While it’s hard to believe, we have just past the mid point of the year. The market has been better than predicted with the number of sales up across the board.
The following is a comparison between the first half of this year to the same time period from 2015. We will also give a specific breakdown of sales by price points and offer our commentary.
ALL SALES – JANUARY – JUNE
Year # of Homes Sold Ave. Sales Price Sales Price/List Price
2016 164 $313,977 96.57%
2015 128 $307,677 97.44%
LUXURY HOMES ( sale price over $500,000 )
2016 26 $613,281
2015 15 $632,043
PRICE POINT BREAKDOWN OF ALL FIRST HALF 2016 SALES ( 2015 first half sales in parenthesis )
$100,000-199,999 = 40 ( 35 )
$200,000-299,999 = 61 ( 39 )
$300,000-399,999 = 21 ( 21 )
$400,000-499,999 = 16 ( 18 )
$500,000-599,999= 11 ( 7 )
$600,000-699,000 = 12 ( 3 )
$700,000-799,000 = 3 (4 )
$800,000-899,000 = 0 ( 1 )
$900,000-999,999 = 0 ( 0 )
$1,000,000 + = 0 ( 0 )
While 2015 was a very good year, 2016 is shaping up to be even better.
Below is a list of 5 things to take away from the above statistics:
1. More homes sales in 2016 vs. 2015.
2. Average sales price is up slightly in 2016.
3. The $200,000-299,999 price point is the “hot” market in 2016.
4. A well priced home will receive approximately 96% of asking price.
5. The luxury market is more active in 2016, especially in the $600,000-699,000 price range.
As predicted, this year stated off strong with the sub $300,000 price point leading the way.
In fact, here was our prediction from our 2015 year end report:
“The beginning of the year should be strong. There are fewer homes currently for sale now ( 85 ) than at this time last year ( 94 ). Low inventories increase demand, and there are a ton of buyers on the sidelines waiting for the right home.
When homes start to come on the market over the next 30-60 days, buyers will likely begin snatching up the good ones.
It’s hard to believe the sub $300,000 market could be any better in 2016, but relatively low rates certainly makes things affordable for this segment of buyers.”
The 2016 real estate market has been fantastic this year up to this point. Sales have been consistent throughout the last 6 months, even during the colder months.
The sub $300,000 market has been booming since 2014. In fact, during that year we saw 51 sales in that specific price point and have seen 61 already in just 6 months this year. The draw of Solon’s top rated schools no doubt plays into demand in the more affordable price points.
In terms of the luxury market, while the upper end has been a tad slow, the $500,000-$750,000 price point has been extremely vibrant this year. Continued low rates certainly play a major role as well as available inventory. Relocation activity also factors in as executives and physicians are always moving in and out of the Cleveland area.
There is typically a lull in the market in the weeks leading up to the new school year. We expect things to pick up after mid August and continue through Thanksgiving.
Properly priced homes are consistently selling for, on average, approximately 96% of list price and we don’t see that changing.
While there is always a rush for buyers to get under contract so they can move before school starts, there are plenty of buyers still on the sidelines.
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The above information is compliments of The Schuman Team, Amy and Dan, of Howard Hanna Real Estate Services. They are Solon residents and specialize in Solon luxury homes, relocation, and first-time buyers.
They can be reached at 216-346-3235 or 216-403-9189 or via email, firstname.lastname@example.org or email@example.com.
The Schumans service the following Cleveland area suburbs: Aurora, Bainbridge, Bay Village, Beachwood, Bentleyville, Chagrin Falls, Cleveland Heights, Gates Mills, Highland Heights, Hunting Valley, Lakewood, Lyndhurst, Mayfield Heights, Mayfield Village, Moreland Hills, Oakwood Village, Orange, Pepper Pike, Shaker Heights, Solon, South Euclid, University Heights, Westlake, Woodmere.
Solon Ohio Real Estate Half Year Review 2016 is the property of The Schuman Team and may not be duplicated or used without their written consent.©July 2016