Solon OH Real Estate – Monthly Market Report May 2010

   Solon OH Real Estate – Monthly Market Report May 2010

 

solon home in spring

 

Here are all the homes that sold in Solon in May, 2010:

 

6549 Glenallen $139,000
6394 Glenallen Ave $160,000
32361 Arlesford Dr $162,000
7333 Austin Powder Dr $164,000
32999 Charmwood Oval $165,000
37070 Bainbridge Rd $172,000
5720 Janet Blvd $173,000
32885 Ledge Hill Dr $198,000
32745 N Roundhead Dr $199,900
33865 Country View Ln $219,900
5670 Woodsmore Dr $235,000
35080 Spatterdock Ln $252,000
32630 Stony Brook Ln $272,000
34503 Claythorne Rd $273,000
5240 Hemington Blvd $453,000
5188 Hemington Blvd $465,000
5245 Hemington Blvd $510,000
37280 Cherrybank Dr $600,000
7604 Worlington Dr $1,174,900

 

Summary:

May was a pretty good month, with 19 home sales in Solon with an average sales price of $315,037. This is a little better than May 2009, where we saw 18 sales at an average sales price of $286,678.

Home sales last month ranged in price from $139,000 to $1,174,900.

Through the first five months of the year, 2010 is ahead of 2009 in terms of both total home sales and average sales price. So far this year, there have been 71 home sales in Solon OH compared to 67 through the same period last year. The average sales price, year-to-date, is also higher in 2010, $279,986 to $268,978.

What does this all mean? We remain cautiously optimistic about the Solon housing market. The home buyer tax credit, which expired on April 30th, has had a positive affect on home sales and will continue to do so through next month as transactions must close by June 30th, 2010 in order to qualify for the credit. Some experts believe the worst is behind us while others feel that the tax credit may inflate 2010 sales figures and give us a false sense of security regarding the housing rebound.

We personally believe, based on local market statistics, that things were starting to turn around late last year here in Cleveland, and Solon in particular. We will have a better idea of where the market really stands as the summer buying season ends and we are able to evaluate third quarter sales results.

A good sign is that we are finally seeing some activity in the Solon luxury home market. Last month alone saw 3 sales over $500,000, including one home that sold in Solon for over $1,000,000. These types of sales occurred not due to the tax credit, which was geared more to first time buyers, but more as a result of buyers feeling better about the overall direction of the economy.

We believe there are a lot of Solon move up home buyers that have been on the sidelines for a few years and will be making a move this year. With home prices stabilizing, these buyers will feel more comfortable with the prospects of selling their existing home. In addition, prices on existing inventory and historic low interest rates make moving up very attractive.

Below Are Other Articles Of Interest Relating To Solon OH real estate:

Solon OH Real Estate – Monthly Home Statistics April 2010

Solon Real Estate – Monthly Home Statistics March 2010

Solon Real Estate – Monthly Home Statistics February 2010 

Solon Luxury Homes – Year In Review 2009

Solon real estate – year in review 2009

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About The Authors:

Dan and Amy Schuman are Solon OH residents. They specialize in Solon luxury homes, working with buyers relocating to Solon, and first-time buyers.

For Ohio and Solon OH real estate and homes see Solon real estate

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

VIEW ALL SOLON OH HOMES FOR SALE BY CLICKING BELOW

 

search all solon homes for sale

 

CHECK OUT THE SCHUMAN TEAM’S AWARD-WINNING WEBSITE

 

Solon OH Real Estate – Monthly Market Report May 2010S is the property of The Schuman Team and may not be duplicated or used without their written consent. ©June,2010 

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