Solon Ohio Real Estate – Monthly Market Report August 2010

Solon Ohio Real Estate – Monthly Market Report August 2010

  

solon real estate report

 

Here are all the homes that sold in Solon during the month of August, 2010. Commentary to follow.

30450 Miles $77,555
6634 Solon Blvd $82,000
7326 Cromwell Dr $92,500
32685 Jefferson Dr $123,600
6705 Glenallen Ave $145,000
6550 Brookland Ave $190,000
33630 Coachman Ln $191,000
32500 Cannon Rd $200,000
6855 Solon Blvd $203,000
32037 S Roundhead Dr $220,000
32950 Ledge Hill Dr $228,166
5769 Som Center Rd #15 $277,000
7189 Longview Dr $375,250
6575 Ashton Ln $385,000
31885 Burlwood Dr $445,000
6502 Dorset Ln $490,000
39755 Lochmoor Dr $510,000
6512 Dorset Ln $582,000
5185 Leighton Ct $725,000

 

August, and summer in general, was a little slow compared to last year. Here are figures showing the number of sales and average sales prices of homes that sold in Solon last month compared to the same period of time in 2009.  Year-to-date figures have also been included.

All Sales           # of homes sold       Ave. Sales Price              

August 2010             19                      $291,688                

August 2009             30                      $314,740

YTD 2010                 138                     $294,624

YTD 2009                 170                     $299,247  

*source NEOHREX ( Regional MLS )

COMMENTARY:

Despite these figures and what you may read in the papers or see on TV, it is not all gloom and doom here in the Solon real estate market. Real estate is very local, so what is reported in the media may not be an accurate indication of what is going on right here in our back yard. Remember, outrageous headlines ( “Home Values Plunge!” ) sell news and must be taken with a grain of salt.

Although year-to-date figures in general are lower than last year, there are some interesting things we’d like to share that are not reflected by the figures shown above.

Surprising as it may sound, some price points are holding their own or even doing better.

Here’s an example of what is going on for homes priced under $200,000 and below compared to the same time period last year:

All Sales           # of homes sold         Ave. Sales Price              

YTD 2010               53                          $153,870                

2009                      61                          $140,884

While there have been fewer sales in this price point, the average sales price in the lower-end price range in Solon has actually increased. 

Here is a look at homes priced $400,00-$600,000, a very popular price range for local move-up buyers.  

All Sales                                  # of homes sold         Ave. Sales Price              

YTD 2010                                             25                        $488,470                

YTD 2009                                       29                      $490,730

As you can see, this price point is pretty much holding its own.

Now I’m not going to paint a picture that things are booming here in Solon, because that’s certainly not the case. In fact, there are some price ranges that are not doing as well. However, this does illustrate that not only is real estate local, but sometimes hyper-local by price range and neighborhood as well. 

So what does this all mean?

FOR SELLERS:  If you are looking to sell your home in Solon, buyers are being extremely choosy right now, so make sure your home is the nicest in its price range. Outdated homes or those that are over-priced simply won’t sell. 

FOR BUYERS:  It’s a buyers market and interest rates are at all-time lows, so it really is a great time to buy. However, don’t expect to “steal” a home. Nice homes priced well still sell in any market, and there are a lot of buyers on the side lines just waiting for that perfect home to appear.  If a nice home suddenly comes on the market, don’t wait, because someone else will notice it as well and you may miss out.

Even though the real estate market has seen better days, Solon is still viewed as a desireable place to live and a popular destination for people relocating to the area. This is due in part to our top rated schools, amenities, and a strong sense of community felt by the residents. 

We anticipate things picking up after Labor Day as the fall market then begins and will last until Thanksgiving, when things typically slow down. 

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

Solon – A Special Community

Money Magazine Ranks Solon Top Places To Live

Newsweek Ranks Solon On Top Schools List

Solon Schools

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

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