Solon Ohio Real Estate – Mid Year Review 2012



 

The following is our official mid year review for real estate in Solon, Ohio.  Here, we will provide statistics for the most recent month of June, offer a comparison between the first half of 2012 and the same time period in 2011 and also give specific statistics for the Solon luxury home market. We will also include a summary at the end of the report.

 

Date                   # of homes sold      Ave. Sales Price             

June 2012                33                        $313,531

June 2011                27                        $295,706

 

YTD 2012                 100                       $294,691

YTD 2011                 103                      $277,728

 

LUXURY HOME STATISTICS

 

 

 

 

 

 

 

 

Date                   # of homes sold      Ave. Sales Price             

YTD 2012                   15                       $625,780

YTD 2011                   13                       $628,846

High Sale – $920,000

*source NEOHREX ( Regional MLS )

 

SO, IS THE MARKET FINALLY IMPROVING?

The statistics above are a decent reflection of the market, but don’t quite tell the entire story. While overall sales are similar to last year, the inventory of available homes is down close to 30%. This is resulting in a more balanced market with multiple offer situations  ( bidding wars ) occurring on a regular basis.

In terms of Solon luxury homes, those that sell for at least $500,000, the numbers are similar to last year but moving in a positive direction. Not only is there increased activity in the higher-end market, but homes are selling much quicker as well.  The average days on the market for a luxury home in Solon has drastically decreased, from 224 days in 2011 to only 168 so far this year.

WE NEED MORE INVENTORY

Moving forward, we anticipate low inventory and historically low interest rates will help in the recovery of the local Solon real estate market. If you or someone you know is thinking of selling their Solon home, please call us! There really is a shortage of nice homes on the market, especially is a few specific price points.

Overall, while things certainly aren’t where they were 5-6 years ago, we are seeing improvement, which is a good thing for all of us who call Solon home.

 

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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.

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 Ohio Real Estate – Mid Year Review 2012 is the property of The Schuman Team and may not be duplicated or used without their written consent.©July 2012

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