NE Ohio Real Estate News: Parma Home Sales Update | Cleveland ...

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Yesterday we reviewed recent data for Lakewood Ohio home sales. Today, asa requested, focusing on Parma housing inventory, recent sales and homes buyers recently liked enough to begin the ?offer? process.? These stats, as always, reflect info for homes sold through area brokerages.? And they are all single family home stats.

Inventory in Parma is a bit higher than Lakewood.? As of today, there are 397 single family homes for sale in Parma Ohio. ?That still puts Parma into the category of about 18+ months of homes for sale.? (If anyone wishes, I can delve into homes in various price ranges to see if there is an existing need for homes in those categories.? It?s an interesting way to analyze and I can do that for communities as well.)

There are however, 94 homes under contract, meaning offers were accepted more recently and sellers and buyers are waiting for mortgages to be approved, inspections satisfactorily completed, and titles to transfer.? What did buyers like??

First, all but a handful of these 93 homes are 3 or 4 bedroom homes.

Second, ranches are, luckily, a bit more abundant in Parma than in some other communities.? Ranches can be hot commodities because in that category, there is often a need for more listings. The range of ranches under contract start around $50k and go up to $189,900.?

Ten homes were listed at $120k or more.? And yes, there are quite a few listed under $75k and many of them are involved in the foreclosure process. For homes buyers recently liked, the average price per square foot is $60/square foot.

Since July, 331 homes have sold in Parma. The average sale price was $87,880 and $60/square foot. (Interesting to me that both Lakewood and Parma showed same ?per sq. ft. price for pending sales and past six month sales?).?

The highest sale price in the past six months went to a home on Peachtree for $215k.? There were about 50 homes sold between $120k and $200k.?

The other similarity to Lakewood comps, is that most (with a few exceptions) had the ?move in/turn key? quality going for them.? Even if they needed some updating, they were ready for buyers to move in and do the work, if they chose that route.? I notice air conditioning (central air) more prominent among

Source: http://www.clevelandrealestatenews.com/ne-ohio-real-estate-news-parma-home-sales-update/2012/02/01

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