Cleveland Real Estate And More

PEPPER PIKE HOME STATISTICS

Here is an unofficial list of all home sales during the third quarter of 2009 in Pepper Pike, Ohio. A summary with a state of the market will follow.

 

28099 Fairmount Blvd	$140,000
2467 Windy Hill Dr	$150,000
2461 Windy Hill Dr	$160,000
3013 Brainard Rd	$165,000
31999 Pinetree Rd	$188,000
2891 Alvord Place	$189,000
28888 Shaker Blvd	$225,000
3085 Lander	$235,000
29349 Bryce Rd	$250,000
28575 Settlers Ln	$299,900
2907 Alvord Place	$300,000
29499 Gates Mills Blvd	$330,000
30575 Brookwood Dr	$336,000
30900 Gates Mills Blvd	$357,500
16 Pepper Ridge Rd	$480,000
31159 Shaker Blvd	$500,000
5100 Muirfield Dr	$515,000
5 Laurel Hill Ln	$560,000
31339 Shaker Blvd	$615,000
33349 Fairmount	$675,000

 

SUMMARY

Third quarter sales of Pepper Pike real estate here in 2009 are similar to those of 2008. In the third quarter of 2009, we have had 20 home sales at an average sales price of $333,520. Last year we had 17 homes sell during the third quarter at an average price of $399,232.

Year to date figures in terms of number of sales are similar as well. So far this year there have been 52 homes sell at an average price of $373,403. During the same time period in 2008, there were 54 sales at an average price of $459,337. 

While these Pepper Pike home statistics indicate similar buyer activity to last year in terms of number of sales, the average home price is significantly lower this year compared to 2008. The main reason is that there have been more sales of bank owned homes in Pepper Pike and other distressed sales in the under $250,000 range. In addition, there have been less home sales in the luxury home range, that being over $500,000. Last year through three quarters, we had a total of 7 home sales of $250,000 or less. This year so far, we have had 17 home sales of $250,000 or less. In addition, there have been only 3 sales this year over $750,000 where last year through three quarters we had 7.  

Pepper Pike real estate is still regarded as highly desirable. Thanks to the excellent rated Orange School District, great location, and picturesque wooded lots not found in many other area suburbs, homes in Pepper Pike are still sought out by local buyers and those relocating to Cleveland as well. 

As the Pepper Pike home statistics indicate, there are more lower end homes selling, bringing about a great opportunity for first-time buyers and bargain hunters. Overall, homes are still selling, although homes that are updated and priced well will sell quicker than those that are not. The sales of higher-end homes, especially those over $750,000, probably will not pick up until the economy shows more signs of improvement, thus keeping the average sales price lower than we have seen in recent years.  

***************************************************************************************

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  Pepper Pike or the surrounding Eastern suburbs, please contact the Schuman Team at 216-346-3235. 

VIEW ALL PEPPER PIKE HOMES FOR SALE BY CLICKING BELOW:

SEE ALL CLEVELAND AREA HOMES FOR SALE

 

 CHECK OUT THE SCHUMAN TEAM'S AWARD-WINNING WEBSITE

 

Pepper Pike Home Statistics is is the property of The Schuman Team and may not be duplicated or used without their written consent. ©Oct,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

*****************************************************************************************************

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

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

***************************************************************************************

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.

 Check out the Schuman Team's award-winning website.

 or CLICK HERE to visit the Schuman Team blog and then save it as one of your favorites.

 

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

 

The first quarter is officially over and the Pepper Pike real estate market fared pretty well during what is considered to be the slowest quarter of the year.

Officially, 13 homes sold during the first three months of 2009 compared to 12 during the first quarter of 2008.  

Here is how the first quarter of 2009 compares with the same time period from 2008 here in Pepper Pike:

Year	# Of Sold Homes	Ave. Sale Price	Ave. Market Time
2009	13	$439,591	135
2008	12	$408,493	150

SUMMARY

The fact that more homes sold in the first quarter of 2009 than during the same time period last year is a good sign for real estate in Pepper Pike. Additionally, the average sales price is up from last year and market time is down.

Moving forward, the second quarter should be off to a good start. There are currently 14 homes under contract, many occurring within the last 30 days. This may be a sign of increased activity. Also, the new $8000 first time buyer tax credit could have a positive impact on home sales in a higher-end suburb like Pepper Pike. First-time buyers will be more likely to buy in areas like Lyndhurst, University Heights and other more affordable areas, allowing those sellers to move up and buy homes in upscale areas like Pepper Pike.  

Check out other quarterly reports from nearby suburbs:

Bainbridge Ohio 2009 First Quarter Market Report

Beachwood Ohio 2009 First Quarter Market Report

Moreland Hills Ohio 2009 First Quarter Market Report

Orange Village Ohio 2009 First Quarter Market Report

Solon 2009 First Quarter Luxury Home Market Report

Solon 2009 First Quarter Market Report All Homes

************************************************************************************************

About The Authors:

Dan and Amy Schuman reside in the eastern suburbs of Cleveland. 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 the Schuman Team's listings sold in less than 60 days.

The Schuman Team specializes in luxury homes. They are founding members of the Luxury Home Consultants of Keller Williams Realty Greater Cleveland and also members 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 of Cleveland, please contact the Schuman Team as they would be happy to show you why people love working with them.

To see all homes currently on the market in the Cleveland Ohio area, click here. For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235.

Check out the award-winning website, www.schumanteam.com .

 or CLICK HERE to visit the Schuman Team blog and then save it as one of your favorites.

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

The Pepper Pike real estate market has gotten off to a decent start so far this year.

Specifically, 9 homes have officially sold in 2009 compared to only 5 sales through the first 60 days of 2008.  A good indication of buyer activity is best measured by the fact that 7 homes went under contact over the last 60 days. This is a sign that there are serious buyers in the Pepper Pike real estate market. 

SUMMARY

Here is an unofficial list of all homes that recently went under contract, and a separate list of all homes that have SOLD so far this year in Pepper Pike.

 

RECENTLY UNDER CONTRACT	List Price
31950 Gates Mills Blvd	$229,900
30550 Shaker Blvd	$250,000
2887 Brainard	$250,000
2643 Windy Hill	$315,000
31400 S Woodland	$389,000
3100 Legends Way	$600,000
29975 Bolingbrook	$1,150,000

 

 

SOLDS JAN/FEB 2009	Sale Price
2737 Kersdale	$206,180
31649 Gates Mills Blvd	$275,000
28200 N Woodland	$300,000
29226 Bryce	$410,000
2458 Cedarwood	$350,000
2574 Fairwood	$450,000
32149 S Woodland	$489,000
33375 Woodleigh Road	$650,000
28220 Red Raven	$875,000

 

WHAT'S NEXT?

Right now, the inventory of homes is stale as very few new homes have come onto the market during the winter months. The serious buyers have seen everything in their price range and have not been overwhelmed enough by any of them to make a serious buying decision. These buyers typically have defined exactly what they want and are just waiting for the right home to come on the market. They are also watching to see if the price of a current listing decreases enough for the home to become more appealing.

The spring market is just around the corner and we anticipate a lot of homes coming onto the market in the next 60 days. Activity should really pick up from April -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.

***************************************************************************************

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 us as we would be happy to show you why people love working with the Schuman Team.

Dan and Amy Schuman 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 our listings sold in less than 60 days. The Schuman Team 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. We also work extensively with buyers and sellers who are relocating in or out of the area.

To see all homes currently on the market in the Cleveland area, click here. For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235.

 

2008 was an off year in real estate in Pepper Pike. However, having an excellent rated school system and homes that typically sit on 1.0+ acre wooded lots still makes Pepper Pike one of the most desirable and exclusive communities on the east side of Cleveland.

In terms of average sales price, home values in Pepper Pike have fluctuated over the last 5 years. In 2008, the average price of a home in Pepper Pike was $440,743, the lowest this number has been since 2003. In 2007, the average price of a home was $512,435. The lone bright spot was that the average price per square foot increased from 2007 to 2008, from $123.13 to $130.15.

Market time has steadily increased as well over the last 4 years. In 2005, average market time in Pepper Pike was 88 days. This number has inched upwards and in 2008, it took 133 days, on average, for a home to sell in Pepper Pike.

Pepper Pike Luxury Homes- In terms of luxury homes, which are those that sell for over $500,000 per the Institute for Luxury Home Marketing, 17 luxury homes sold in Pepper Pike in 2008, which is the lowest this figure has been in over 5 years. In 2007, 32 luxury homes sold in Pepper Pike.

Commentary: The 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 Pepper Pike, and surrounding areas as well, were statistically appreciating at much higher rates than normal. So, instead of focusing on realistic market conditions, many sellers would price their homes based on the market continuing to appreciate at an unrealistic pace. Many sellers merely priced themselves out of the market and did not properly react to the downturn. This can be evidenced by the fact that more than twice as many homes didn't sell in 2008 than sold ( 138 vs 66 ).

Also, today's buyers have expectations that in order for them to pay market value for a home, it should be updated and in move in condition. Homes that have not been updated recently linger on the market and often do not sell. Buyers will pass these up for a similarly priced home that is more updated. Today's buyers simply do not want to put a lot of money into a home.

As the statistics indicate, sellers are still selling provided they are competitively priced to what the market will bear.

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