Cleveland Real Estate – 2016 Year In Review

Solon Sold homes

 

Here is our official 2016 real estate report for the East side suburbs of Cleveland. We did a comparison from last year to 2015. Suburbs are in alphabetical order.

BAINBRIDGE

Year           # of homes sold         Ave. Sales Price              Ave. Days on Market

2016                        39                         $391,721                             169

2015                        40                         $403,433                             156

Highest Sale = $870,000

Lowest Sale = $45,000

Luxury Sales     # of homes sold        Ave. Sales Price              Ave. Days on Market

2016                        14                            $630,314                               185

2015                        10                            $685,483                               162

 

BEACHWOOD

Year           # of homes sold         Ave. Sales Price              Ave. Days on Market

2016                       123                        $312,602                              81

2015                       102                        $291,245                              104

Highest Sale = $815,000

Lowest Sale = $80,000

Luxury Sales     # of homes sold        Ave. Sales Price              Ave. Days on Market

2016                        11                            $685,594                                84

2015                        10                            $584,240                               118

 

MORELAND HILLS

Year          # of homes sold         Ave. Sales Price              Ave. Days on Market

2016                        47                         $531,774                              173

2015                        44                         $425,694                              144

Highest Sale = $1,850,000

Lowest Sale = $98,000

Luxury Sales     # of homes sold        Ave. Sales Price              Ave. Days on Market

2016                        20                            $831,983                               195

2015                        12                            $742,533                                90

 

ORANGE

Year           # of homes sold         Ave. Sales Price              Ave. Days on Market

2016                        24                         $340,220                              126

2015                        19                         $339,639                              118

Highest Sale = $887,500

Lowest Sale = $105,000

 

PEPPER PIKE

Year           # of homes sold         Ave. Sales Price              Ave. Days on Market

2016                        116                        $425,281                             139

2015                        110                        $421,096                             128

Highest Sale = $1,045,000

Lowest Sale = $150,000

Luxury Sales     # of homes sold        Ave. Sales Price              Ave. Days on Market

2016                        32                            $661,389                               120

2015                        32                            $655,505                               123

 

SHAKER HEIGHTS

Year          # of Homes Sold        Ave. Sales Price   Ave. Days on Market

2016                      399                    $277,280               113

2015                      356                    $281,796               136

Highest Sale = $1,937,500

Lowest Sale = $13,000

Luxury Sales     # of homes sold        Ave. Sales Price              Ave. Days on Market

2016                       49                              $696,529                            176

2015                       34                              $672,500                            170

 

SOLON

Year          # of Homes Sold        Ave. Sales Price   Ave. Days on Market

2016                      335                    $309,712               111

2015                      303                    $310,027                98

Highest Sale = $840,000

Lowest Sale = $75,000

Luxury Sales     # of homes sold        Ave. Sales Price              Ave. Days on Market

2016                       48                              $656,169                            118

2015                       36                              $672,009                            115

 

TWINSBURG

Year           # of homes sold         Ave. Sales Price              Ave. Days on Market

2016                        278                         $242,521                             278

2015                        259                         $231,464                             259

Highest Sale = $530,000

Lowest Sale = $29,900

*source NEOHREX ( Regional MLS )

 

2017 MARKET OUTLOOK

First quarter sales will certainly be in line with last year as there are 111 homes currently under contract in the above mentioned communities. Inventories are low now so many buyers are on the sidelines waiting for the new crop of homes to hit the market over the next 30-60 days.

It’s hard to imagine the market being better overall than in 2016, especially with a possibility of rates increasing. The determining factor may be available inventory over the next 3-4 months.

Homes will continue to sell for close to 96% of asking price. It certainly helps a seller if the home is properly priced and staged up front.

Buyers would be wise to get pre-approved well in advance so they can jump on the right home when it comes on the market. With limited inventory, especially early in the year, you can’t afford to hesitate.

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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 are Solon residents and 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.

Cleveland Real Estate  – 2016 Year In Review is the property of The Schuman Team and may not be duplicated or used without their written consent.©Jan, 2017

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