Monthly Archives: February 2014

Solon Ohio Real Estate – Market Report January 2014

Quarterly Market Reports On Sold Homes

 

 

Here is our first 2014 monthly report for real estate in Solon OH.

First, we will provide a list of all home transfers for last month, including the names of buyers and sellers, if available.

Then, we will give market statistics of homes that sold last month, with a comparison to the previous year.

Finally, we will provide an analysis of the market, including discussion about where we are headed in the future.

 

HOMES SOLD IN SOLON –  JANUARY 2014

ADDRESS              PRICE         BUYER             SELLER

33870 Baldwin       $106,000    Marta Towers     David Soederstrom

6575 Glenallen       $146,000    Tabotha Howell   Robert Hrusch

33289 Warwickshire$160,000    Daniel Durisek     James Locastro

33430 Pettibone     $192,900    NA                   JP Morgan

32467 S Roundhead$215,000    Michael Friendlander Jun Chen

7261 Winchester    $307,000    Kathleen Sullivan Samir Botros

6946 Highview Dr   $352,000    Sergey Makarov  FNMA

7239 Annandale     $371,000    Cosmax Usa Corp Anthony Alesci

5825 Dodsworth     $382,000   NA                     RP Max, LLC

6800 Mayapple       $420,000   Wanyan He         Betty Hooper

35990 S Huntington$425,500    Bozhong Xin        Mary Eastman

7598 Royal Portrush $670,245   NA                    Melissa Smrdel

6620  Cummings      $485,000  Brett Johnson      Timothy Trump

37177  Cherrybank  $690,000   Matthew Shene   Carol Arnson

 

SOLD HOME STATISTICS SOLON OHIO – JANUARY 2014

 

Date                                         # of homes sold         Ave. Sales Price             

January 2014                                12                            $312,304

January 2013                                11                            $240,545

 

*source NEOHREX ( Regional MLS )

 

COMMENTARY:

Beginning of the year statistics can often be inconclusive and sometimes misleading. We will need at least 2 more months before we can get a better grasp of how this year will fare compared to last year, which was a very strong year.

The fact that we started out this year a little better than last year is certainly good. However, in both cases, the homes that transfer in January are typically those that have been lingering on the market for a long time and are getting purchased by bargain hunters. The average days on market ( DOM ) of the homes that sold last month was 192 and reflects this. Once we hit the spring market, we can expect the DOM to be under 150.

If you would like to get a better feel for the overall market, please take a look at our 2013 Year In Review For Solon Real Estate.  

Lack Of Inventory

I can’t remember seeing so few homes on the market. In fact, at the lowest point last month, there were only 62 active listings for sale in all of Solon.

The really good news is that we have started to see more homes come on the market over the last few days. We are personally getting a ton of calls from sellers looking to take advantage of the upcoming spring market and anticipate a ton of new inventory over the next 30 days.

Moving forward

We anticipate sales to be about where they were last year, possibly even a little lower. This is more a function of so few homes being on the market than a lack of demand. The volatile stock market certainly never helps, but it’s too early to say if this will affect the local housing market.

If there is one take away from this report, it should be that we need more homes to sell. Anyone that has been putting off selling their home, waiting for the market to get better, should sell now. Rates  aren’t getting lower and demand is the highest we’ve seen in a long time.

————————————————————————-

About The Authors

The above information is compliments of The Schuman Team, Amy and Dan, Solon residents and agents with 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 – Market Report January 2014 is the property of The Schuman Team and may not be duplicated or used without their written consent.©February, 2014