Solon Luxury Homes – 2009 Year In Review

 

Solon Luxury Homes – 2009 Year In Review

luxury home in cleveland ohio

Here is our official 2009 year in review for Solon Luxury Homes complete with a comparison to 2008. We will provide commentary after giving Solon luxury home statistics. Please keep in mind that due to the merging of two different multiple listing services in 2009, the 2008 statistics below may differ slightly from last years’ year end statistics. In the Cleveland real estate market, the definition of a luxury home is one that sells for at least $500,000.

 

Luxury Sales     # of Homes Sold        Ave. Sales Price              Ave. Days on Market

2009                        31                      $599,060                             128

2008                        48                      $657,456                              97 

 

Highest Sale = $785,000

Here is a breakdown of 2009 sales by price:

 

Price  Range                    Sales

$500,000-599,999              16

$600,000-699,999               8

$700,000-799,999               7

$800,000+                          0

                

Commentary:

There is really no way to sugar coat the numbers for 2009 in regards to Solon luxury homes: it was not a good year. In fact, 2009 saw the lowest actual number of luxury homes sell (31) since 2002.   In addition, 11 of these sales were either bank owned or distressed in some way. This was also the first year since 2000 that there was not a sale over $800,000 in the Solon luxury home market.

From 2004-2008, the Solon luxury home market was extremely active, coinciding with the real estate boon.  While we may not see 55-65 luxury homes sell per year here in Solon in the near future, the slowly recovering economy should make buyers more comfortable moving forward with buying a luxury home.

As we look ahead to 2010, our prediction is that the number of sales of luxury homes in Solon will increase slightly.  We will probably not see as many bank owned homes either, as short sales will be much more common. The $500,000-600,000 price range will continue to be the focal point of local move up buyers, and we think this segment of the luxury market will actually become more balanced in 2010 and less of a buyers market. In fact, there are signs currently indicating this shift.

Buyers relocating to Solon still have quite a few homes to choose from in the higher-end price ranges (46 current active listings ) with more due to come on the market in the spring. If you are a seller looking to sell this year, it is wise to price very competitively.

Below are past articles that relate to the content of this post.  

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 specialize in Solon luxury homes, working with buyers relocating to Solon, and first-time buyers.

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.

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Solon Luxury Homes – 2009 Year In Review is the property of The Schuman Team and may not be duplicated or used without their written consent. ©Jan,2010

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