of $226,756, tells us

that sellers are accepting, on the average, 92% of the list price.

Homes that have been on the market and never sold tell us a story.

The total number of market rejected homes (expired listings) in the last 6 months is 245.

These homes have been on the market an average of 167 days.

If you take the Pending listings (65) + the total sold listings (170)  they equal 235 recent successes in the past 6 months.

235 recent successes divided by 6 months = 39  homes that sell per month.

382 active listings divided by 39 homes that sell per month = 9.76 months of inventory in Shaker Heights as of July 9, 2008.

When pricing your home, it is very important to price your home according to the market. Contact the Weiner Real Estate Group to give you a Complimentary Market Analysis today if you planning on selling your home in the near future.