Here is our first quarter market report for Solon OH.
First, we will provide market statistics for the past month of March. Then we will offer a look at the first quarter statistics 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
March 2014 14 $267,304
March 2013 17 $310,746
First Quarter 2014 43 $283,251
First Quarter 2013 40 $305,230
SOLON LUXURY MARKET
First Quarter 2014 4 $736,861
First Quarter 2013 8 $657,938
*source NEOHREX ( Regional MLS )
THE STATE OF THE MARKET
The numbers above show an increase in terms of home sales from last year, which is always good news. However, the numbers don’t tell the whole story.
We predicted in our Year In Review 2013, a decrease in total number of sales this year. Based on the numbers above, are we wrong?
Hopefully, we are way off base and sales will increase in 2014. That will be good for everyone, us included. The problem remains that without inventory, we cannot possibly sustain the numbers we saw in 2013. Let’s look at the numbers closely:
Last year we saw 303 sales of single-family homes. So far this year, we have had 43 sales and an additional 61 homes are currently under contract.
Assuming these all close, that would put us at 104 sales, leaving us needing to sell 199 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 77 active listings. If, best case scenario, each and every one of these homes sells, we would still need 122 homes to come on the market and sell before the end of the year.
In order to sell in this calendar year, we would basically need these 122 homes all to come onto the market over the next 6 months. That’s a lot of homes in a short period of time.
So, as you can see, we have a tall task in front of us to meet last years numbers.
THE GOOD NEWS
Now that I have presented the facts, here is the good news. There are a ton of buyers out there.
How do I know this? Agents communicate to each other and get a good feel for what is going on in the market. It is not unusual to get 15-20+ showings on a listing. Some price points are even more competitive.
Since only one of those showings will lead to a sale, the rest of the buyers are out there, waiting. That’s a lot of buyers.
In general, we have a very strong real estate market here in Solon. Nice homes, and I emphasize NICE ( updated, properly Staged, well-maintained…) will sell quickly.
However, buyers are still fairly picky. They will pay a very fair price for a nice home. They will not overpay for an average home. They may be motivated but they aren’t foolish.
So, if you are looking to buy or sell a home in Solon, here’s our parting advice:
For sellers: I would highly recommend making sure your home is positioned to sell. If not, you will simply be helping your competition. There is no excuse not to sell in this market.
For buyers: If you find a home you like, odds are that other buyers will feel the same way, so make an offer immediately.
If you have been sitting on the sidelines for what seems like forever, waiting for that one perfect home to come up, please read this: the perfect house doesn’t exist. You either aren’t motivated to buy or have unrealistic expectations. You may want to re-think your game plan moving forward.
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.©April, 2014