Solon OH Luxury Homes -Bi-Annual Market Report 2010

 

 Solon OH Luxury Homes -Bi-Annual Market Report 2010

luxury home in cleveland ohio

Here is our official bi-annual market report for Solon Luxury Homes complete with a comparison to 2009. Commentary will be given after the following Solon luxury home statistics

Please keep in mind that in the Cleveland real estate market, the definition of a luxury home is one that sells for at least $500,000.

Here are all luxury homes that sold in Solon during the first half of 2010:

5245 Hemington Blvd $510,000
5571 High Point $515,000
7099 Navajo Trl $515,000
6162 Chagrin Highlands Dr $525,000
7373 Royal Portrush Dr $540,000
7338 Shelford Dr $557,500
38040 McDowell Dr $570,000
37280 Cherrybank Dr $600,000
6439 Dorset Ln $608,000
7343 Shelford Dr $620,000
37289 Cherrybank Dr $625,000
7570 Royal Portrush $699,354
6704 Winston Ln $712,500
7604 Worlington Dr $1,174,900

 

FIRST HALF OF 2010 VS. FIRST HALF 2009 COMPARISON

 

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

2010                        14                      $627,304                             181

2009                        18                      $619,981                             128 

 

Highest Sale = $1,174,900

          

Commentary:

The first half of 2010 was similar to the same time period in 2009. Although there were not as many sales, the average sales price is higher so far this year. The main difference between this year and last is there are not as many bank owned or distressed sales, which may be the reason the average sales price is higher this year.

The $500,000-$700,000 price point is still the most popular for luxury home buyers in Solon. Very few sales have occurred over this price although we did recently have 1 sale over $1,000,000. Whether this is a sign of things to come or an aberration is yet to be determined.

Demand for high end homes in Solon is usually met by both local move up buyers and those relocating to Solon from out of of the area. With the state of the economy still up in the air, many local buyers have decided to stay where they are for now instead of moving forward on a major purchase. Some local buyers though are feeling more comfortable buying before selling as prices seem to have stabilized making it easier to sell an existing home.

In terms of relocation buyers, fewer large companies are hiring, meaning less executives coming into the area. While there are still plenty of people moving to Solon and buying luxury homes, the numbers are not where they were 4-6 years ago. With inventories of luxury homes here being fairly high ( we currently have a 2 year supply of luxury homes ), buyers have a wide selection to choose from and are getting very good deals.

From a pure financial standpoint, moving up in a down market does make sense, and with rates at their all-time lows, buying a bigger home in Solon has never been more affordable.

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

2009 Year End Luxury Market Report Solon Ohio

Solon Agent Receive Luxury Home Designation

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.

VIEW ALL SOLON LUXURY HOMES FOR SALE BY CLICKING BELOW

 

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Solon OH Luxury Homes -Bi-Annual Market Report 2010 is the property of The Schuman Team and may not be duplicated or used without their written consent. ©Jan,2010

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