Monthly Archives: October 2014

Solon Ohio Real Estate – Third Quarter Market Report 2014

 

 

Here is our Third Quarter Market Report for Solon OH.

First, we will provide market statistics for the past month of September. Then we will offer a look at the statistics for the third quarter and compare them to how we fared at the same time last year. We will also provide year to date statistics. Finally, we will provide commentary.

Also contained within this report will be information pertaining to the Solon luxury home market  ( those priced over $500,000 ).

 

SOLD HOME STATISTICS SOLON OHIO

 

Date                                         # of homes sold         Ave. Sales Price             

September 2014                                18                           $356,650

September 2013                                26                           $286,908

 

Third Quarter  2014                             94                           $345,494

Third Quarter 2013                             101                          $318,521

 

YTD 2014                                         220                          $321,780

YTD 2013                                         244                          $305,969

 

 

SOLON LUXURY MARKET

Third Quarter  2014                           15                            $684,583

Third Quarter 2013                            16                            $619,747

YTD     2014                                    31                           $682,026

YTD     2013                                    37                           $642,255

 

 

*source NEOHREX ( Regional MLS )

 

THE STATE OF THE MARKET

As we predicted in our Year In Review 2013, there has been a decrease in overall sales so far this year. We are down by about 10% compared to last year although the average sales price has increased.

This had been a little bit of an inconsistent year in real estate for Solon. We got off to a very strong start in 2013 compared to this year and have simply not been able to make up the ground. That being said, by historic standards, it is still a good year based on statistics.

Last year we saw 303 sales of single-family homes. So far this year, we are at 220 sales. Unless we have a record breaking fourth quarter, we don’t anticipate exceeding those numbers.

INVENTORY

We currently have 120 active listings, up from 100 at the end of June.

This is the time of the year where you won’t see a ton of new inventory hit the market, but great homes still can come up. Unless someone is being relocated, or really needs to sell for another reason, most sellers at this point may opt to wait until the beginning on 2015. But if you are a buyer and looking for that perfect home, I wouldn’t totally rule out the fall buying season.

FINAL THOUGHTS

For buyers, the fall can be a great time to buy. Many homes that didn’t sell over the summer are now seeing price reductions. Many sellers realize that they missed out on the summer market ( likely due to being overpriced ) and really do want to sell. They likely don’t want to keep their home on the market during the costly winter months, so deals can be had.

For sellers, a nice home priced right in any market will sell. If you need to sell and can’t wait until the spring, don’t worry. There are still plenty of buyers out there waiting for that special home, just make sure it is priced to sell.

Buyers are very educated today and want immediate gratification. Most do not want to do a lot of work to a home if they don’t have to. Therefore, a nicely updated home, priced fairly, should fly off the market.  Homes that need a lot of work and/or are not priced correctly, will likely sit on the market for a while.

Last year was a record breaking year in real estate here in Solon. So we certainly didn’t expect this year to be better. However, the numbers indicate things are still very healthy and Solon is still in high demand.

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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  -Third Quarter Market Report 2014 is the property of The Schuman Team and may not be duplicated or used without their written consent.©Oct, 2014