Solon Ohio Real Estate: Luxury Home Marketing Report First Quarter 2009



luxury home

The first quarter is now officially complete. The Solon Ohio luxury real estate market has been somewhat active so far in 2009. There have been a total of 6 luxury home sales in Solon. This is almost equivalent to the number of homes that sold during the first quarter of 2008, where we had 7 home sales.



  Ave. Sale Price Ave. Price Sq./Ft Ave. Market Time
2009 – 6 sold $595,333 $130,92 193
2008 – 7 sold $693,000 $159.08 130


SUMMARY: Even though the actual number of sales in 2009 is only 1 less than last year, the average sale price of a luxury home here in Solon is significantly lower. The reason for this is due to one specific factor: bank owned homes. Of the 6 sales in the luxury home market this year, 5 have been bank owned homes.

It appears bargain hunters have been doing most of the buying during the first quarter of this year. At this point, many of the bank owned home have sold and there are fewer remaining on the market. Since all 7 sales during the first quarter of 2008 were non-banked owned transactions, the statistics are a little worrisome. The good news is that homes in the lower end of the luxury price point, $500,000-$600,000, are selling and the inventory is relatively low. This portion of the Solon luxury home market appears to be somewhat balanced in term of buyers and sellers. A good sign.

The homes in the higher end of the luxury home market are not selling. The fact that there are currently 23 active homes for sale in Solon priced over $700,000, does not bode well for unmotivated sellers.

The great news is that it is an amazing time to buy a luxury home in Solon.  

For more information on luxury neighborhoods in Solon, please click below:

Real Estate in Cleveland’s Eastern Suburbs: Thornbury of Solon

Real Estate in Cleveland’s Eastern Suburbs: Signature of Solon – Luxury Gated Golf Course Community


About The Authors:

The Schuman Team specializes in luxury homes. They are founding members of the Luxury Home Consultants of Keller Williams Realty Greater Cleveland and also members 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. They also work extensively with buyers and sellers who are relocating in or out of the area.

Dan and Amy Schuman are Solon residents. They use their 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 the Schuman Team’s listings sold in less than 60 days.

If you are looking to buy or sell a home in Bainbridge,BeachwoodMoreland HillsOrange, Pepper Pike, Solon, or the surrounding Eastern suburbs of Cleveland, please contact the Schuman Team as they would be happy to show you why people love working with them.

To see all homes currently on the market in the Cleveland Ohio area, click here. For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235.

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