January was one of the snowiest months in Cleveland history as we received over 40" of snow. In addition, temperatures plummeted to a near record low of -13 in the middle of the month.
Despite the weather, the Solon real estate market fared pretty well. Specifically, 9 homes officially sold last month compared with 13 sales in January 2008. However, a real indication of buyer activity is better measured by the fact that 19 homes went under contact in January. While most of these homes haven't transferred, it is important to note that all of these homes went under contract over the last 30 days. So, despite the snow and cold, there are serious buyers in the market buying homes.
Summary: Here is an unofficial list of all homes that went under contract in Solon in January 2009 along with their list price.
| 7161 SOM Center | $21,000 |
| 30235 Woodall | $79,900 |
| 32815 Parkway | $92,000 |
| 6711 Edgemoor Ave | $139,900 |
| 5650 Emerald Ridge | $140,000 |
| 5951 SOM Center | $149,000 |
| 30135 Woodall Drive | $165,000 |
| 32782 N. Roundhead Dr | $190,000 |
| 7128 Selworthy Ln | $209,900 |
| 5995 Liberty Road | $215,000 |
| 35250 Spatterdock | $240,000 |
| 7183 South Side Park | $254,900 |
| 33200 Ashdown Drive | $289,000 |
| 33050 Woodsdale | $299,000 |
| 30500 Wedgewood Dr | $350,000 |
| 34615 Sherwood Drive | $353,000 |
| 36120 Spicebush Lane | $398,500 |
| 6749 Winston Lane | $585,000 |
| 7244 Castle Pine Drive | $649,900 |
While winter months can be a little slower in terms of real estate sales, there are always very good deals to be had during cold weather months. Sellers often become more motivated during the winter for a variety of reasons and buyers are looking for deals and finding them.
A large amount of the homes on this list ( 7 ) sold within 30 days of being on the market. Average market time of homes on this list was 75 days. To put things in simplistic terms, there are buyers in the market who have seen all of the homes in their price range and are very educated regarding pricing. When a new home comes on the market in their price range, they will see it fairly quickly, which is why the first 30 days of a listing is so important to a home seller.
The initial showings on a listing are usually from those buyers who are very serious and have already defined specifically what they want. When they see a home that is nicer than anything else they have seen in their price range, they will buy it. That is why pricing is so critical in today's market. If a home is not priced competitively when it initially goes on the market, these homes will get passed over and end up lingering on the market until the price comes down.
While it is too early to determine if 2009 is going to be a good year in the Solon real estate market, we certainly had a good start.
For more information on Solon and the Solon real estate market, click here to see archived reports and statistics.
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If you are looking to buy or sell a home in 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 are Solon residents. We use our 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.
Dan, Very nice report. I am posting something similar for my market later and I noticed that the pending sales are looking pretty good!
Thanks for the coments Barb. I wrote this last week, went out of town and forgot to post. I agree that the pendings are promising. Have a great week.
This is interesting data to provide. I hope it works well for your current and prospective customers.
Thanks for the comments Michael. Recent homes under contract seem to be a good indicator of current market activity. Let's hope it continues and we all have a good year.
Nice work keeping your readers informed about what is going on in the Solon Market.
Thank you for the comments Bill. Hopefully Feb. list is much bigger.