We can’t believe the first quarter is already over. Here is our official quarterly market report for Solon OH  for the zip code 44139, excluding Glenwillow, for homes sold in January, February and March.

First, we will provide market statistics of sold homes for last month, with a comparison to the previous year. Then, we will include year to date statistics, including a separate breakdown for the Solon luxury home market ( those priced over $500,000 ). Finally, we will provide an analysis of the market, including discussion about where we are headed in the future.

SOLD HOME STATISTICS SOLON OHIO – ALL SALES

Date                                         # of homes sold         Ave. Sales Price             

March 2013                                  14                             $335,477

March  2012                                 9                              $260,322

YTD 2013                                    38                             $309,610

YTD 2012                                    29                             $288,748

SOLON LUXURY MARKET

Thru 1st  Quarter 2013                8                                $657,938

Thru 1st  Quarter 2012                4                                $687,250

*source NEOHREX ( Regional MLS )

COMMENTARY:

The real estate market rebounded in 2012 and the positive momentum has continued through the first quarter of 2013.  The statistics above support improvement from last year.

There are a few factors that have helped us get off to a good start this year here in Solon, an improving economy and low inventory. Also, the job market has stabilized and the stock market is performing well. These factors make people feel more comfortable making changes in their lives, such as making a major purchase like a home.

Now that consumer confidence has increased, we are seeing a lot more buyer activity. The problem at this point is that inventories are extremely low, causing a shift from a pure buyer’s market to one that is much more balanced.

So, the key factor to the rest of the year will be available inventory. The problem we are seeing right now in some price points is that nice homes are being snatched off the market as soon as they come on. We are even seeing bidding wars. Unless we see a lot of new homes come on the market over the next 90 days, things may be a little tough for buyers ( but good for sellers ).

The increase in the sales of Solon luxury homes is also a good sign. Move-up buyers are having an easier time selling their existing homes so are able to buy bigger homes. Some move-up buyers are actually buying their larger home first, feeling extremely confident that their existing home will sell.  We are also seeing a slight increase in relocation activity.

Moving forward, we anticipate overall sales and average sales price to increase this year in Solon.

————————————————————————-

The above information is compliments of The Schuman Team, Amy and Dan, of Howard Hanna Real Estate Services. They specialize is 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 Sold Homes Report – 2013 is the property of The Schuman Team and may not be duplicated or used without their written consent.©April, 2013

Solon Ohio Real Estate – Home Value Report 3rd Quarter 2011

Before we discuss home values and trends in Solon, OH, we will first provide a list of all the homes that sold in Solon during the month of September.  Then, we will provide a statistical comparison between the third quarter of this year to the same time period in 2010.

 Date              # of homes sold       Ave. Sales Price             

Sept. 2011               23                      $312,526

Sept. 2010               13                      $344,078

YTD 2011                 176                    $288,514

YTD 2010                 155                    $295,692

*source NEOHREX ( Regional MLS )

COMMENTARY:

When people see us out and about, the first thing they ask  is “how’s the market?”. Well, for the first time in a while, we say that it’s picking up and  have the statistics to prove it.

Home sales in Solon are up 13.54%   from last year.  This also includes the Solon luxury home market, which consists of sales over $500,000. Average sales price compared to last year is fairly unchanged, down slightly at about -2.5%.

SO, WHAT’S MY SOLON HOME WORTH TODAY?

One thing that’s important to note is that all real estate is local. Just because the average price in a home in Solon may be down 2.5%, doesn’t hold true as a blanket statement for every house on the market. Remember, the average takes in consideration ALL sales, including distressed properties.  If we took out these types of sales from the statistics, the average sales price would be well over $300,000!

Today’s trend shows that buyers are still very particular and have high expectations. That being said, nice homes that are priced right will sell, and those that are dated, overpriced, or both will simply sit on the market and get passed over.

Demand still plays a big part in the direction of home prices. Solon is seen as a highly desirable area to live based in large part to having one of the top school districts in the nation.  Certain neighborhoods may also be deemed by buyers as more desirable than others.

If you are looking to buy or sell a home in Solon, you should contact a local professional, someone who has intimate knowledge of the market and has personally seen the inventory. While there are a lot of helpful websites out there that will give estimated home values, most of them have a high margin for error. There is no substitute for someone who has specific market knowledge.

_____________________________________________________________