Here is our official 2011 year in review for Pepper Pike Oh real estate, complete with a comparison to 2010. We will provide commentary after giving statistics on the Pepper Pike housing market.
Year # of Homes Ave. Sales Price Sales Price/List Price Ave. Days on Market
2011 89 $402,418 88.22% 194
2010 85 $435,535 91.99% 159
Here are all 2011 home sales in Pepper Pike broken down by price points:
Source: NEOHREX
COMMENTARY
A great year in 2010 was followed by even higher sales in 2011. However, as opposed to last year when we saw an increase in both sales AND average sales price, the average sales price of a home in Pepper Pike decreased from last year. The activity in the luxury home market ( those priced over $500,000) was decent with 25 sales. Although not as strong as 2010, it was much better than the 14 luxury homes that sold in 2009.
In addition to looking at Pepper Pike statistics, we also think it's important to note real estate activity in the other two suburbs that are also part of the Orange School District ( Moreland Hills and Orange ). Both Moreland Hills and Orange saw an increase in the average price of a home in 2011. Moreland Hills saw an increase in sales compared to 2010 while Orange saw sales numbers decrease.
Overall, the numbers indicate that the worst is behind us although the local real estate market is still moving along very slowly. There have been some positive signs in the economy which will hopefully help the local housing market.
There are some fantastic deals on homes in Pepper Pike right now, and continued low rates make this a great time to buy.
Pepper Pike is a very small community on the east side of Cleveland. It is in close proximity to the airport and downtown Cleveland, making it a popular destination for people relocating to Cleveland.
Dan and Amy Schuman live on the East side of Cleveland and specialize in Cleveland Luxury Homes, working with buyers relocating to Cleveland, and first-time buyers.
Solon Ohio Real Estate - Bi-Annual Market Report 2011
The following is our official bi-annual market report for the first half of 2011 for Solon Ohio. We will provide a comparison between 2011 and 2010 and add commentary for the state of the market.
Date # of homes sold Ave. Sales Price
June 2011 26 $293,348
YTD 2011 102 $276,951
June 2010 28 $349,002
YTD 2010 101 $297,144
*source NEOHREX ( Regional MLS )
Commentary
It's hard to believe but the year is half way over. In the beginning of the year, we were curious see how things would fare as the second half of 2010 ended on a slow note compared to the first half. As you can see from the figures above, the number of sales is actually higher than last year. Although this may not seem important, last year's figures were inflated as a result of the first time buyer tax credit. Taking things into consideration, we conclude that 2011 is doing fairly well here in Solon.
Even though the average sales price is off a little from last year, the figures are a bit misleading. There were quite a few lower-end sales priced under $100,000. This was caused by a fairly large amount of distressed properties selling, many of which had been lingering on the market since last year.
In terms of Solon luxury homes, numbers are similar to last year. Sales this year are now at 13 with an average price of $628,846 and last years numbers at the half way point were almost identical at 14 and $627,304 respectively.
Moving forward, there are 42 homes currently under contract, 4 of which are luxury homes, and still a lot of buyers on the sidelines. We anticipate July to be busy as many buyers are looking to move into Solon before the school year begins
Dan and Amy Schuman live on the East side of Cleveland and specialize in Cleveland Luxury Homes, working with buyers relocating to Cleveland, and first-time buyers.
In this report, we will first list all Twinsburg Oh home sales in the 44087 zip code for last month, and then give a comparison to the first quarter this year versus 2010. Commentary will follow.
TWINSBURG OH HOME SALES MARCH 2O11
9412 Chamberlin Rd
$62,000
9235 Gettysburg Dr
$110,000
9278 Liberty Rd
$129,900
1664 Iris Glen Dr
$136,900
1637 Iris Glen Dr
$140,000
9835 Country Club
$172,500
2270 Glenwood Dr
$179,000
11288 Palmer Ln
$187,500
9677 Darrow Rd
$194,000
10377 Oviatt
$215,000
2647 Bronsons Way
$224,000
3131 Killingworth Ln
$294,500
All Sales # of homes sold Ave. Sales Price
First Quarter 2011 28 $175,550
First Quarter 2010 33 $185,583
March 2011 12 $170,442
March 2010 15 $175,423
SUMMARY
Homes sales and the average sales price were down during the first quarter of this year. In terms of sales, last year saw a surge of activity due to the home buyer tax credit. So, we anticipate sales to be lower at least through the first half of this year compared to 2010. While the average sales price did go down compared to last year, we believe it is a little too early to determine if this is a trend that will continue throughout the year.
When looking at home values in Twinsburg, the above statistics cannot be used to make a blanket statement on every home in the market. There are certainly neighborhoods and price points that are deemed more desirable by local home buyers, and these areas will often hold their value even if overall statistics show a slight downward trend.
If you are looking to buy or sell a home in Twinsburg, the best way to find out what your home is worth is to enlist the services of a local real estate agent. There is no substitute for the market knowledge that an agent can give you.
Below are other articles of interest pertaining to Twinsburg Real Estate:
Dan and Amy Schuman live on the East side of Cleveland and specialize in Cleveland Luxury Homes, working with buyers relocating to Cleveland, and first-time buyers.
Before we discuss the direction of home values here in Pepper Pike, we will first give a list of all homes that sold during the first quarter of 2011. We will show a comparison of sales for the first quarter this year compared to the first three months of 2010. We will also do a comparison of March 2011 to the previous year. Finally, we will provide commentary.
ALL HOME SALES IN PEPPER PIKE, ZIP CODE 44124 FIRST QUARTER 2011
2411 Lander Rd
$114,500
29776 S Woodland Rd
$175,000
29475 Bolingbrook
$227,000
6220 North Pointe Dr
$232,469
30899 E Landerwood
$254,900
2744 Kersdale
$292,000
1 Hunting Hollow Dr
$325,000
32005 Fairmount Blvd
$383,000
29475 S Woodland Rd
$470,000
4820 Glengary
$537,500
3400 Old Brainard Rd
$900,000
29227 Shaker Blvd
$920,000
All Sales # of homes sold Ave. Sales Price
First Quarter 2011 12 $402,614
First Quarter 2010 19 $418,447
March 2011 4 $254,125
March 2010 8 $493,750
*source NEOHREX ( Regional MLS )
SUMMARY
The first quarter sales are typically a result of homes that went under contract either towards the end of 2010, or the beginning of this year. During the cold weather months, sales tend to be slower, with bargain hunters picking up lower-end homes. While sales and average sales price are both lower compared to 2010, it's too early to tell if this is a trend or simply chalk it up to really bad weather, including brutally wet and cold spring weather.
Pepper Pike real estate had a very good year last year compared to 2009, so we are looking for things to pick up during the second quarter.
Pepper Pike real estate will continue to be regarded by many as very desirable thanks in part to the excellent rated ( by the State of Ohio ) schools, picturesque homes on beautiful 1 acre wooded lots, and ideal location.
Other articles of interest pertaining to Pepper Pike Oh real estate:
Dan and Amy Schuman live on the East side of Cleveland and specialize in Cleveland Luxury Homes, working with buyers relocating to Cleveland, and first-time buyers.
Before we discuss the state of home values in Beachwood, OH, specifically in the zip code 44122, we will first provide a list of all the homes that sold during the first quarter in 2011. Then, we will show a comparison of March 2011 to March 2010, provide a statistical comparison between the first quarter of 2011 to last year, and finally provide commentary.
27500 Cedar #809
$89,000
24105 Edgehill Dr
$158,000
2930 Richmond Rd
$185,000
2541 Elmhurst Dr
$190,000
25940 Hurlingham Rd
$190,000
21026 Almar Dr
$202,500
24707 Albert Ln
$205,000
2618 Deptford Dr
$217,500
12 Chelsea Ct
$220,000
19 Deerfield Ln
$230,000
23227 Wendover Dr
$238,000
25418 Halburton Rd
$290,000
24442 Meldon Blvd
$360,000
2513 Fairwood Court
$515,000
24875 Woodside Ln
$1,100,000
All Sales # of homes sold Ave. Sales Price
March 2011 6 $204,500
March 2010 8 $259,245
First Quarter 2011 15 $292,667
First Quarter 2010 16 $279,685
*source NEOHREX ( Regional MLS )
COMMENTARY:
It's hard to believe that the first 3 months of the year are over. Overall, the Beachwood real estate market is holding its own compared to last year. We are still not seeing a lot of direction one way or another in terms of home values, but the warming weather will hopefully spur home buying as we enter the spring market. The fact that Cleveland was recently featured as one of the top Cities To Buy A Home could also help.
Traditionally, Beachwood has a limited housing inventory, so there is typically never an over supply of homes on the market. Beachwood is also viewed as a highly desirable area in which to live and work as it offers easy access to I271, superb amenities, excellent rated schools and some of the best shopping in all of Ohio.
Below are other articles of interest pertaining to Beachwood OH Market Reports:
Dan and Amy Schuman live on the East side of Cleveland and specialize in Cleveland Luxury Homes, working with buyers relocating to Cleveland, and first-time buyers.
Here is our quarterly report for Solon OH home values for the zip code 44139, excluding Glenwillow. We will first provide a list of all the homes that sold in Solon during the first three months of 2011, show a comparison to the same period of time in 2010, and finally give our analysis at the end. We will also show statistics for last month and compare them to March 2010 as well.
ALL SOLON HOME SALES FIRST QUARTER 2011
27250 Cannon Rd
$51,500
32731 Baldwin Rd
$78,000
7134 Hollyhock Ln
$94,567
7669 Som Center Rd
$98,000
7026 Som Center Rd
$105,000
31275 Arthur Rd
$112,000
28050 Aurora Rd
$115,000
33500 Baldwin Rd
$120,000
7275 Som Center Rd
$135,900
6674 Edgemoor Ave
$163,500
6734 Edgemoor Ave
$175,000
113 Meadow Ln
$175,000
5650 Janet Blvd
$176,260
5660 Elm Hill Dr
$184,250
5645 Emerald Ridge Pkwy
$190,000
31470 Birch Cir
$195,000
32899 Charmwood Oval
$195,000
6935 Fox Hill Dr
$215,167
37175 Windy Hill Ln
$232,000
5749 Som Center Rd #5
$249,500
36505 Churchill Dr
$250,000
33205 Rockford Dr
$250,000
7333 Winchester Dr
$265,000
7040 Woodduck Ct
$275,000
34720 Sherbrook Park Dr
$285,000
34516 Blue Heron Dr
$319,000
7028 Navajo Trl
$400,000
7365 Joseph Dr
$495,000
6452 Dorset Ln
$525,000
6754 Winston Ln
$575,000
37282 Tidewater Dr
$700,000
38267 Flanders Dr
$715,000
All Sales # of homes sold Ave. Sales Price
March 2011 17 $189,019
March 2010 16 $248,847
1st Quarter 2011 32 $253,583
1st Quarter 2010 37 $256,032
*source NEOHREX ( Regional MLS )
COMMENTARY:
It's hard to believe but the first quarter of the year is already behind us. As is typical in the beginning of the year, there are a lot of sales in the lower end of the pricing spectrum, a result of bargain shoppers buying during the cold weather months.
Sales and average sales price are both down slightly compared to 2010, but it's too early to call this a major trend. There are quite a few buyers looking, but most won't actually make a buying decision unless they see tremendous value. That being said, homes that really stand out compared to the competition will still sell, some rather quickly.
Overall, values of homes here in the Solon Oh area are still treading water so to speak. We are simply not seeing a lot of movement, especially in the Solon luxury home market, where increased sales here can really help drive up the average sales price.
Dan and Amy Schuman live on the East side of Cleveland and specialize in Cleveland Luxury Homes, working with buyers relocating to Cleveland, and first-time buyers.
Here is our official year in review for Solon Luxury Homes complete with a comparison to 2009. We will provide in depth commentary about the Solon luxury home market that is certain to raise a few eyebrows. Also, we will include some great videos of Solon luxury home neighborhoods at the bottom.
In the Cleveland real estate market, a luxury home is categorized as one that sells for at least $500,000.
Year # of Homes Sold Ave. Sales Price
2010 26 $686,375
2009 31 $599,060
Highest Sale = $1,700,000
Here is a breakdown of 2010 sales by price:
Commentary:
Things are beginning to turn around for the luxury market as is evidenced by the figures above. While there were less actual sales in 2010 compared to last year, the average price for a Solon luxury home was higher. The average sales price figures are probably a tad inflated as we saw two sales over $1,000,000, one close to $2,000,000 which is unusual in the Solon market.
While there were more sales in 2009 ( 31 ), 11 of them were distressed properties, those that were either bank owned or short-sales. Out of the 26 sales last year, only 4 were distressed sales. We believe that less distressed sales is one of the main reasons why the average sales price was higher this past year.
WHY ARE NEARBY SUBURBS DOING BETTER THAN SOLON?
While luxury sales were down this year here in Solon, there were some suburbs nearby that did very well. Pepper Pike for example saw luxury home sales more than double this year, from 14 in 2009 to 31 in 2010. Moreland Hills also saw better numbers this year as well.
Does this mean that Solon is no longer as desirable? Not at all. Solon earned the #1 report card from the Ohio Department of Education last year, so buyer demand isn't the issue here. We are now going to share some insight that you won't read anywhere else.
In some suburbs, the luxury home inventory consists of older homes where the sellers on average have lived in their homes for a longer period of time than Solon home sellers. Some sellers in areas like Pepper Pike bought their homes 20-30+ years ago and have quite a bit of equity in their homes. Since most Solon luxury homes were built within the last 10 years, many of today's sellers have been in their homes for a short period of time.
Sure, homes in areas like Pepper Pike took a hit on their values during the recent downturn just like everywhere else. But people there are less attached to the relationship of purchase price vs. current market value than many Solon home sellers, most of whom bought during the peak of the real estate market.
Let's look at this example:
Year Purchased Purchase Price Value in 2006 Recent Sale Price
Pepper Pike Luxury Home Seller 1985 $450,000 $800,000 $720,000
Solon Luxury Home Seller 2004 $699,000 $745,000 $665,000
Here, both sellers saw their homes depreciate over the last few years, causing them to lose money. However, when all is said and done, psychologically it's a lot easier for the Pepper Pike seller to accept the loss because in the end, they still made money on the home over the years.
To make matters worse, Solon home sellers, many whom bought new construction, could easily have spent an additional $80,000+ above and beyond what the purchase price states for items not typically included in new homes, such as landscaping, a finished basement, and window treatments.
At this point, it's not that sellers in Solon cannot sell their homes. Many are simply so emotionally tied to their purchase price and how much they put into the home, that they are not yet willing to accept what the current market will bear. For this reason, bringing buyers and sellers of luxury homes together in Solon is more of a challenge today than in some of the other suburbs. The buyers are still out there, they are just very smart and refuse to pay more than market value for a home.
If someone wants a newer home in an excellent rated school district, Solon is often at the top of the list, especially for those who are relocating to the Cleveland area. Subdivisions such as Chagrin Highlands , Signature of Solon, and Thornbury are highly sought out, so demand isn't the issue. The problem is the sellers.
Moving forward, we are seeing sellers, slowly and surely, become more realistic with their pricing and we anticipate sales of luxury homes in Solon to increase slightly in 2011.
FOR THOSE NOT FAMILIAR WITH SOLON OHIO, HERE IS A GREAT VIDEO OF SIGNATURE OF SOLON, ONE OF CLEVELAND'S PREMIERE GATED GOLF COURSE COMMUNITIES:
Here are links to videos of some other fabulous Solon luxury home developments:
Dan and Amy Schuman live on the East side of Cleveland and specialize in Cleveland Luxury Homes, working with buyers relocating to Cleveland, and first-time buyers.
The following is our official year end home value report for Solon Ohio. We will provide a comparison between 2010 and 2009 and give commentary regarding the Solon Oh real estate market.
Sales # of Homes Sold Ave. Sales Price High Low
2010 201 $300,791 $1,700,000 $52,000
2009 247 $284,294 $785,000 $25,499
Here is a break down of all 2010 sales by specific price bands:
Source: NEOHREX
Commentary
It was an interesting year for real estate in Solon Ohio. We got off to a great start, thanks in part to the first time buyer tax credit. Then, we started to see a drop off in terms of total sales compared to 2009.
Overall, there were less sales in 2010 but the average sales price was higher. We believe the average sales price is a result of two things: less distressed sales, especially in the lower price points, and more sales in the higher levels of the Solon luxury market.
In terms of Solon luxury homes, we saw 26 sales this year compared to 31 in 2009. However, the good news was that the average sales price of a luxury home in Solon was $686,375 this year compared to $599,060 in 2009. The highest price sale in Solon for the year was $1,700,000.
So what does all this mean? Just because there were less sales this year certainly shouldn't take anything away from Solon. Solon is one of the most sought after suburbs in the area thanks in part to having one of the top rated Schools in the State of Ohio.
The problem with the housing market is that many home owners, especially those who bought within the last 10 years, are having a tough time when it comes to selling their home. Either they owe more than their home is worth, making it impossible to sell without having to do a complicated short-sale transaction, or they simply aren't willing to accept current market conditions and continue to price their homes too high.
The good news is that there are a lot of buyers out there. Sellers who price themselves competitively stand a great chance of selling their home, and move up buyers especially have a wonderful opportunity to buy up in a down market.
Moving forward, we anticipate sales to be flat, at least through this year, with the average sales price to be a little higher that they were in 2010.
Dan and Amy Schuman live on the East side of Cleveland and specialize in Cleveland Luxury Homes, working with buyers relocating to Cleveland, and first-time buyers.
Here is our official 2010 year in review for Twinsburg Oh real estate, complete with a comparison to 2009. We will provide commentary after giving statistics on the Twinsburg Ohio housing market.
Sales # of Homes Sold Ave. Sales Price High Low
2010 183 $207,145 $409,000 $46,000
2009 216 $194,832 $460,000 $20,000
Here is a break down of all 2010 sales by specific price bands:
Source: NEOHREX
Commentary
We saw less home sales this year in Twinsburg, but the average price increased. We attribute that to less distressed sales, especially in the under $100,000 price point.
While many of the area's older suburbs such as Pepper Pike saw an increase in sales and purchase price, cities with newer housing such as Twinsburg and Solon saw a decrease in sales.
There is no way to tell why this may be, but one theory states that there are more people under water on their mortgages in areas like Twinsburg, thus they are not able to price their homes to sell. The last 10 years saw a large amount of sales in newer subdivisions such as Ethan's Green, and many buyers put very little money down during the years when low down payment loans were the norm. Consequently, a lot of the folks now looking to sell have little or no equity, making sales more difficult.
Moving forward, we anticipate sales and average sales price to remain flat for a while here in Twinsburg until the local economy improves. However, with rates remaining low, it still remains a favorable time to buy, especially those that are moving up to a larger home.
Dan and Amy Schuman live on the East side of Cleveland and specialize in Cleveland Luxury Homes, working with buyers relocating to Cleveland, and first-time buyers.
Here is our official 2010 year in review for Shaker Heights Oh real estate, complete with a comparison to 2009. We will provide commentary after giving statistics on the Shaker Heights housing market.
Year # of Homes Sold Ave. Sales Price High Low
2010 337 $240,913 $1,350,000 $9000
2009 357 $206,096 $1,500,000 $4000
Here are all 2010 home sales in Shaker Heights broken down by price points:
Source: NEOHREX
Commentary
Shaker Heights real estate seems to have stabilized in 2010. While there were a few less sales this past year, the average home price was higher. We attribute this to less distressed home sales.
In terms of the Shaker Heights luxury home market ( homes priced over $500,000 ) there were 37 luxury home sales in 2010 compared to 22 in 2009.
Based on the statistics, we feel that the bottom of the market has passed us by and anticipate flat sales for the next few years. While the national economy is seeing some positive signs, things are still slow locally here in Cleveland, so major home appreciation is not going to be seen for a while. However, as depreciation ends, buyers and sellers should both feel more secure about the real estate market and will be able to move forward with their buying and selling goals. The fact that the upper-end market has picked up, not only here in Shaker Heights but in other nearby suburbs like Pepper Pike and Moreland Hills, is a positive sign.
Dan and Amy Schuman live on the East side of Cleveland and specialize in Cleveland Luxury Homes, working with buyers relocating to Cleveland, and first-time buyers.
