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
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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.
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We had a couple more closings here in Southern NJ, but our average sales price is no where near that high. Good job posting local statistics, it is so informative and important, in fact I just did a quarterly blog for my area yesterday. Good luck the rest of the year.
Hi David, thanks for the comments. The first quarter is always the slowest. I'm confident the second quarter will improve as the weather gets nicer.
GOOD MORNING DAN! I am curious if you are able to get the stats on how many homes are up for sale during each quarter? I am happy to read that sales are climbing! -- Gabrielle
Hi Gabrielle, you are up early as always. Yes, we have the ability to get those stats. I may think of incorporating those with our next report. Thanks for your suggestion.
Wow, market values are UP and days on market is DOWN! Who'd have thunk?
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Regina P. Brown
Thanks for the comment Regina. I'll have to check out your new group. Thanks for letting us know.
dan