Cleveland Ohio Luxury Homes – First Half Market Summary 2009



cleveland ohio luxury home


 Here is a breakdown of the Cleveland Ohio luxury home market based on statistics from the first half of 2009. All areas on the East side of Cleveland were included in the report. A thorough market summary will discuss the state of the Cleveland luxury home market.


$750,000-999,999 17 36 170
$1,000,000-1,499,999 5 16 87
$1,500,000-$1,999,999 2 4 40
$2,000,000+ 1 3 38


The Cleveland luxury home market is down in terms of total number of sales compared with the same period in 2008. Last year, there were 59 total sales in the first half of the year compared to only 25 this year. The most significant drop in terms of numbers can be seen in the $750,000-$1,500,000 price range.

Obviously, the economy has greatly affected the Northeast Ohio luxury real estate market. A luxury home is something that people want but don’t necessary need, so today’s luxury buyer is being very selective. Consequently, a buyer will not move forward with a home purchase unless they find their dream home at the right price.

The sobering news for luxury home sellers here in Cleveland is that the success rate of selling a luxury home is extremely low. Starting in the lower-end luxury price range, the success of selling is about 10% and significantly drops as the price range increases. Overall, someone looking to sell a luxury home in the Cleveland area has a FAILURE RATE OF BETWEEN 90-97%!

In addition, there are many sellers who would like to sell, but are on the sidelines, just waiting for the market to improve. These sellers have not officially put their homes on the market, but may be putting “feelers” out to agents letting them know they are willing to sell. This is not uncommon for luxury home sellers even in strong markets. Therefore, the actual number of homes for a buyer to choose from is much higher than indicated.

While it is difficult to sell in this market, there are things that luxury home sellers can do to help increase their chances of a successful sale.

A qualified luxury home real estate agent can assist with this process.

If you are looking to buy a luxury home in the Cleveland area, this may be the best opportunity you may ever see in your lifetime. As for sellers, being realistic on price and expectations is a good place to start if you really want to sell your home.


About The Authors:

This information is provided compliments of Amy and Dan Schuman, The Schuman Team Keller Williams Realty. The Schumans have worked with numerous professional athletes, business owners, and relocating executives and specialize in the Cleveland Ohio luxury home market.

Dan and Amy Schuman 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.

If you are looking to buy or sell a luxury home in the Cleveland area, please contact the Schuman Team at 216-346-3235. 



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Cleveland Ohio Luxury Homes – First Half Market Summary 2009  is the property of The Schuman Team and may not be duplicated or used without their written consent. ©July 2009  

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