The following is our 4th annual year in review for Solon Ohio real estate. Here, we will provide a comparison between this past year and 2011 and offer commentary.
Year # of Homes Sold Ave. Sales Price Sales Price/List Price
2011 222 $291,449 94.16%
2012 260 $299,924 94.03%
LUXURY HOMES ( sales price over $500,000 )
2011 29 $626,888 94.58%
2012 39 $640,749 92.95%
2012 FIRST HALF VS. SECOND HALF OF THE YEAR
FIRST HALF 107 $284,146 93.47%
SECOND HALF 159 $302,114 94.39%
This has been a very good year for the Solon real estate market. We saw a lot of positive signs that the worst is behind us and that things are getting better. Below is a list of 5 important things that the above statistics tell us:
1. More homes sold in 2012 vs. 2011
2. Average sales price was higher this past year
3. The market IMPROVED during the second half of 2012
4. A well priced home will receive approximately 94% of asking price
5. The luxury home market improved, meaning affluent buyers are feeling more confident about buying a luxury home
So, what can we take away from all of this? Improvement as a result of a slowly improving economy, low interest rates, and an increase in consumer confidence.
BUYERS AND SELLERS BOTH FEEL BETTER
The numbers indicate more buyers and sellers coming together and overcoming the numerous challenges presented by the market. First time buyers are feeling a little more confident as are the local move-up buyers. Those looking to sell and buy a larger home are realizing that selling their existing home is now a realistic goal and no longer have as much fear.
Sellers have come to better understand that the major correction in the local real estate market has brought prices to where they were about 10 years ago. I’m certainly not indicating that sellers are happy about this, but they now have more realistic expectations regarding price.
WE NEED MORE INVENTORY
The really good news for Solon home sellers is that the inventory of available homes is down about 25% from 2 years ago. This has helped create a much more balanced market and in some price points, things are actually learning a little toward the sellers. We have seen multiple offer situations ( bidding wars ) take place on a regular basis, especially in the $200,000-$300,000 price point.
The real estate market should continue to recover in 2013.
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, firstname.lastname@example.org or email@example.com.
The Schumans service the following Cleveland area suburbs: Aurora, 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 – Year In Review 2012 is the property of The Schuman Team and may not be duplicated or used without their written consent.©January, 2013