Here is our Bi-Annual Market Report for Solon OH.
First, we will provide market statistics for the past month of June. Then we will offer a look at the statistics for the first half of the year and compare them to how we fared at the same time last year. Finally, we will provide commentary.
Also contained within this report will be information pertaining to the Solon luxury home market ( those priced over $500,000 ).
SOLD HOME STATISTICS SOLON OHIO
Date # of homes sold Ave. Sales Price
June 2014 38 $345,217
June 2013 42 $316,836
First Half 2014 126 $304,089
First Half 2013 143 $297,103
SOLON LUXURY MARKET
First Half 2014 16 $679,628
First Half 2013 21 $659,405
SALES BY PRICE POINT 2014 2013
$100,000-199,999 42 50
$200,000-299,999 23 40
$300,000-399,999 28 24
$400,000-499,999 15 5
*source NEOHREX ( Regional MLS )
THE STATE OF THE MARKET
As we predicted in our Year In Review 2013, there has been a decrease in overall sales so far this year. We are down by about 12% compared to the first half of 2013. The average sales price has increased though.
This had been an interesting year in real estate for Solon. We got off to a much hotter start in 2013 thanks in part to unseasonably warm winter weather. The lack of inventory this year also kept us from starting fast out of the gate like we did in 2013.
Last year we saw 303 sales of single-family homes. So far this year, we have had 126 sales and an additional 70 homes are currently under contract.
Assuming these all close, that would put us at 196 sales, leaving us needing to sell 107 more homes by the end of the year to match last year’s numbers. Is this possible?
This is where inventory is so crucial. We currently have 100 active listings. Since statistically, 53% of all listings end up selling, we will still need a lot more inventory to come up over the next 100 days or so in order to match last years sales figures.
While there has been a lot of new homes coming on the market over the last 60 days, the slow start to the year didn’t help. Inventory of available homes for sale is still historically low, giving buyers fewer choices.
Our feeling is that many home sellers have gotten cocky over the last year in terms of pricing their homes, with some pricing themselves out of the market. Yes, the market is certainly better, but values are still far off the 2006 peak levels. So, expecting to receive that for your home is simply unrealistic unless you have done significant updates.
Buyers are very educated today and want immediate gratification. Most do not want to do a lot of work to a home if they don’t have to. Therefore, a nicely updated home, priced fairly, should fly off the market. Homes that need a lot of work and/or are not priced correctly, will likely sit on the market for a while.
Last year was an exceptional year in real estate, so expecting to match those numbers is probably unrealistic. However, a decent fall market can help us end up with a fairly solid 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, email@example.com or firstname.lastname@example.org.
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 -First Quarter Market Report is the property of The Schuman Team and may not be duplicated or used without their written consent.©July, 2014