Solon OH Real Estate – Bi-Annual Market Report 2010

 

Solon OH Real Estate – Bi-Annual Market Report 2010

 

solon home in spring

 

The year is now half over, allowing us to compose our very popular Bi-Annual Market Report for Solon real estate. We will begin by listing all homes that sold in Solon in June and follow with a summary for June and state of the market for the first half of 2010.

 

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

7395 Geauga St  $110,000
28300 Louise Dr  $150,000
34130 Maple Dr  $153,000
5447 Harper Rd $160,000
33355 Outley Park Dr  $180,500
7240 Cottesmore Ln $214,200
7229 Selworthy Ln $235,000
36659 Meadowdale Dr $250,000
34940 Spatterdock Ln $262,000
31635 Crabtree Ln  $262,500
34503 Bramble Ln $265,000
33123 Ashdown Dr $265,000
7332 Glenwillow Place $272,000
32305 Seneca Dr $280,000
5106 Cheswick Dr $283,000
35575 Spicebush Ln $330,000
5653 Spring Grove Dr $357,500
32946 Lisa Ln $360,000
5165 Ramblewood Ct $410,000
7283 Capilano Dr $467,000
35555 Michael Dr $485,000
38040 McDowell Dr $570,000
6439 Dorset Ln $608,000
7343 Shelford Dr $620,000
37289 Cherrybank Dr $635,000
7570 Royal Portrush $699,354
6704 Winston Ln $712,500

 

SUMMARY:

June, as expected, was fairly busy. We saw a total of 27 homes sell last month with an average sales price of $355,428. Last June was a huge month, with 45 home sales in Solon at an average sales price of $324,317.

While last month did not quite live up to the incredible June we had in 2009, it was still a great month. We saw a decent number of moderately priced homes transfer last month, some most likely a result of the home buyer tax credit.  Keeping in mind that the tax credit focused on first time buyers, and thus typically lower priced homes, Solon probably wasn’t a suburb that was boosted by the credit as much as some of the inner-ring suburbs.

On a side note, nationwide, it was reported that approximately 180,000 home buyers qualified for the home buyer tax credit but were not able to close on time. Therefore, the deadline for closing has consequently been extended to September 30, allowing for people to get their financing in order so they can tax advantage of the credit.

MID YEAR REVIEW

Through the first half of the year, we have had a total of 100 home sales in Solon compared to 112 at this time last year. The average sales price of a home in Solon so far this year is $297,931 compared to $291,212 in 2009.

While 2009 saw about 2 extra sales per month, the average sales price in 2010 is good news. While we cannot say for certain that the market is appreciating, statistics indicate that prices may have at least stabilized.

The Solon luxury home market saw very similar figures, less sales and higher average sales price compared to 2009.

We are seeing more move up buyers take the leap of faith to buy bigger homes here in Solon. Perhaps they feel more comfortable with the economy, or maybe these buyers realize that moving up in a down market makes financial sense, especially with rates so low.

Housing inventories, there are currently 210 single family homes for sale in Solon, have been fairly normal during the first part of 2010 and we don’t anticipate seeing a dramatic change. Moving forward, summer and fall are still good months to put your home for sale and historically low interest rates make buying a home in Solon extremely favorable.

Regardless of the overall market in Cleveland,  the Solon School system is a major draw for those relocating to the Cleveland area, and the city services and amenities will continue to make Solon a great choice for those buying a home here. 

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 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

 

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CHECK OUT THE SCHUMAN TEAM’S AWARD-WINNING WEBSITE

 

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

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