Concord Township sits at the crossroads of two major highways — Interstate 90 and State Route 44. This intersection is a natural for economic development and offers some of the best regional development opportunities within the tri-county area of Lake, Geauga and Ashtabula counties.
The graph at the left shows the number of single family homes “For Sale” (light green) relative to the number of “Homes Sold” (dark green) since Jan. 2010. Inventory of single family homes dropped 12.6% for the fourth quarter of 2011 relative to the same period in 2010 while the number of “Sold” homes has remained the same. “Pendings” (homes under contract but not yet transferred) have increased by 11.1% which is a very good indicator for 2012. Condominium inventory has dropped by 1.6% with “Solds” remaining even and “Pendings” up 33.3% which shows some resurgence in the condo market in Concord.
The second graph shows the average “Asking Price” (green) relative to the average “Sale Price” (red) for single family homes. It appears that we’ve bottomed out and even if we are not showing an increase in pricing at least we appear to have stabilized somewhat. Condominium sales are showing the same trend lines but at a much lower sales activity.
This last graph indicates the “Months of Inventory” which essentially shows the number of months it would take to sell all of the currently listed homes if we didn’t list another home. There’s some good news here! The “Months of Inventory” for single family homes is down in Concord 12.6% in the fourth quarter of 2011 versus the same quarter in 2010. Condominium inventory, however, is down by 1.6% over the same quarter in 2010, once again a reflection of a shift in buyer value preferences. The “Months of Inventory” for Concord has dropped to 9 months.
Short sales and foreclosures continue to have a negative effect on the overall market which is a condition that will continue for the next three to four years until we work through that distressed inventory. Interest rates below 4% for a fixed rate, 30 year loan certainly add to the affordability of home ownership although buyers face slightly stricter guidelines in obtaining a mortgage.