Solon Ohio Real Estate Market In Review – First Half 2013

 

 

 

We can’t believe the year is already half way over.  Time goes quickly when homes are flying off the market.

Here is our official bi-annual market report for Solon OH  for the zip code 44139, excluding Glenwillow, for homes sold  Jan 01 – June 30, 2013.

First, we will provide market statistics of sold homes for the last 6 months, with a comparison to the same period of time in 2012.  Then, we will include a separate breakdown for the Solon luxury home market  ( those priced over $500,000 ). Finally, we will provide an analysis of the market, including discussion about where we are headed in the future.

 

SOLD HOME STATISTICS SOLON OHIO – ALL SALES

 

Date                                         # of homes sold         Ave. Sales Price             

First Half 2013                           136                            $293,286

First Half 2012                           103                            $288,244

 

SOLON LUXURY MARKET

First Half 2013                             19                            $656,237

First Half 2012                             15                            $625,780

 

*source NEOHREX ( Regional MLS )

 

COMMENTARY:

The real estate market rebounded in 2012 and has continued to be extremely active through the first 6 months of 2013.  The figures above show increases in both home sales AND average sales price.

The two main factors that helped us get off to a good start this year are an improving economy and low inventory. While the job market isn’t exactly booming in Northeast Ohio, things have stabilized enough to make people feel comfortable about making major purchases, like a home.

We are seeing more activity with local move-up buyers and those relocating to the Solon area. With the move-up buyers, they are no longer afraid to move for fear of not being able to sell their existing home. In fact, many are so confident that they are actually buying BEFORE they sell.

Local companies are also more active in hiring, increasing the number of out-of-town buyers.

During our first quarter report, we mentioned that low inventories played a major factor in the rebounding market. While inventories are still relatively low, we are seeing some new homes come on the market. Local homeowners who were previously discouraged, are now seeing an opportunity to sell and are finally listing their homes.

In terms of Solon luxury homes, sales and average price are up from last year. Again, this is a result of move-up buyers having an easier time selling their existing homes and an increase in relocation activity. Although we have seen some very high-end sales, there does seem to be more activity in the under $700,000 market.

Moving forward, the recent increase in interest rates may have an effect on the market. With over 70 homes currently under contract, these buyers likely have already locked in their rate and thus won’t be effected. However, higher rates means higher monthly payments, so will certainly influence affordability for many buyers. This may make them more price sensitive and hinder appreciation.

At the end of the year, we do anticipate overall sales and average sales price to be higher in 2013 than 2012. However, we do see the market slowing down after the “back to school” rush is over in a few weeks.

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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 specialize in Solon luxury homes, relocation, and first-time buyers.

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 Market In Review – First Half 2013 is the property of The Schuman Team and may not be duplicated or used without their written consent.©July, 2013

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