Houses in Gates Mills sold for an average price of $584,014, down from a $588,611 average in 2009, according to a year-end market report by Dan and Amy Schuman of Keller Williams Realty Greater Cleveland.
The Schumans posted the numbers on their blog at activerain.com.
Dan Schuman said throughout much of the east side there were fewer sales, but higher prices. Gates Mills was an exception, with more sales, but a slight price drop.
However, he said the numbers were a sign that the real estate market for luxury homes – those priced at $500,000 or more – was picking up.
"I think we've bottomed out," he said. "People are starting to be a little more comfortable buying homes."
There were 21 homes sold in Gates Mills in 2010, with the high price at $1.6 million and the low at $145,000. The high and low sale prices in 2009, when 18 homes were sold, were $1.68 million and $190,000, respectively.
Looking at the numbers, the Schumans concluded that a similar year can be expected for the real estate market in Gates Mills in 2011, with a slight increase in sales of luxury homes.
Of the 21 homes sold in Gates Mills in 2010, nine sold for $500,000 or more, three were in the $350,000-$399,999 range and five sold for between $300,000 and $349,999.
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