Last year I purchased a pickleball set and have threatened to give it a try. It’s on me and my wife’s list of things to do this summer. We’ve determined that while we could throw our back out just standing up, bending over to pick something up, or sneezing, we still need to keep moving.
According to the article below, “Nearly 70% of adults reported reduced stress and anxiety after playing pickleball, and 64% called the sport “uplifting,” according to a report by Carewell. Reduced stress, uplifting, fun with my wife… all the boxes have been checked.
Pickleball Mania Gets Northeast Ohio’s Elderly Community Moving (clevelandmagazine.com): Pickleball is keeping folks moving in Ohio… Cleveland housing prices are also on the move!
If you’re looking for a place to play, check out pickleheads.com and run a search. Here’s a search result for Northeast Ohio.
Let’s get do what’s happening with housing stats in Northeast Ohio.
GETTING TRENDY (Cuyahoga County Housing Trends)
The housing market in Northeast Ohio has remained strong despite the relatively higher mortgage interest rates and affordability issues. The median sales price of single-family homes in Cuyahoga County is approx. 4% higher last month than a year ago.
While median sales prices are increasing at a nice clip, sellers are pushing the envelope with their asking prices. Last month, listing prices were approx. 14% higher than a year ago. It will be interesting to see how this pans out over the next couple of months with price reductions.
This time last year price drops were surging according to data from Redfin. Not this year!
There is still strong buyer demand. Last month’s list-to-sales price ratio was 100% despite the soaring list prices.
The average days on the market for single-family homes was 21 last month, slightly longer than last year. Homes begin to sell faster during the spring and summer months through around the first of July. Yet another sign of high buyer demand.
Here’s a chart showing the relationship between sales price and total listings. The number of listings dipped to a new low in February. However, listings are increasing with the spring selling season being upon us.
While inventory levels are still low, at around a month and a half of inventory, in some smaller market areas in Cuyahoga County, and surrounding counties, I am seeing inventory levels increase rapidly in the past month. This is not reflected here. The next couple of months will be interesting to watch.
Last month, there were 63 fewer listings than in April of 2023.
One more visual reflecting the total monthly listings vs. total monthly sales for single-family properties in Cuyahoga County.
TRENDS ON SOME MORE LOCALIZED AREAS IN CUYAHOGA COUNTY
Since I have to analyze the market for every property I appraise, you might be interested in some more localized areas. Here are a few for you.
Broadview Heights (North of I-80)
The median price per square foot for single-family homes has stabilized. Inventory levels are increasing in this market area.
Seven Hills
The price per square foot is increasing rapidly. Inventory levels are also increasing.
One more… Independence
The median price per square foot is increasing at a more moderate level. There is still a shortage of inventory. The inventory levels have remained stable.
Well, that’s a wrap for this week. To all my newsletter subscribers, I hope you’ll continue to enjoy my market research on my blog instead of the old newsletter I discontinued this month.
If this is not for you, I totally get it. Feel free to unsubscribe from this blog at any time. However, if you’ve enjoyed my research in my monthly newsletter, I hope you’ll continue to enjoy it here along with new articles from me and my guest bloggers.
This week I leave you with one more pickleball video. I may have to break out my Batman costume for when we play.
Have a great weekend ahead!
For my readers in the CLE area… here are some articles related to news in our local area that you may enjoy…
Cosmic dining: Welcome aboard The Astro Restaurant at Tower City – FreshWater Cleveland
What Is the Future of Cleveland? Take a Trip to Northeast Ohio in 2050 – Cleveland Magazine
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Hey Jamie, good to hear from you. Pickleball is big out here, like everywhere, but I have yet to step on a court. I didn’t realize I-80 ran through your market. I live about ten miles north of where it runs through Davis.
Hey Joe! Thanks my man! Good to hear from you too! Pickleball is definitely becoming a big thing out here. I’m looking forward to trying it. We’ll have to compare notes once we’ve both tried it. I had no idea I-80 went all the way to CA. Pretty cool! I hope you are doing well my friend! Have a great weekend!
Jamie, long time reader but first time commenter! First of all, stop procrastinating and putting off the inevitable and grab your pickleball gear and GO PLAY!!! A) you’ll love it, B) you’ll find out why it’s so fun and addicting, and C) you’ll join the cult. Secondly, check out the collab I did with Ryan Lundquist (our mutual friend) at https://sacramentoappraisalblog.com/2023/06/05/that-place-where-pickleball-and-real-estate-meet/ lot’s of good info there regarding pickleball and real estate. Lastly, at this point nobody should be left with the impression that pickleball is an old person’s game. Pickleball is exploding in the younger generations, colleges are quickly picking up clubs and sporting national championships, and there is a Professional Pickleball Association (PPA) and Major League Pickleball (MLP) where the professionals are making millions of dollars. It’s a legit sport at this point. And it’s only going to continue to grow.
Thanks so much Jacob! Man, you’ve got me jazzed to get out there and play! I do remember reading Ryan’s post you shared. It was awesome! Thanks for your words of encouragement! I can’t wait to join the club! And thank you so much for being a long time reader of my blog. I appreciate you! Have an awesome weekend!
Nice. Pickleball is all the rage. I had one lesson, and I really enjoyed it. Need to get back out there. Wild to see your graphs. Looks like growing prices. I’m eager to see if 2024 will eclipse previous years over the next couple of months.
Thanks Ryan! I’m looking forward to giving it a go also! It does look fun! Things really have been hot out here in some of these markets. I just heard of one home that was listed in the mid $600k that was bid up to around $770k. Other areas are flat. But overall things are still trending upward faster than I would have expected. I agree that the next couple of months will bring really interesting to watch.