Solon Luxury Home Update

Solon Luxury Home Update

The following is a Solon Luxury Home Update for the first half of 2009.

 

 

luxury home

The first half of the year is now over and enough information exists to gather and analyze data regarding Solon luxury homes ( those over $500,000 ) in 2009. The Solon luxury market has been somewhat slow so far in 2009. There have been a total of 18 luxury home sales in Solon. There were a total of 24 Solon luxury homes sold during the same period in 2008.

 

This specific Solon luxury home update will compare the first half of both 2009 and 2008:

 

  Ave. Sale Price Ave. Price Sq./Ft Ave. Market Time
2009 – 18 sold $619,981 $134.27 128
2008 – 24 sold
$676,438 $150.72 127

 

Summary:

As can be seen from the figures listed above, total sales of Solon luxury homes is down 25% from last year. In addition, the average sales price is down approximately 8.5%.

Foreclosures and short-sales were prevalent during the first half of the year as 50% of all sales were of this variety. However, there are less foreclosed properties on the market in Solon at this time, which should lead to an increase in traditional sales. However, it is clear from this Solon Luxury home update that Solon luxury homes are still decreasing in value.

Also, at this time last year, 8 homes over $750,000 sold. In 2009, we have had only 2 homes sell for over $750,000 with none selling for greater than $785,000.  Last year, there were 3 sales over $800,000 during the first 6 months of the year.

What does this mean moving forward? There are currently 57 Solon luxury homes for sale. Since approximately 3 are selling per month, we could predict that it would take 19 months to sell all of these homes, provided no new luxury homes came on the market. However, with new inventory constantly appearing on the market, and the foreclosure bargain hunters on the sidelines, at least for now, there is probably closer to a 2-2 1/2 year supply of Solon luxury homes currently on the market.

Furthermore, there are 12 homes currently listed for over $800,000. Since no homes have sold for over $785,000 so far this year, the odds of these sellers successfully selling their home certainly don’t appear to be very high.

The good news is that Solon luxury homes are selling for about 95% of their final list price. The key is to price aggressively to help increase your odds for selling.

For luxury home buyers, especially those relocating to Solon, this is a fantastic time to buy. Even if you have a home to sell, as long as you are moving up, the numbers should work in your favor. To see how you can take advantage of moving up in a down market, click here.

Click below to view information on Solon luxury homes and luxury home developments:

Solon Ohio Luxury Homes – About Keller Williams Luxury Home Group

Why Hire A Luxury Home Agent

Chagrin Highlands of Solon

Forest Hills

Huntington Woods

North Hill

North Park

Preserve

Rollingbrook

Signature of Solon

Thornbury of Solon

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About The Authors:

Dan and Amy Schuman are Solon residents. They specialize in luxury homes, working with buyers relocating to Solon, and home staging.

If you are looking to buy or sell a home in  Solon or the surrounding Eastern suburbs, please contact the Schuman Team.

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

VIEW ALL SOLON LUXURY HOMES FOR SALE BY CLICKING BELOW

 

view all Solon luxury homes for sale

CHECK OUT THE SCHUMAN TEAM’S AWARD-WINNING WEBSITE

 

Solon luxury home update is the property of The Schuman Team and may not be duplicated or used without their written consent. ©July,2009

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