Solon Ohio Real Estate Market Report 2011

Solon Real Estate Market – Year In Review 2011

 

Solon Sold homes

The following is our annual year in review for Solon Ohio real estate. We will give sales and pricing statistics for 2011 and make a comparison to 2010. Commentary will be provided afterwards.

ALL HOMES

Year          # of Homes Sold        Ave. Sales Price   Sales Price/List Price

2011                      227                    $287,205                 94.24%

2010                      202                    $292, 547                94.61%

WHAT ABOUT BANK OWNED HOMES?

While bank owned homes constitute a small percentage of sales, they still have a tendency to affect home values. We were curious to see what the numbers would look like if we excluded bank owned homes and have included them below:

2011                      212                    $291,708                 93.50%

2010                      192                    $293,265                 94.53%

LUXURY HOMES ( sales price over $500,000 )

2011                       29                     $626,888                94.58%

2010                       25                     $645,830                94.17%

 

2011 FIRST HALF VS. SECOND HALF OF THE YEAR

Jan. – June                99                 $282,575               94.40%

July – Dec.                113               $301,013               94.11%

Source: NEOHREX

 

COMMENTARY

While the last few years have been challenging to say the least, this past year showed us some positive signs. Below is a list of 5 important things that the above statistics tell us:

 

1.     2011 had more home sales than 2010

2.     The average price of a home in Solon was almost unchanged

3.     The market IMPROVED during the second half of 2011

4.     Homes are selling for a healthy 94% of asking price

5.     Affluent buyers are feeling more confident

 

INCREASED CONFIDENCE

The numbers show that buyers were more comfortable buying a home in 2011 compared to the previous year. There are likely many factors involved here, including a very slightly improving economy. The fact that values have stopped declining is worth noting as well.

Over the past few years, when home values were declining, buyers were not willing to pay market value for a home. Many buyers, fearing the market would continue to decline,  would attempt to buy a home for 5-10% less than market value just so they could have some security in the event the market continued to depreciate.

Basically, buyers wanted a built in cushion to protect them from future market fluctuations. As you could imagine, this approach didn’t fare well with sellers. Buyers are now more comfortable paying market value for a home, although bringing buyers and sellers together is still a challenge.

Moving forward, the recovery in the local market will still take some time. Areas like Solon will continue to be desirable thanks in part to the highly rated school system, but the Northeast Ohio real estate market in general is still soft.

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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 216-403-9189 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 Real Estate Report 2011 is the property of The Schuman Team and may not be duplicated or used without their written consent. ©January,2012

One Response to Solon Ohio Real Estate Market Report 2011
  1. Omni Chaparala
    January 18, 2012 | 3:51 pm

    Good details about Solon real estate. It shows that a local realtor knows the market best.

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