Cleveland Real Estate And More

Solon Real Estate - Monthly Home Statistics February 2010 

 

 

Here are all the homes that sold in Solon in February:

5765 Richmond Rd	$66,000
32756 Parkway Boulevard Blvd	$115,000
34500 Jaclyn Dr	$147,000
5595 Janet Blvd	$189,500
37427 Hunters Ridge	$199,000
31525 Farm Dr	$200,000
35725 Sedge Cir	$254,000
6366 Creekside Trl	$270,000
34880 Seminole Way	$432,500
7338 Shelford Dr	$557,500

Summary:

The winter months are typically slower, with only serious buyers and bargain hunters venturing out in the cold and snow. February home transfers are a result of contracts written in November and December, and Januray, not necessarily an indication of current market activity.

While bank owned and distressed properties make up about 30% of the market nationwide, there was only 1 bank owned home that sold in Solon last month. While the inventory of Solon bank owned homes has decreased over the last year, some people believe that there will be another wave of foreclosures in the near future as many adjustable rate loans are due to re-set. Until then, bargain hunters looking for huge deals may want to look elsewhere.

There are currently 35 homes under contract, which shows that there are homes selling and buyers out in the marketplace. This is even more impressive considering last month was one of the snowiest on record. Homes in the mid-level price points may be deemed the most desirable right now as buyers are still looking to take advantage of the home buyer tax credit, which will be expiring on April 30th.

There is really good news for the Solon luxury home market as 3 homes priced over $500,000 went under contract last month, including one priced over $1,000,000. Perhaps consumer confidence is growing and we will see more high priced homes sell this year.

We still anticipate a lot of buyer activity over the next 60 days, as the weather is beginning to improve and the inventory of new homes coming onto the market grows.

Below Are Other Articles Of Interest Relating To the Solon real estate:

Solon Luxury Homes - Year In Review 2009

Solon real estate - year in review 2009

Is the tax credit deadline really April 30th?

Tips when selling your home in the winter 

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About The Authors:

Dan and Amy Schuman are Solon residents. They specialize in Solon luxury homes, working with buyers relocating to Solon, and first-time buyers.

If you are looking to buy or sell a home in Solon or the surrounding Eastern suburbs, please contact the Schuman Team.

For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235.

VIEW ALL SOLON HOMES FOR SALE BY CLICKING BELOW

 

 

CHECK OUT THE SCHUMAN TEAM'S AWARD-WINNING WEBSITE

  

Solon Real Estate - Monthly Home Statistics February 2010 is the property of The Schuman Team and may not be duplicated or used without their written consent. ©March,2010 

Beachwood Real Estate - 2009 Year End Home Statistics

  

 

 

Wow, what a year for the Beachwood real estate market. Here is our official 2009 Beachwood Real Estate year in review complete with a comparison to 2008.  

All Sales           # of homes sold         Ave. Sales Price              Ave. Days on Market 

2009                       116                        $259,309                             110  

2008                        94                         $254,132                              91

Highest Sale = $650,000

Lowest Sale = $66,500

 

Luxury Sales     # of homes sold        Ave. Sales Price              Ave. Days on Market

2009                        10                           $569,200                             128

2008                         2                            $564,500                               62 

*source NEOHREX ( Regional MLS )

 

Commentary: 

By looking at these Beachwood home statistics, you would never believe that we were in a recession last year. Overall sales were up almost 25% from 2008. Additionally, the average sales price also increased from 2008 as well, the first such increase since 2005.

In addition, the amount of Beachwood luxury homes that sold also significantly increased in 2009. Overall, if there was an official bottom of the housing market in Beachwood, it is well behind us at this point.

With a solid tax base, excellent rated schools, and an active Chamber of Commerce, Beachwood real estate is usually in demand. Beachwood offers its residents great location with easy access to I271, superb amenities, and access to some of the best shopping in all of Ohio. Beachwood continues to be a very desirable community in which to work and live.

Below are other articles relating to Beachwood home statistics:

Beachwood Market Report Third Quarter of 2009

Beachwood Ohio Monthly Market Report April 2009

Beachwood Ohio First Quarter Market Report 2009

Beachwood Ohio Year End review 2008

 

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ABOUT THE AUTHORS:

Dan Schuman is a proud member of the Beachwood Chamber of Commerce and has served on the Board of Directors for the past 7 years.

The Schuman Team, Amy and Dan Schuman, specialize in luxury homes and work extensively with buyers and sellers who are relocating to Beachwood.

If you are looking to buy or sell a home in Beachwood or surrounding suburbs you can contact the Schuman Team at 216-346-3235.

 

VIEW ALL BEACHWOOD AREA HOMES FOR SALE BY CLICKING BELOW:

 

CHECK OUT THE SCHUMAN TEAM'S AWARD-WINNING WEBSITE

 

Beachwood Real Estate - 2009 Year End Home Statistics is the property of The Schuman Team and may not be duplicated or used without their written consent. ©Jan,2010

 

Solon Luxury Homes - 2009 Year In Review

Here is our official 2009 year in review for Solon Luxury Homes complete with a comparison to 2008. We will provide commentary after giving Solon luxury home statistics. Please keep in mind that due to the merging of two different multiple listing services in 2009, the 2008 statistics below may differ slightly from last years' year end statistics. In the Cleveland real estate market, the definition of a luxury home is one that sells for at least $500,000.

 

Luxury Sales     # of Homes Sold        Ave. Sales Price              Ave. Days on Market

2009                        31                      $599,060                             128

2008                        48                      $657,456                              97 

 

Highest Sale = $785,000

Here is a breakdown of 2009 sales by price:

 

Price  Range                    Sales

$500,000-599,999              16

$600,000-699,999               8

$700,000-799,999               7

$800,000+                          0

                

Commentary:

There is really no way to sugar coat the numbers for 2009 in regards to Solon luxury homes: it was not a good year. In fact, 2009 saw the lowest actual number of luxury homes sell (31) since 2002.   In addition, 11 of these sales were either bank owned or distressed in some way. This was also the first year since 2000 that there was not a sale over $800,000 in the Solon luxury home market.

From 2004-2008, the Solon luxury home market was extremely active, coinciding with the real estate boon.  While we may not see 55-65 luxury homes sell per year here in Solon in the near future, the slowly recovering economy should make buyers more comfortable moving forward with buying a luxury home.

As we look ahead to 2010, our prediction is that the number of sales of luxury homes in Solon will increase slightly.  We will probably not see as many bank owned homes either, as short sales will be much more common. The $500,000-600,000 price range will continue to be the focal point of local move up buyers, and we think this segment of the luxury market will actually become more balanced in 2010 and less of a buyers market. In fact, there are signs currently indicating this shift.

Buyers relocating to Solon still have quite a few homes to choose from in the higher-end price ranges (46 current active listings ) with more due to come on the market in the spring. If you are a seller looking to sell this year, it is wise to price very competitively.

Below are past articles that relate to the content of this post.  

2008 Year End Housing Summary Solon Ohio

2008 Luxury Market Report Solon Ohio

 

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About The Authors:

Dan and Amy Schuman are Solon residents. They specialize in Solon luxury homes, working with buyers relocating to Solon, and first-time buyers.

If you are looking to buy or sell a home in Solon or the surrounding Eastern suburbs, please contact the Schuman Team.

For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235.

VIEW ALL SOLON HOMES FOR SALE BY CLICKING BELOW

 

 

CHECK OUT THE SCHUMAN TEAM'S AWARD-WINNING WEBSITE

  

Solon Luxury Homes - 2009 Year In Review is the property of The Schuman Team and may not be duplicated or used without their written consent. ©Jan,2010

 

 Solon Real Estate - 2009 Year End Home Statistics

 

Here is our official 2009 Solon Real Estate year in review complete with a comparison to 2008. We will provide commentary after giving statistics. Please keep in mind that due to the merging of two different multiple listing services during 2009, the 2008 statistics below may differ slightly to last years' year end statistics.

 

All Sales           # of homes sold         Ave. Sales Price              Ave. Days on Market 

2009                       245                           $285,607                             107  

2008                       244                           $334,040                              97

Highest Sale = $785,000

Lowest Sale = $25,499

 

Luxury Sales     # of homes sold        Ave. Sales Price              Ave. Days on Market

2009                        31                            $599,060                             128

2008                        48                            $657,456                              97 

 

COMMENTARY

Actual sales in Solon real estate in 2009 were almost exactly the same as the total number of sales in 2008. The main difference is there were more homes selling in the lower price points and much fewer luxury home sales.

Overall, the local real estate market here in Solon responded quite well to the worst economy since the Great Depression. Considering that more homes actually sold this past year compared to 2008, we feel that the bottom of the market is behind us and look forward to more home sales in 2010.

Although the average sales price decreased from 2008, that can be mainly attributed to the lack of Solon luxury home sales. 

The Solon luxury home market was very weak in 2009, specifically homes priced over $750,000. While the market for homes priced in the $500's and $600's was actually quite balanced, the upper end of the luxury market was almost non-existent in 2009.

This past year also saw quite a few bank owned and distressed property sales, especially in the luxury market. This was a main reason for the overall lower average sales price in 2009 compared to 2008.  However, bank owned homes in Solon are not as common now as they had been over the last two years. Short sales will be much more prevalent moving forward as banks are more willing to work things out with sellers in today's market in an effort to avoid foreclosure and the costs involved with the process.  

The overall resiliance of the Solon real estate market in 2009 is in great part due to Solon having one of the top rated school systems in the nation, as there is typically greater demand for real estate in an area that has highly rated schools.

Check out previous Solon Ohio market reports:

Solon 2009 First Quarter Luxury Home Market Report

Solon 2009 First Quarter Market Report All Homes

2008 Year End Housing Summary Solon Ohio

2008 Luxury Market Report Solon Ohio

 

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About The Authors:

Dan and Amy Schuman are Solon residents. They specialize in Solon luxury homes, working with buyers relocating to Solon, and first-time buyers.

If you are looking to buy or sell a home in Solon or the surrounding Eastern suburbs, please contact the Schuman Team.

For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235.

VIEW ALL SOLON HOMES FOR SALE BY CLICKING BELOW

 

 

CHECK OUT THE SCHUMAN TEAM'S AWARD-WINNING WEBSITE

 

 

 

Solon Real Estate - 2009 Year End Home Statistics is the property of The Schuman Team and may not be duplicated or used without their written consent. ©Jan,2010

Beachwood Home Statistics November 2009

 

 

Here is a list of all single family homes that sold here in Beachwood last month.  A market summary will follow.

23207 E Groveland Rd	$126,000
21118 Halworth Rd	$130,000
23114 Cedar Rd	$185,000
2546 Larchmont Rd	$190,000
2173 Halcyon Rd	$233,000
25911 Hendon Rd	$255,000

 

 

 

MARKET SUMMARY

Last month's Beachwood home statistics look similar to those from November of 2008.

Overall, there were 6 homes that sold last month at an average price of $186,500. Last year saw only 5 homes sell in November at an average price of $162,00. The homes that sold last month were all lower than the average sales price of a home in Beachwood, which leads us to believe that bargain shoppers are looking at the lower price points, which is common during winter months.

Year to date figures show the average sales price to be $263,524, up from $252,264 last year. In addition, more homes have sold so far this year compared to all of last year, 81 to 68. Overall, 2009 will be a better year for Beachwood real estate than 2008, which is a good sign.

Also, luxury homes in Beachwood have seen more sales in 2009 as well. This year we have had 9 sales of $500,000 or higher compared to just 1 in all of 2008.

While the number of sales is typically small in Beachwood as it is a small city with fairly limited housing inventory, it is a positive sign that more homes have sold and at a higher average price in 2009 compared to last year.

With a solid tax base, excellent rated schools, and an active Chamber of Commerce, Beachwood real estate is usually in demand. Beachwood offers its residents great location with easy access to I271, superb amenities, and access to some of the best shopping in all of Ohio. The large depreciation seen in other areas has not hit Beachwood, according to our Beachwood home statistics.

Next month we will have an end of the year summary and analysis so look for it during the first week of January. 

Check out other articles of interest on Beachwood Ohio:

Beachwood Home Statistics October 2008

Beachwood Market Report Third Quarter of 2009

Beachwood Ohio Monthly Market Report April 2009

Beachwood Ohio First Quarter Market Report 2009

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ABOUT THE AUTHORS:

Dan Schuman is a proud member of the Beachwood Chamber of Commerce and has served on the Board of Directors for the past 7 years.

The Schuman Team, Amy and Dan Schuman, specialize in luxury homes and work extensively with buyers and sellers who are relocating to Beachwood.

If you are looking to buy or sell a home in Beachwood or surrounding suburbs you can contact the Schuman Team at 216-346-3235.

 

VIEW ALL BEACHWOOD AREA HOMES FOR SALE BY CLICKING BELOW:

 

CHECK OUT THE SCHUMAN TEAM'S AWARD-WINNING WEBSITE

 

Beachwood Home Statistics November 2009 is the property of The Schuman Team and may not be duplicated or used without their written consent. ©Nov,2009   

 SOLON MONTHLY HOME STATISTICS NOVEMBER 2009

 

Here is a list of all homes that officially transferred in November. We will provide a summary after the list.

 

 

7421 Geauga St	$71,000
5851 Richmond Rd	$80,000
5386 SOM Center	$105,000
6722 Solon Blvd	$135,000
6472 Glenallen	$140,000
6741 Duneden Ave	$151,900
5165 Brainard Rd	$153,700
32355 Bainbridge Rd	$172,000
32440 Pettibone Rd	$180,000
6618 Copley Ave	$185,000
5285 Parkside Trl	$200,000
32220 Tracy Ln	$219,000
5185 Park Side Trl	$231,000
37192 Deer Run	$232,000
29460 Miles Rd	$240,000
5490 Som Center Rd	$309,000
32996 Lisa Ln	$337,800
38515 Flanders Dr	$340,000
6921 Silkwood Ln	$349,000
32545 Shadowbrook Dr	$385,000
38450 Flanders	$561,000
6955 Woodlands Ln	$600,000

 

As predicted in recent posts, last month was a very active month in terms of home sales here in Solon. Officially, there were 22 total homes that sold in November in Solon at an average sales price of $244,427. This is almost the same exact average sales price as September and October. Last November saw only 11 sales at an average price of $248,364. These Solon home statistics indicate a trend of lower and moderate priced homes selling and Solon luxury homes, those priced above $500,000, continuing to linger on the market.

SUMMARY

Total sales year to date are almost exactly the same as this time last year. In fact, we need only 18 sales in December to exceed last years' figures. While that doesn't sound like much, having more sales this year than 2008 may be the sign buyers are waiting for to see that the housing market may have indeed bottomed out.

Average sales price, however, has decreased from 2008. Year to date, the average sales price of a home in Solon is $292,626. Last year at this time saw the average sales price at $341,572.

Does this mean that homes in Solon have depreciated over 10%? Not necessarily. The average sales price is an indication of more lower priced homes being sold, especially many that are bank owned or distressed in some way. This, coupled with the lack of luxury home sales, has brought the average sales price down in 2009.

For those looking to buy a home in Solon, it is not accurate to assume that home prices have decreased across the board. The sale of a bank owned home cannot be compared to that of a well maintained home, so the actual Solon home statistics can be a little misleading.  Nice homes in many developments have been able to maintain their values for the most part over the last year. Sure, the market is still soft, but in many price points, updated and well-maintained homes priced fairly will still be able to sell for 94-96% of their list price. 

The one area of concern is the market of Solon luxury homes as they are simply not selling like in previous years. In fact, 2008 saw 48 luxury home sales in Solon whereas there have been only 31 so far in 2009. In addition, 11 of the sales this year, over 35%,  have involved distressed properties. Also, there were 23 luxury home sales in Solon in 2008 over $650,000. This year, we have seen only 7 homes sell for over $650,000.

Check out previous Solon Ohio market reports:

October 2009 Market Report Solon Ohio

September 2009 Market Report Solon Ohio 

July and August 2009 Market Report Solon Ohio

May 2009 Market Report Solon Ohio

April 2009 Market Report Solon Ohio

Solon 2009 First Quarter Luxury Home Market Report

Solon 2009 First Quarter Market Report All Homes

2008 Year End Housing Summary Solon Ohio

2008 Luxury Market Report Solon Ohio

 

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About The Authors:

Dan and Amy Schuman are Solon residents. They specialize in Solon luxury homes, working with buyers relocating to Solon, and first-time buyers.

If you are looking to buy or sell a home in Solon or the surrounding Eastern suburbs, please contact the Schuman Team.

For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235.

VIEW ALL SOLON HOMES FOR SALE BY CLICKING BELOW

 

 

CHECK OUT THE SCHUMAN TEAM'S AWARD-WINNING WEBSITE

 

 

 

Solon Real Estate - Monthly Home Statistics November 2009 is the property of The Schuman Team and may not be duplicated or used without their written consent. ©Dec,2009

 

Beachwood Home Statistics October 2009

 

 

Here is a list of all single family homes that sold here in Beachwood in October. A market summary will follow.

SOLDS October 2009	SALE PRICE
24561 S Woodland Rd	$145,000
2577 Elmhurst Dr	$222,500
23608 Ranch Rd	$222,500
24875 Shaker Blvd	$235,000
23258 Fernwood Dr	$252,000
2630 Buckhurst Dr	$340,000
24602 Hawthorne Dr	$358,000
2257 Orchard Way	$568,500

 

MARKET SUMMARY

Last month's Beachwood home statistics look much better than those from October 2008.

Overall, we had 9 homes sell last month compared to only 7 sales in October 2008. The average sales price last month of $295,944 was also higher than in 2008, which was $174,857.

Year to date figures also indicate that 2009 is going to be better statistically than 2008.  So far this year, we have had 93 sales in Beachwood at an average price of $261,557. Last year at this time, we has 83 home sales at an average price of $257,288.

While the number of sales don't seem to be a lot, Beachwood is a fairly small city with a limited housing stock. Usually, there are no more than 40-60 homes on the market in Beachwood at any given time. With a solid tax base, excellent rated schools, and an active Chamber of Commerce, Beachwood real estate is usually in demand. Beachwood offers its residents great location with easy access to I271, superb amenities, and access to some of the best shopping in all of Ohio. The large depreciation seen in other areas has not hit Beachwood, according to our Beachwood home statistics.

With 22 homes currently under contract, 2009 should end up being statistically better than last year, a good sign for the local Beachwood real estate market. 

Check out other articles of interest on Beachwood Ohio:

Beachwood Market Report Third Quarter of 2009

Beachwood Ohio Monthly Market Report April 2009

Beachwood Ohio First Quarter Market Report 2009

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ABOUT THE AUTHORS:

Dan Schuman is a proud member of the Beachwood Chamber of Commerce and has served on the Board of Directors for the past 7 years.

The Schuman Team, Amy and Dan Schuman, specialize in luxury homes and work extensively with buyers and sellers who are relocating to Beachwood.

If you are looking to buy or sell a home in Beachwood or surrounding suburbs you can contact the Schuman Team at 216-346-3235.

 

VIEW ALL BEACHWOOD AREA HOMES FOR SALE BY CLICKING BELOW:

 

CHECK OUT THE SCHUMAN TEAM'S AWARD-WINNING WEBSITE

 

Beachwood Home Statistics October 2009 is the property of The Schuman Team and may not be duplicated or used without their written consent. ©Nov,2009   

Here are all sales in Pepper Pike for June, 2009 and a summary of the first half of the year.

SOLDS JUNE 2009	SALE PRICE
2525 Windy Hill Drive	$186,000
31950 Gates Mills Blvd	195,000
31000 Fox Hollow Drive	277,500
3525 Rolling Hills Drive	375,000
2630 Snowberry	498,500
5105 Muirfield Drive	515,000
34 Pepper Creek	855,000

 

Overall, June was a decent month in terms of home sales in Pepper Pike.

Specifically, 7 homes officially sold last month at an average sales price of $414,571. Last June, we had 14 sales at an average of $602,211. Included in this number are 2 sales over $1,500,000.

In addition, we had 2 luxury home sales last month ( sold for over $500,000 ) compared to 5 in June 2008.

MID YEAR ANALYSIS

Here is a comparison of 2008 to 2009:

In the first half of 2008, there were 37 homes sold for an average price of $486,953.

In the first half of 2009, there were 31 homes sold for an average price of $405,377.

The Pepper Pike luxury home market had 13 sales in the first half of 2008 for an average price of $844,269.

The Pepper Pike luxury home market had 7 sales in the first half of 2009 for an average price of $722,357.

SUMMARY

Overall, sales and average sales price are down in 2009 compared to last year. However, there are 17  homes currently under contract. 

The average sales price and number of sales in most East side communities is down so far this year. The  luxury home market, especially the $1,000,000 + price range is especially slow as well.

Moving forward, the next few weeks could see buyers making serious buying decisions so they can get into a home before the start of the school year.  We may see a slowdown in August, but the fall market is typically good.

Overall, there are currently 90 single family homes on the market in Pepper Pike, with more than half ( 47 ) being listed over $500,000. In fact, there are 11 homes currently listed over $1,000,000. Considering that only 1 luxury home has been selling a month this year in Pepper Pike, it would take almost 4 years for the current luxury home inventory to be absorbed by the market, and that doesn't account for additional homes coming on the market. It is a good time for luxury home buyers, but obviously not sellers.

Check out previous Pepper Pike market reports:

Pepper Pike Monthly Marketing Report April 2009

Pepper Pike First Quarter Market Report 2009

Cleveland East Side Luxury Home Report First Half 2009

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About The Authors:

This information is provided compliments of Amy and Dan Schuman, The Schuman Team Keller Williams Realty. The Schumans are experts in the Cleveland Ohio real estate market and specialize in luxury homes, home staging, and relocation.

If you are looking to buy or sell a home in Bainbridge,Beachwood, Moreland Hills, Orange, Pepper Pike, Solon or the surrounding Eastern suburbs, please contact the Schuman Team at 216-346-3235.

 

VIEW ALL PEPPER PIKE HOMES FOR SALE

 

 

 CHECK OUT THE SCHUMAN TEAM'S AWARD-WINNING WEBSITE

  

Pepper Pike Real Estate: Bi-Annual Market Report First Half 2009  is the property of The Schuman Team and may not be duplicated or used without their written consent. ©July2009

We are officially half way through the year and have enough data to make a fair comparison between 2009 and 2008.

Before giving a comparison, here is an unofficial list of all homes that SOLD in June, 2009 here in Solon:

SOLDS JUNE 2009	SALE PRICE
38420 Aurora Rd	$62,000
34905 Bridle Trail Ln	$110,000
6955 Elmwood Drive	$112,500
5630 Elm Hill Drive	$135,000
31850 Arthur Road	$161,000
5965 Buckboard Ln	$170,000
32575 Arthur Road	$171,200
32630 Arlesford	$175,000
34580 Jaclyn Drive	$193,000
33725 Coachman Ln	$203,000
34011 Summerset	$205,000
36980 Valley Forge	$225,000
5688 Gemini Ct	$230,000
33324 Overland Ln	$238,900
31450 Cheswick	$248,000
5255 Parkside Trl	$258,000
33964 Canterbury	$258,500
32694 Ashdown Drive	$272,201
7280 Popham Pl	$280,000
7207 Winchester	$280,000
5560 Hummingbird Cir	$292,000
33045 Cannon Rd	$304,500
5859 Briarhill Dr	$305,000
7629 Lindsay Ln	$332,000
5058 Everton	$375,000
38200 Windy Hill Ln	$390,000
5826 Briarwood Lane	$415,000
6526 Woodbury Dr	$415,000
7153 Longview Dr	$418,000
7147 Longview Dr	$425,800
6725 Ridgecliff Dr	$445,000
5455 Pine Ln	$510,000
38750 Flanders Dr	$518,650
7626 Royal Portrush Dr	$530,000
37815 Flanders	$605,000
7320 Hillside Ln	$615,000
7584 Royal Portrush	$737,000
7518 Stockwood	$740,000
37770 Flanders Dr	$785,000

 

Overall, June was a great month in terms of home sales in Solon, as predicted in previous posts. The large number of sales last month was a direct result of the increase in buyer activity during the Spring market.

Specifically, 39 homes officially sold last month at an average sales price of $337,083. Last June, we had 36 sales at an average of $323,290.

In addition, we had 8 luxury home sales last month ( sold for over $500,000 ) compared to 7 in June 2008.

MID YEAR ANALYSIS

Here is a comparison of 2008 to 2009:

In the first half of 2008, there were 111 homes sold for an average price of $339,218.

In the first half of 2009, there were 104 homes sold for an average price of $297,619.

The Solon luxury home market had 24 sales in the first half of 2008 for an average price of $676,438.

The Solon luxury home market had 17 sales in the first half of 2009 for an average price of $614,685.

SUMMARY

Overall, sales and average sales price are down in 2009 compared to last year. However, with 54 homes currently under contract, and many buyers scrambling to get into a home before the school year begins, we may see overall sales increase in 2009 compared to last year.

The average sales price will probably be lower in 2009 vs. 2008 due to a decent number of foreclosures that sold in the beginning of the year. Also, the price of luxury homes seems to be declining as well, which will have an affect on the overall numbers.

Moving forward, the next 30 days should be very busy as many buyers are feeling pressure to get into a home before schools starts.  There are many buyers in the marketplace who have seen the entire inventory of homes and just haven't made a final buying decision. Since there are many buyers in this same position, we will begin to see a lot of homes go under contract in July.

In addition, as homes go off the market and inventory declines, there will be more pressure on buyers who are in a hurry to buy. So, although we may still officially be in a sellers market, this time of the year brings about many highly motivated buyers and can balance out the market quite a bit, at least for the next 30-40 days.

We will typically see things slow down in August, and pick back up after Labor Day.

The luxury home market is still down compared to 2009. A buyer looking to spend between $500,000-$850,000+  should be able to find a great home at a very attractive price.

Overall, there are currently 185 single family homes on the market in Solon, with 55 being listed over $500,000.

Check out previous Solon Ohio market reports:

May 2009 Market Report Solon Ohio

April 2009 Market Report Solon Ohio

Solon 2009 First Quarter Luxury Home Market Report

Solon 2009 First Quarter Market Report All Homes

February 2009 Market Report Solon Ohio

January 2009 Market Report Solon Ohio 

2008 Year End Housing Summary Solon Ohio

2008 Luxury Market Report Solon Ohio

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About The Authors:

Dan and Amy Schuman are Solon residents. They use their home staging expertise to sell listings quicker and for more money. The average home in the Cleveland area sold in over 100 days in 2008 and the Schuman Team's listings sold in less than 60 days.

The Schuman Team also specializes in luxury homes and are members of the Luxury Home Consultants of Keller Williams Realty Greater Cleveland and of the prestigious Institute for Luxury Home Marketing, the premier independent authority in training and certification for real estate agents working in the luxury home market. They also work extensively with buyers and sellers who are relocating in or out of the area.

If you are looking to buy or sell a home in Bainbridge,Beachwood, Moreland Hills, Orange, Pepper Pike, Solon or the surrounding Eastern suburbs, please contact the Schuman Team as they would be happy to show you why people love working with them.

For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235.

 

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Solon Ohio Real Estate: Bi-Annual Market Report First Half 2009 is the property of The Schuman Team and may not be duplicated or used without their written consent. ©July,2009

The Pepper Pike real estate market got off to a decent start in the beginning of the year and has been able to hold steady as we enter the spring market.

Specifically, 6 homes sold in April 2009, which is the same number of homes that sold during the same period last year. The good news is that year to date, homes sale are up 33% in 2009 compared to last year. In addition, recent activity shows that 7 homes went under contract in April. 

Here is an unofficial list of all homes that SOLD in April in Pepper Pike.

 

SOLDS APRIL 2009	SALE PRICE
30699 Summit	$155,000
30550 Shaker	$247,000
3420 Lawton Lane	$260,000
32381 Meadowlark Way	$460,000
4600 Glengary	$501,500
3100 Legends Way	$610,000

 

SUMMARY

The spring market is in full force and market activity has increased throughout the area. Buyers are feeling slightly more confident as the stock market and economic reports suggest a possible end in sight of the recession.

There are serious buyers ready to make a buying decision in Pepper Pike but are just waiting to find that special home. Sellers who price their homes competitively have the best chance of selling and achieving their goals. Activity should continue to be brisk at least until mid July as many buyers with school aged children will want to be settled into their new home for the start of the school year in August.

Check out previous Pepper Pike Ohio market reports:

Pepper Pike Ohio Market Report First Quarter 2009

Pepper Pike Ohio Market Report Jan/Feb 2009

Pepper Pike Ohio Year End Market Report 2008

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ABOUT THE AUTHORS:

The Schuman Team uses their home staging expertise to sell listings quicker and for more money. The average home in the Cleveland area sold in over 100 days in 2008 and their listings sold in less than 60 days. They also specialize in luxury homes and work extensively with buyers and sellers who are relocating in or out of the area.

Click here to see all homes listed for sale in the Cleveland area.  For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235.

If you are looking to buy or sell a home in Beachwood, Moreland Hills, Orange, Pepper Pike, Solon or the surrounding Eastern suburbs, please contact them as they would be happy to show you why people love working with the Schuman Team.

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All content is the property of The Schuman Team and may not be duplicated or used without their written consent. ©2009