Willoughby Ohio Real Estate Market Activity
WILLOUGHBY, the “Courtesy City”! Listed on the National Register of Historic Places, Willoughby strives to maintain it’s small-town atmosphere. The public square remains much unchanged with the first business area still being used today…with the store facades capturing a vivid expression of the past.
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 7.5% for the fourth quarter of 2011 relative to the same period in 2010 while the number of “Sold” homes has increased by 66.7%. “Pendings” (homes under contract but not yet transferred) have increased by 27.3% which is a very good indicator for 2012. Condominium inventory has decreased by 28.1% with “Solds” and “Pendings” up 66.7% and 150% respectively.
The second graph shows the average “Asking Price” (green) relative to the average “Sale Price” (red) for single family homes. While the “Asking Price” has remained fairly stable, the actual “Sale Prices” have shown some wild fluctuations with a fairly dramatic dips throughout the cycle. Willoughby has is growing in popularity with the redevelopment of the core city’s restaurant row.
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 Willoughby by 44.5% in the fourth quarter of 2011 versus the same quarter in 2010. Condominium inventory, however, is down an amazing 56.9% over the same quarter in 2010.
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.