Luxury Home Market Summary 2008 – Cleveland Eastern Suburbs

The luxury home market in the Eastern suburbs of Cleveland was down in 2008 compared with 2007. To begin, a luxury home in this market area is categorized by the Institute for Luxury Home Marketing as those selling for at least $500,000. In 2008, 109 luxury homes sold compared to 164 in 2007. The specific suburbs included in these figures were: Bentleyville, Chagrin Falls, Gates Mills, Hunting Valley, Moreland Hills, Orange, Pepper Pike, and Solon.

In addition, 14 homes sold for over $1,000,000 in 2008 compared to 27 in 2007.

Summary: Although total numbers were down, there is some good news. The average price of a luxury home in the Eastern suburbs of Cleveland has been close to $800,000 over the last 4 years with the average price per square foot remaining roughly the same over that period of time as well.

However, there are currently 179 luxury homes for sale in the above mentioned suburbs. Consequently, there is now an 18 month supply of luxury homes on the market. If a seller of a luxury home really wants to sell in 2009, their home needs to be very competitively priced and staged. For a list of all luxury properties currently on the market, please click here. If you would like additional information, please click here to contact a member of the Schuman Team.

Dan and Amy Schuman are experts in the Eastern suburbs of Cleveland. We use our home staging expertise to sell listings quicker and for more money. The average home in the Cleveland area sold in over 100 days in 2008 and our listings sold in less than 60 days. The Schuman Team specializes in luxury homes and are members of the Luxury Home Consultants of Keller Williams Realty Greater Cleveland and of the prestigious Institute for Luxury Home Marketing, the premier independent authority in training and certification for real estate agents working in the luxury home market. We also work extensively with buyers and sellers who are relocating in or out of the area.

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