The following is our 7th annual year in review for Solon Ohio real estate.
Here, we will provide a comparison between this past year and 2014 and offer commentary. As an added bonus, we will be adding a new statistic this year, a breakdown of specific price points.
Year # of Homes Sold Ave. Sales Price Sales Price/List Price
2015 302 $310,027 96.24%
2014 269 $327,567 96.55%
LUXURY HOMES ( sale price over $500,000 )
2015 36 $672,009 95.97%
2014 38 $712,285 95.21%
2015 SALES – FIRST HALF VS. SECOND HALF OF THE YEAR
FIRST HALF 128 $307,677
SECOND HALF 180 $309,176
PRICE POINT BREAKDOWN OF ALL 2015 SALES
$0-99,999 = 6
$100,000-199,999 = 82
$200,000-299,999 = 89 ( 2014 saw only 51 in this price point )
$300,000-399,999 = 51
$400,000-499,999 = 38
$600,000-699,000 = 12
$700,000-799,000 = 9
$800,000-899,000 = 0
$900,000-999,999 = 1
$1,000,000 + = 2
2015 was a very good year for the Solon real estate market. The numbers were very similar to those of 2013.
Below is a list of 5 important things that the above statistics tell us:
1. More homes sold in 2015 vs. 2014.
2. Average sales price was lower in 2015 than 2014 due to an increase in sales in the $200,000-299,999 price point.
3. The second half of 2015 saw a tremendous number of sales.
4. A well priced home will receive approximately 96% of asking price.
5. The luxury home market is fairly stable.
WHY WAS 2015 BETTER THAN 2014?
While total sales last year far exceeded sales from 2014, the numbers are a little misleading. The only reason for the large increase is due to the unusually high number of sales that occurred during the 3rd quarter in the sub $300,000 price points.
Basically, there were about 30 more sales in the $100,000-$300,000 price points just during this past summer. This was due to an influx of buyers likely moving to Solon for the start of the school year. Many were first-time buyers and move up buyers coming in from other cities.
Besides for this, the numbers for 2015 and 2014 were almost identical.
2016 MARKET OUTLOOK
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.
Over the years, homes have sold for, on average, approximately 95-96% of the list price and we don’t see that changing. Homes that are properly staged and priced correctly up front will sell quicker and for more money.
Buyers would be wise to get pre-approved well in advance so they can jump on the right home when it comes on the market. With limited inventory, especially early in the year, you can’t afford to hesitate.
Below Are Other Articles Of Interest Relating To Solon OH:
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, 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 – Year In Review 2015 is the property of The Schuman Team and may not be duplicated or used without their written consent.©Jan, 2016