Cleveland Real Estate And More

Orange OH Year End Market Report 2010

Here is our official 2010 year in review for Orange Oh real estate, complete with a comparison to 2009. We will provide commentary after giving statistics on the Orange housing market.

Year      # of Homes Sold        Ave. Sales Price              High                  Low

2010                      42                     $279,598                $875,000             $75,900

2009                      42                     $259,121                $750,800             $87,500

Here are all 2010 home sales in Orange broken down by price points with average days on market noted:

Source: NEOHREX

Commentary - Based on the statistics above, real estate in Orange Oh was better in 2010 than in 2009. The number of sales was the same, but the average purchase price went up. In terms of luxury home sales in Orange, we saw 3 in both 2009 and 2010.  Luxury home sales are defined as those being over $500,000.

When we analyze at the Orange real estate market, we also take into consideration neighboring communities Pepper Pike and Moreland Hills as they are all part of the Orange School District. All three communities had better years in 2010, leading us to believe that we have seen the bottom and things are beginning to improve. We don't foresee a lot of appreciation at this point, however.

Orange Ohio is a very small community of about 3000 people, and therefore has very few home sales in any given year. It is in close proximity to the airport and downtown Cleveland, making it a popular destination for people relocating to Cleveland.

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About The Authors:

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.

For Ohio and Orange Oh real estate and homes see  Orange OH real estate

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

 LET'S CONNECT:

Orange OH Year End Market Report 2010 is the property of The Schuman Team and may not be duplicated or used without their written consent. ©January, 2011

Orange OH Real Estate - Home Value Report 3rd Quarter 2010

Before discussing home values in Orange, we will first give a list of all homes that sold in Orange during the 3rd quarter. We will also show a comparison between this year and 2009.

All Sales                          # of homes sold         Ave. Sales Price 

Third Quarter 2010                11                         $349,273  

Third Quarter 2009                14                         $246,850

YTD 2010                               32                         $281,003

YTD 2009                               26                         $266,827

SUMMARY

Overall, Orange OH home sales are doing better this year compared to 2009 in both total number of sales and average sales price. Although the third quarter sales numbers were not as high as last year, overall numbers are better, which is really more important. Frankly, we don't necessarily put more weight into whether or not a home sells in April or July, unless we see a significant drop-off from one quarter to the next, in which case this may indicate a slowdown. The trend compared to last year is in a positive direction, and that is what we want to highlight here.

When looking at home values in Orange, it is important to understand that real estate is not only local, but hyper-local, even by specific neighborhood. National real estate statistics are not at all helpful when it comes to figuring out one's home value because it paints much too broad of a picture. Even looking at how the Midwest is doing or Cleveland as a whole isn't accurate either.

The average sales price of a home is up this year in all three communities that share the Orange School District; Pepper Pike, Moreland Hills, and of course, Orange. So, we believe it is fair to say that home values have certainly stabilized here. Whether or not they are increasing is still up for debate. There are those who will look at these statistics and conclude that home values in Orange are going up. However, there are those who believe that the fewer number of distressed sales has been the real factor in keeping average sales prices from dropping and that things are really just stable, not actually increasing.

While looking at trends is helpful, determining the actual value of a specific home is much more difficult, as all homes are unique. If you want to know the value of a specific home in Orange OH or surrounding areas, it really is best to contact a local real estate expert, someone who really knows the inventory. At the end of the day, there is no substitute for market knowledge.

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About The Authors:

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.

For Ohio andOrange Oh real estate and homes see   Orange OH real estate

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

VIEW ALL ORANGE OH HOMES FOR SALE BY CLICKING BELOW

CHECK OUT THE SCHUMAN TEAM'S AWARD-WINNING WEBSITE

Orange Oh Real Estate - Home Value Report 3rd Quarter 2010O is the property of The Schuman Team and may not be duplicated or used without their written consent. ©October,2010   

 Orange OH Real Estate - Orange Home Statistics Spring 2010

Here is an unofficial list of all Orange Oh real estate sales during the first quarter of 2010.  A summary with a state of the market will follow. 

SUMMARY

Overall, Orange OH home sales were better during the first quarter of 2010 than during the same time period in 2009. So far this year we have had 8 sales at an average sales price of $192,738. Last year saw only 3 sales during the first 3 months of the year at an average sales price of $157,700.

In terms of current market activity, there are 9 homes under contract and most should transfer within the next 60 days. The significance of these homes is that 3 of them are currently priced over $500,000, indicating a willingness of luxury home buyers to get off the sidelines and start buying again. This should help increase the average home price in Orange, especially since there are typically few transactions in a given year in this very small town.

The tax buyer credit certainly helped many surrounding communities, especially those with home values predominantly under $200,000. However, although time will tell the affect of the credit on Orange OH real estate, it could have been a factor as those selling to first-time buyers are moving up and buying homes in Orange and surrounding suburbs. 

It will be interesting to see how second quarter home statistics play out, but indications are leaning toward a stabilization of the local real estate market. Lower interest rates and increased consumer confidence should actually make 2010 a better year in real estate than 2009.

Below are articles of interest pertaining to other suburbs on the East side of Cleveland:

Beachwood Real Estate - First Quarter Market Report 2010

Pepper Pike Real Estate - First Quarter Market Report 2010

Solon Real Estate - First Quarter Market Report 2010

Twinsburg Real Estate - First Quarter Market Report 2010

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About The Authors:

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.

For Ohio and Orange Oh real estate and homes see   Orange OH real estate

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

VIEW ALL ORANGE OH HOMES FOR SALE BY CLICKING BELOW

CHECK OUT THE SCHUMAN TEAM'S AWARD-WINNING WEBSITE

Orange OH Real Estate - Orange Home Statistics Spring 2010 is the property of The Schuman Team and may not be duplicated or used without their written consent. ©May,2010   

Orange Real Estate - 2009 Year End Home Statistics

Here is our official 2009 Orange Real Estate year in review complete with a comparison to 2008.  

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

2009                        42                        $259,121                             100  

2008                        37                        $301,994                              90

Highest Sale = $750,800

Lowest Sale = $87,500

Commentary:

Overall, it was a mixed year for Orange real estate. We did see more homes sell in 2009 but at a lower average sales price. The main reason for this is due to the sale of so many homes under $200,000. A few years ago, buying a home in Orange for under $200,000 was rare. Even in 2008, we had only 8 home sales under the $200,000 price point. However, 2009 saw 16 sales in this price range, due in large part to distressed properties. The economy has had an affect on all of the suburbs, including Orange.

In terms of Orange luxury homes, those priced over $500,000, we saw an equal amount of sales in 2009 ( 3 ), as in 2008, so the news in this market is not too discouraging.

Moving forward, we believe we'll see an increase in the amount of homes that sell in Orange this year, with the average sales price either remaining the same or increasing slightly. There will still be a large number of sales in the lower price points, and we expect to see the Orange luxury home market increase as well as buyers take advantage of the move up tax credit and stabilizing economy.

Below are other articles of interest relating to Orange home statistics:

2008 Year End Home Statistics

2009 Third Quarter Market Report

2009 First Quarter Market Report

Orange Schools Make Newsweek's Tops List

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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 working with buyers relocating to Cleveland.

If you are looking to buy or sell a home in  Orange or the surrounding Eastern suburbs, please contact the Schuman Team at 216-346-3235. 

VIEW ALL ORANGE HOMES FOR SALE BY CLICKING BELOW:

 CHECK OUT THE SCHUMAN TEAM'S AWARD-WINNING WEBSITE

Orange 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

2008 was a good year for Orange real estate. Having an excellent rated school system and having a limited inventory of homes makes Orange a desirable place to live.

I know what a lot of people are thinking, how could it have been a GOOD year when the media is constantly painting a picture of doom and gloom in the real estate market? Well, for starters, there were just as many homes SOLD in Orange in 2008 as in 2007, a total of 37 homes in each year. In fact, over the last 5 years, Orange has averaged just under 40 homes sold per year. Homes also sold quicker in 2008 than they did in 2007 and 2006.

Now here's the not so good news, the average sales price of a home in Orange went down in 2008. Here is a brief summary of a comparison between 2008 and 2007. 

All Sales     # of homes sold     ave. sales price     ave. days on market

2008                37                     $301,994                  90 

2007                37                     $402,863                  133

Commentary: Overall, homes are selling in Orange and quicker than they have on average since 2005.  The average sales price in 2008 of $301,994 vs. the average sales price of $402,863 in 2007 at first glance looks very concerning as it appears that homes in Orange decreased in value over 20%. However, with such a small number of sales, statistics can be somewhat misleading. Yes, values have gone down over the last 5 years but bank owned homes and short-sales contributed to the unusually low average sales price in 2008. Taking out distressed property, the average home price in Orange this past year was closer to $332,000 while the average sales price over the last 5 years has been $370,000.

The main problem over the last few years is that sellers had unreasonable expectations of the value of their home based on unprecedented appreciation during the early part of the decade. During the real boom years of 2003-2006, homes in Orange were statistically appreciating at 5-9% a year. Normal yearly appreciation here in Orange and Northeast Ohio in general is only about 2-3%. So, instead of basing their price on realistic market conditions, many sellers would look to see what similar homes were selling for and add 10% to get their listing price. They assumed the market would keep going up at this unrealistic pace. Many sellers merely priced themselves out of the market and did not properly react to the downturn. It has taken 2 years for sellers here to realize that the market is depreciating and to become more realistic with their price if they really want to sell.

On the other side, news is great for home buyers. Rates are at historically low levels and there are a lot of competitively priced homes here in Orange.

For more information on the Orange housing market or for a personal consultation, contact Dan Schuman at 216-346-3235 or visit us on the web at www.schumanteam.com.