For our latest Cleveland area market update, we’ll be focusing on two local communities: Hinckley and Brunswick. There are four market indicators we look at to determine how each market is doing.
The market action index is a scale from zero to 100—anything below 30 indicates a buyer’s market, and anything above 30 indicates a seller’s market. Hinckley is sitting at 37 on the index, meaning it’s a slight seller’s market. The average price for homes is $479,000, which is an increase from last week’s average of $450,000. The days on market has gone down to 118, dropping from last week’s 138. Inventory is extremely low; there are only 21 homes on the market currently.
The market action index in Brunswick is 32, meaning it’s approaching more of a balanced market. The median list price is $245,900 and the average days on market is at 90. We’ve seen a decrease in inventory over the last week, dropping from 66 homes to 63.
In Brunswick, condos have a market action index of 58—a stronger seller’s market. It’s a great time to be a condo owner if you’re looking to upgrade to a single-family home.
If you’d like more information about these areas or other Cleveland communities, feel free to call us at 440-879-8851 or visit www.TheRSVPGroup.com. We look forward to hearing from you soon.