Solon Real Estate: Monthly Marketing Report May 2009

Solon Real Estate: Monthly Marketing Report May 2009

 

May was a decent month for Solon real estate in terms of actual sold homes here, evidence of things picking up during the spring market.

Specifically, 13 homes officially sold last month at an average sales price of $293,639. Last year, 20 homes sold in May for an average of $309,975.

Last month, only a few sales were bank owned homes, which is drastic change from the beginning part of 2009 when a large percentage of sold homes were bank owned. This means that there are less investors and bargain shoppers, and more serious end users looking to buy Solon real estate. The number of bank owned homes on the market has significantly decreased as well.

In addition, 3 of the homes that sold last month were considered luxury homes as they sold for over $500,000. This may be a step in the right direction as the Solon luxury home market as been extremely slow so far this year.   

Here is an unofficial list of all homes that SOLD in May, 2009 here in Solon.

SOLDS MAY 2009 SALE PRICE
   
5275 Brainard Rd $130,000
7367 Cromwell Drive $140,300
34454 Bramble Lane $144,008
5838 Briarwood $175,000
34780 Pettibone $179,000
5259 Delray Ave $181,500
7376 Cromwell Drive $197,000
6972 Kingswood $238,500
33200 Ashdown $280,000
33453 Seneca Drive $315,000
7381 Vahalla Drive $501,500
37462 Tidewater $555,500
28975 North Park Blvd $780,000

SUMMARY

We are about to end the spring market and enter the summer market in just a few weeks. Although overall sales through the first 5 months of 2009 are lower than last year, there are currently 73 homes currently under contract in Solon. This is a direct result of increased buyer activity during April and May.

Moving forward, the next 45 days should be very busy as many buyers would like to plan their move to coincide with the beginning of the school year in August.  There are many buyers in the marketplace who have seen a lot of homes but just haven’t made a final buying decision at this point. However, past history says that many of these buyers will indeed buy soon, once again, to get into their new home prior to school starting.

The Solon luxury home market, which had been somewhat active in 2008, remains slow going into the summer market. Of the 73 homes currently under contract, only 9 of them are considered luxury homes. The $500,000-$650,000 price range still seems to be seen as most attractive to buyers based on market statistics although great deals can be had on homes priced between $650,000-$900,000 as the inventory remains somewhat high with very little buyer activity.

Overall, there are currently 169 single family homes on the market in Solon, with 57 being listed over $500,000.

Also, inventory in known to increase right after the school year ends as some sellers who have their youngest child graduating from high school are known to put their homes on the market after graduation.

Check out previous Solon Ohio market reports:

April 2009 Market Report Solon Ohio

Solon 2009 First Quarter Luxury Home Market Report

Solon 2009 First Quarter Market Report All Homes

February 2009 Market Report Solon Ohio

January 2009 Market Report Solon Ohio 

2008 Year End Housing Summary Solon Ohio

2008 Luxury Market Report Solon Ohio

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About The Authors:

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.

The Schuman Team also 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. They also work extensively with buyers and sellers who are relocating in or out of the area.

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

For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235.

 

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Solon Real Estate: Monthly Marketing Report May 2009 is the property of The Schuman Team and may not be duplicated or used without their written consent. ©June,2009

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