Everyone always asks us “how’s the market”? Well, it’s started off similar to last year, which was an overall good year for Solon real estate.
Here is our First quarter market review, including last months’ figures and comparisons to last year.
SOLD HOME STATISTICS – SOLON OHIO
Date # of homes sold Ave. Sales Price
March 2016 21 $268,762
March 2015 23 $276,266
First Quarter 2016 49 $290,400
First Quarter 2015 48 $295,676
SOLON LUXURY MARKET
First Quarter 2016 4 $598,625
First Quarter 2015 5 $555,490
*source NEOHREX ( Regional MLS )
Overall, the first quarter is typically the quietest. Therefore, we don’t put a ton of weight on the statistics. Most of the inventory during this quarter is left over from the end of the year and many winter buyers are simply looking for bargains.
The heat of the market begins when homes start to come onto the market in March and will continue through July 1st. This date is significant as Solon Schools start in mid August this year, so getting under contract AFTER this date will not allow enough time to obtain financing and move.
Obviously, this is more relevant to relocation buyers and those moving to Solon for the first time as they need the Solon address to register kids for school. Local buyers can move at any point during the year without the logistical issues that the other buyers have.
As is always the case, updated homes in any price point will sell quickly. The challenge for move up buyers is actually finding their next home.
With continued low interest rates and a steady supply of motivated buyers, the housing market should be in line with last year.
The above information is compliments of The Schuman Team, Amy and Dan, of Howard Hanna Real Estate Services. They 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, Beachwood, Bentleyville, Chagrin Falls, Cleveland Heights, Gates Mills, Highland Heights, Hunting Valley, Lyndhurst, Mayfield Heights, Mayfield Village, Moreland Hills, Oakwood Village, Orange, Pepper Pike, Shaker Heights, Solon, South Euclid, University Heights, Woodmere. We would be happy to refer you to a qualified agent if you are buying in an area that we do not service.
Not Using A Buyer’s Agent Is Bad Business is the property of The Schuman Team and may not be duplicated or used without their written consent.©March, 2016