Monthly Archives: January 2018

Solon Ohio Real Estate – Year In Review 2017

Solon Sold homes

The following is our 9th annual year in review for Solon Ohio real estate.

Here, we will provide a comparison between 2017 and the previous two years and offer commentary. We will also be including a breakdown of specific price points.

ALL HOMES

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

2017                      330                    $328,571                97.01%

2016                      335                    $309,712                96.35%

2015                      303                    $310,027                96.24%

 

LUXURY HOMES ( sale price over $500,000 )

2017                       46                     $654,440               95.22%

2016                       48                     $656,169               96.26%

2015                       36                     $672,009               95.97%

2017 SALES – FIRST HALF VS. SECOND HALF OF THE YEAR

FIRST HALF              175                $320,447

SECOND HALF           159                $333,638

PRICE POINT BREAKDOWN OF ALL 2017 SALES ( 2016 sales in parenthesis )

$0-99,999 = 5 (7)

$100,000-199,999 = 66 (82)

$200,000-299,999 = 114 (110)

$300,000-399,999 = 58 (62)

$400,000-499,999 = 42 (27)

$500,000-599,999= 22 (16)

$600,000-699,000 = 12 (20)

$700,000-799,000 = 6 (10)

$800,000-899,000 = 4 (1)

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

$1,000,000 +   = 2 (0)

Source: NEOHREX

COMMENTARY

2017 was another solid year for the Solon Ohio real estate market.

Here are some things we can deduct from the statistics above:

1.     Similar amount of homes sold in 2017 vs. 2016.

2.     Average sales price was higher in 2017 than in 2016.

3.     Sales were up during the first six months of 2017.

4.     A well priced home will receive approximately 97% of asking price.

5.     The luxury home market was the same as in 2017 in terms of sales.

THE HIGHLIGHTS OF 2017

We could easily call 2017 the year of the move up buyer as the $400,000-$600,000 price points saw huge increases in the number of sales compared to 2016. We cannot say with certainty that all of these buyers had to sell lower priced homes, but that is typically the case for buyers in that price range.

Because of these buyers, we likely saw increased inventories in lower price ranges ( the homes these buyer had to sell ), which led to another solid year in the $200,000-$399,999 price range. The increase in average sales price in 2017 was a result of the increase in sales in the $400,000-$600,000 price point.

The luxury market was a tad strange this past year. While overall sales were only off by a few homes compared to 2016, sales in the 600’s and 700’s were down considerably.  In the past, this has been the sweet spot of the luxury market, but that simply wasn’t the case last year.

Average days on market for luxury homes increased from 118 in 2016 to 137 in 2017. The case can be made that the inventory of homes was, in general, overpriced.

Only 13 luxury homes went under contract within 60 days of listing. There were more homes ( 15 ) that took over 150 days to sell! There are plenty of luxury buyers in the market, so overpricing can cause them to either not buy, or buy a home they feel offers more value.

Young families continue to flock to Solon to take advantage of the top rated Solon Schools.

Continued low rates, a decent economy and an increase in the stock market all factored into a solid year in 2017.

2018 MARKET OUTLOOK

First quarter sales will likely be lower this year than in 2017 as only 16 homes are currently under contract ( there were 36 at this time last year.).  The inventory is about the same now as last January, with few new homes on the market for buyers to see. We anticipate more activity over the next 60 days when new homes hit the market.

Below Are Other Articles Of Interest Relating To Solon OH:

Solon – A Special Community

Money Magazine Ranks Solon Top Places To Live

Newsweek Ranks Solon On Top Schools List

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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  – Year In Review 2017 is the property of The Schuman Team and may not be duplicated or used without their written consent.©Jan, 2018