Here is our first 2014 monthly report for real estate in Solon OH.
First, we will provide a list of all home transfers for last month, including the names of buyers and sellers, if available.
Then, we will give market statistics of homes that sold last month, with a comparison to the previous year.
Finally, we will provide an analysis of the market, including discussion about where we are headed in the future.
HOMES SOLD IN SOLON - JANUARY 2014
ADDRESS PRICE BUYER SELLER
33870 Baldwin $106,000 Marta Towers David Soederstrom
6575 Glenallen $146,000 Tabotha Howell Robert Hrusch
33289 Warwickshire$160,000 Daniel Durisek James Locastro
33430 Pettibone $192,900 NA JP Morgan
32467 S Roundhead$215,000 Michael Friendlander Jun Chen
7261 Winchester $307,000 Kathleen Sullivan Samir Botros
6946 Highview Dr $352,000 Sergey Makarov FNMA
7239 Annandale $371,000 Cosmax Usa Corp Anthony Alesci
5825 Dodsworth $382,000 NA RP Max, LLC
6800 Mayapple $420,000 Wanyan He Betty Hooper
35990 S Huntington$425,500 Bozhong Xin Mary Eastman
7598 Royal Portrush $670,245 NA Melissa Smrdel
6620 Cummings $485,000 Brett Johnson Timothy Trump
37177 Cherrybank $690,000 Matthew Shene Carol Arnson
SOLD HOME STATISTICS SOLON OHIO – JANUARY 2014
Date # of homes sold Ave. Sales Price
January 2014 12 $312,304
January 2013 11 $240,545
*source NEOHREX ( Regional MLS )
Beginning of the year statistics can often be inconclusive and sometimes misleading. We will need at least 2 more months before we can get a better grasp of how this year will fare compared to last year, which was a very strong year.
The fact that we started out this year a little better than last year is certainly good. However, in both cases, the homes that transfer in January are typically those that have been lingering on the market for a long time and are getting purchased by bargain hunters. The average days on market ( DOM ) of the homes that sold last month was 192 and reflects this. Once we hit the spring market, we can expect the DOM to be under 150.
If you would like to get a better feel for the overall market, please take a look at our 2013 Year In Review For Solon Real Estate.
Lack Of Inventory
I can’t remember seeing so few homes on the market. In fact, at the lowest point last month, there were only 62 active listings for sale in all of Solon.
The really good news is that we have started to see more homes come on the market over the last few days. We are personally getting a ton of calls from sellers looking to take advantage of the upcoming spring market and anticipate a ton of new inventory over the next 30 days.
We anticipate sales to be about where they were last year, possibly even a little lower. This is more a function of so few homes being on the market than a lack of demand. The volatile stock market certainly never helps, but it’s too early to say if this will affect the local housing market.
If there is one take away from this report, it should be that we need more homes to sell. Anyone that has been putting off selling their home, waiting for the market to get better, should sell now. Rates aren’t getting lower and demand is the highest we’ve seen in a long time.
The above information is compliments of The Schuman Team, Amy and Dan, Solon residents and agents with Howard Hanna Real Estate Services.
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 – Market Report January 2014 is the property of The Schuman Team and may not be duplicated or used without their written consent.©February, 2014