Pointer Appraisal Northeast Ohio Property Economics & Appraisal Blog

17 Aug 2007: Local MLS data suggests the present average priced single family residential property in the Summit County Market has a 10 month supply and is priced approximately 8% over the expected list/sale price. There has also been an increase in the average days on market.

Are homes oversupplied and overpriced?

As of 08/17/2007 per Centralized MLS data, there are presently 4902 Residential properties listed for sale through the MLS in Summit County.  Active listings average days on market are 96. 

The six month preceding period brought 2866 sales of Residential property.  The average days on market for sold properties in this time period was 89.

The present average list price is $170,920.  The 6 month average sale price was $149,685.  The average sale price has been 95.66% of the list price over the same 6 month time period.  This calculates to approximately an 8% overprice in current listings.

This is general information and is not inclusive of all areas.  The important question for home sellers is if their present listing price is in line with the buyers expectations in their area.  These numbers do not include any inflationary or appreciative adjustments.

Many resources are available for home sellers in pricing their properties.  Some examples include: Real Estate Agents, Realtors (Agents who are members of the national association of Realtors), Appraisers, County sales data, and others.

The preceding information has been provided by Pointer Appraisal Services LLC.  It is based on MLS data which is deemed reliable but not guaranteed.  This is general market data and should not solely be relied on to make any financial decision.  Each area is different.  Before making any financial decision you should consult a qualified expert.  The statistics provided are based solely on average sale and list prices and do not include any inflationary or appreciative adjustments.

Pointer Appraisal Services LLC is a Residential Appraisal firm located in Stow Ohio.  Pointer Appraisal Services provides Appraisal and Real Property Consulting throughout Northeast Ohio.  Services include market data, pre-listing appraisal, mortgage appraisal, and appraisal for legal proceedings such as estate, bankruptcy, and divorce.  The company can be reached on the internet at: http://www.pointerappraisal.com/