Solon Ohio Real Estate – Mid Year Review 2017

Solon Sold homes

 

Here is our official Mid Year Review for 2017 in Solon. We have included information from the first half of 2016 for comparison purposes.

Figures through June 30, 2017

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

2017                      174                          $320,140                            89

2016                      166                          $314,622                            119

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

2017                        17                           $719,587                           130

2016                        27                           $609,086                            96

PRICE POINT BREAKDOWN OF ALL 2017 SALES THROUGH JUNE 30,2017 ( 2016 mid-year sales in parenthesis )

$0-99,999 = 3 (2)

$100,000-199,999 = 39 (39)

$200,000-299,999 = 58 (60)

$300,000-399,999 = 29 (21)

$400,000-499,999 = 26 (16)

$500,000-599,999= 5 (12)

$600,000-699,000 = 6 (12)

$700,000-799,000 = 3 (3)

$800,000-899,000 = 0 (1)

$900,000-999,999 = 0 (0)

$1,000,000 +   = 2 (0)

Source: NEOHREX

COMMENTARY

On face value, it would seem as though the real estate market in Solon has improved since last year. After all, we have had more sales, a higher average sales price and lower average days on market than at the same time last year.

For the sub $500,000 market, this would hold true. With the exception of the $200,000-$300,000 price point, which broke a record last year, all other price points under $500,000 are doing better this year.  However, this is not the case for the luxury market.

As someone who specializes in Solon luxury homes, I can attest that the luxury market has slowed considerably from last year. The numbers above reflect that with a lower number of sales, especially in the $500,000-$700,000 price points.

Luxury home buyers are out there looking but they aren’t buying. Many don’t necessarily need a high-end home, but would certainly buy if the conditions were right.

The mentality with many of the luxury home buyers is they demand value or a home that provides a huge wow factor. The numbers reflect they aren’t getting what they want.

With the peak of the summer market behind us, it will be interesting to see what transpires in the fall.

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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.

Solon Ohio Real Estate – Mid Year Review 2017 is the property of The Schuman Team and may not be duplicated or used without their written consent.©July, 2017

 

 

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