Solon Real Estate – Year In Review 2012

Solon Sold homes

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.

ALL HOMES

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%

Source: NEOHREX

 

COMMENTARY

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.

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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: 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

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