Solon Real Estate – Year In Review 2013

Solon Sold homes

The following is our 5th annual year in review for Solon Ohio real estate. Here, we will provide a comparison between this past year and 2012. We will also give commentary and our predictions for 2014.

ALL HOMES

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

 

2013                      303                    $303,554                 95.90%

 

2012                      263                    $298,277                 94.06%

 

LUXURY HOMES ( sales price over $500,000 )

 

2013                       45                     $655,305                95.59%

 

2012                       39                     $640,749                92.95%

 

2013 FIRST HALF VS. SECOND HALF OF THE YEAR

 

FIRST HALF              144              $296,672               94.53%

 

SECOND HALF           159              $309,788               97.12%

Source: NEOHREX

 

COMMENTARY

While 2012 was a very good year for real estate in Solon, 2013 was fantastic. The positive momentum from 2012 continued over through 2013 and the statistics reflect that. Below is a list of 5 important things to take away from the statistics above:

 

1.     About a 15% increase in the number of sold homes from 2012 to 2013

2.     Average sales price was higher in 2013

3.     The market IMPROVED during the second half of 2013

4.     Homes were selling for almost 96% of their asking price, up from 94% in 2012

5.     Improvement across the board in Solon luxury homes

 

CONTRIBUTING FACTORS

The improving economy, soaring stock market and low inventories all helped to make 2013 a good year in real estate for Solon.  The local economy has been recovering slowly but surely since the Great Recession. With that has come a rebound in the local real estate market. Although we aren’t seeing huge appreciation, 2-3% per year is not unusual in our marketplace. Slow and steady growth is certainly better than the huge swings we saw 5-10 years ago.

The rise in the stock market has also helped. While it may not affect first time buyers, it does affect the mid-priced and luxury markets.  Increasing portfolios make these buyers much more confident in their wealth. Therefore, they are much more open to making large purchases, like cars and homes.

In terms of inventories, there has been a somewhat limited supply of homes for sale in Solon for well over a year. Low supply increases prices and has shifted the market from favoring buyers to one that is much more balanced.

WHAT LIES AHEAD

While we always like to be positive, our prediction for 2014 is for less sales but the average price should remain close to the same. Low inventories will be the main reason for the decrease in sales. Demand is certainly there, but with nothing to buy, it creates a little bit of gridlock in the local housing market.

Currently, there are only 65 homes for sale in the entire Solon market. When you break it down into different price points, that really isn’t a lot to choose from.

While it’s impossible to ever time a market, those looking to sell can certainly take advantage of today’s environment.

 

————————————————————————-

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 2013 is the property of The Schuman Team and may not be duplicated or used without their written consent.©January, 2014

2 Responses to Solon Real Estate – Year In Review 2013
  1. elizabeth cohen
    January 22, 2014 | 2:52 pm

    you two are just amazing and truly know your markets. keep up the great team work and may your 2014 be your best yet!

    • Dan Schuman
      January 22, 2014 | 5:16 pm

      Thank you so much for the kind words, Beth. We greatly appreciate it.

Leave a Reply

Wanting to leave an <em>phasis on your comment?

CommentLuv badge

Trackback URL http://www.clevelandhousingnews.com/2014/01/solon-real-estate-year-in-review-2013/trackback/