Pepper Pike Real Estate: Bi-Annual Market Report First Half 2009

Here are all sales in Pepper Pike for June, 2009 and a summary of the first half of the year.

SOLDS JUNE 2009 SALE PRICE
   
2525 Windy Hill Drive $186,000
31950 Gates Mills Blvd 195,000
31000 Fox Hollow Drive 277,500
3525 Rolling Hills Drive 375,000
2630 Snowberry 498,500
5105 Muirfield Drive 515,000
34 Pepper Creek 855,000

 

Overall, June was a decent month in terms of home sales in Pepper Pike.

Specifically, 7 homes officially sold last month at an average sales price of $414,571. Last June, we had 14 sales at an average of $602,211. Included in this number are 2 sales over $1,500,000.

In addition, we had 2 luxury home sales last month ( sold for over $500,000 ) compared to 5 in June 2008.

MID YEAR ANALYSIS

Here is a comparison of 2008 to 2009:

In the first half of 2008, there were 37 homes sold for an average price of $486,953.

In the first half of 2009, there were 31 homes sold for an average price of $405,377.

The Pepper Pike luxury home market had 13 sales in the first half of 2008 for an average price of $844,269.

The Pepper Pike luxury home market had 7 sales in the first half of 2009 for an average price of $722,357.

SUMMARY

Overall, sales and average sales price are down in 2009 compared to last year. However, there are 17  homes currently under contract. 

The average sales price and number of sales in most East side communities is down so far this year. The  luxury home market, especially the $1,000,000 + price range is especially slow as well.

Moving forward, the next few weeks could see buyers making serious buying decisions so they can get into a home before the start of the school year.  We may see a slowdown in August, but the fall market is typically good.

Overall, there are currently 90 single family homes on the market in Pepper Pike, with more than half ( 47 ) being listed over $500,000. In fact, there are 11 homes currently listed over $1,000,000. Considering that only 1 luxury home has been selling a month this year in Pepper Pike, it would take almost 4 years for the current luxury home inventory to be absorbed by the market, and that doesn’t account for additional homes coming on the market. It is a good time for luxury home buyers, but obviously not sellers.

Check out previous Pepper Pike market reports:

Pepper Pike Monthly Marketing Report April 2009

Pepper Pike First Quarter Market Report 2009

Cleveland East Side Luxury Home Report First Half 2009

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About The Authors:

This information is provided compliments of Amy and Dan Schuman, The Schuman Team Keller Williams Realty. The Schumans are experts in the Cleveland Ohio real estate market and specialize in luxury homes, home staging, and relocation.

If you are looking to buy or sell a home in Bainbridge,BeachwoodMoreland HillsOrange, Pepper Pike, Solon or the surrounding Eastern suburbs, please contact the Schuman Team at 216-346-3235.

 

VIEW ALL PEPPER PIKE HOMES FOR SALE

 

view all Pepper Pike homes for sale

 

 CHECK OUT THE SCHUMAN TEAM’S AWARD-WINNING WEBSITE

  


Pepper Pike Real Estate: Bi-Annual Market Report First Half 2009  is the property of The Schuman Team and may not be duplicated or used without their written consent. ©July2009

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