Solon Ohio Home Value Report 3rd Quarter 2011

Solon Ohio Real EstateHome Value Report 3rd Quarter 2011

 

solon real estate report

 

Before we discuss home values and trends in Solon, OH, we will first provide a list of all the homes that sold in Solon during the month of September.  Then, we will provide a statistical comparison between the third quarter of this year to the same time period in 2010.

6809 Green Ridge Ave $94,000
31625 Bainbridge Rd $97,500
29750 Cannon Rd $104,349
30800 Miles Rd $132,000
33193 Cromwell Dr $140,000
6592 Forest Glen Ave $150,000
34250 Country View Ln $176,000
36460 Churchill Dr $217,500
5122 Cheswick Dr $236,500
33945 Redbridge Ln $260,000
7615 Lindsay Ln $275,000
6665 Ayleshire Dr $310,000
35575 Spicebush Ln $312,000
32927 Lisa Ln $340,250
32160 Burlwood Dr $345,000
7355 Joseph Dr $398,000
6212 Chagrin Highlands Dr $430,000
37805 Windy Hill Ln $439,000
32845 Shadowbrook Dr $449,000
7472 Royal Portrush Dr $540,000
7232 Castle Pine Dr $810,000
7547 Capilano Dr $825,000

 

 Date              # of homes sold       Ave. Sales Price             

Sept. 2011               23                      $312,526

Sept. 2010               13                      $344,078

YTD 2011                 176                    $288,514

YTD 2010                 155                    $295,692

*source NEOHREX ( Regional MLS )

COMMENTARY:

When people see us out and about, the first thing they ask  is “how’s the market?”. Well, for the first time in a while, we say that it’s picking up and  have the statistics to prove it.

Home sales in Solon are up 13.54%   from last year.  This also includes the Solon luxury home market, which consists of sales over $500,000. Average sales price compared to last year is fairly unchanged, down slightly at about -2.5%.

SO, WHAT’S MY SOLON HOME WORTH TODAY?

One thing that’s important to note is that all real estate is local. Just because the average price in a home in Solon may be down 2.5%, doesn’t hold true as a blanket statement for every house on the market. Remember, the average takes in consideration ALL sales, including distressed properties.  If we took out these types of sales from the statistics, the average sales price would be well over $300,000!

Today’s trend shows that buyers are still very particular and have high expectations. That being said, nice homes that are priced right will sell, and those that are dated, overpriced, or both will simply sit on the market and get passed over.

Demand still plays a big part in the direction of home prices. Solon is seen as a highly desirable area to live based in large part to having one of the top school districts in the nation.  Certain neighborhoods may also be deemed by buyers as more desirable than others.

If you are looking to buy or sell a home in Solon, you should contact a local professional, someone who has intimate knowledge of the market and has personally seen the inventory. While there are a lot of helpful websites out there that will give estimated home values, most of them have a high margin for error. There is no substitute for someone who has specific market knowledge.

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About The Authors

The above information is compliments of The Schuman Team, Amy and Dan, of Howard Hanna Real Estate Services. The Schumans are proud residents of Solon, Ohio.

They can be reached at 216-346-3235 or via email, danschuman@howardhanna.com or amyschuman@howardhanna.com.

The Schumans service the following Cleveland area suburbs: Bainbridge, Bay Village, Beachwood, Bentleyville, Chagrin Falls, Cleveland Heights, Gates Mills, Highland Heights, Hunting Valley, Lakewood, Lyndhurst, Mayfield Heights, Mayfield Village, Moreland Hills, Oakwood Village, Orange, Pepper Pike, Shaker Heights, Solon, South Euclid, University Heights, Westlake, Woodmere.

Solon Ohio Home Value Report 3rd Quarter 2011 is the property of The Schuman Team and may not be duplicated or used without their written consent. ©Oct,2011

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