Category Archives: Solon Ohio

Solon Ohio Real Estate – Half Year Review 2016

Solon Sold homes

While it’s hard to believe, we have just past the mid point of the year. The market has been better than predicted with the number of sales up across the board.

The following is a comparison between the first half of this year to the same time period from 2015. We will also give a specific breakdown of sales by price points and offer our commentary.

ALL SALES – JANUARY – JUNE

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

2016                      164                    $313,977                96.57%

2015                      128                    $307,677                97.44%

LUXURY HOMES ( sale price over $500,000 )

2016                       26                     $613,281

2015                       15                     $632,043

 

PRICE POINT BREAKDOWN OF ALL FIRST HALF 2016 SALES ( 2015 first half sales in parenthesis )

$100,000-199,999 = 40 ( 35 )

$200,000-299,999 = 61 ( 39 )

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

$400,000-499,999 = 16 ( 18 )

$500,000-599,999= 11 ( 7 )

$600,000-699,000 = 12 ( 3 )

$700,000-799,000 = 3 (4 )

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

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

$1,000,000 +   =  0 ( 0 )

Source: NEOHREX

 

COMMENTARY

While 2015 was a very good year, 2016 is shaping up to be even better.

Below is a list of 5 things to take away from the above statistics:

1.     More homes sales in 2016 vs. 2015.

2.     Average sales price is up slightly in 2016.

3.     The $200,000-299,999 price point is the “hot” market in 2016.

4.     A well priced home will receive approximately 96% of asking price.

5.     The luxury market is more active in 2016, especially in the $600,000-699,000 price range.

 

As predicted, this year stated off strong with the sub $300,000 price point leading the way.

In fact, here was our prediction from our 2015 year end report:

“The beginning of the year should be strong. There are fewer homes currently for sale now   ( 85 ) than at this time last year ( 94 ).  Low inventories increase demand, and there are a ton of buyers on the sidelines waiting for the right home.

When homes start to come on the market over the next 30-60 days, buyers will likely begin snatching up the good ones.

It’s hard to believe the sub $300,000 market could be any better in 2016, but relatively low rates certainly makes things affordable for this segment of buyers.”

The 2016 real estate market has been fantastic this year up to this point. Sales have been consistent throughout the last 6 months, even during the colder months.

The sub $300,000 market has been booming since 2014. In fact, during that year we saw 51 sales in that specific price point and have seen 61 already in just 6 months this year. The draw of Solon’s top rated schools no doubt plays into demand in the more affordable price points.

In terms of the luxury market, while the upper end has been a tad slow, the $500,000-$750,000 price point has been extremely vibrant this year. Continued low rates certainly play a major role as well as available inventory. Relocation activity also factors in as executives and physicians are always moving in and out of the Cleveland area.

MOVING FORWARD

There is typically a lull in the market in the weeks leading up to the new school year. We expect things to pick up after mid August and continue through Thanksgiving.

Properly priced homes are consistently selling for, on average, approximately 96% of list price and we don’t see that changing.

While there is always a rush for buyers to get under contract so they can move before school starts, there are plenty of buyers still on the sidelines.

 

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  Half Year Review 2016 is the property of The Schuman Team and may not be duplicated or used without their written consent.©July 2016

Solon Ohio Market Report First Quarter 2016

 

Everyone always asks us “how’s the market”?  Well, it’s started off similar to last year, which was an overall good year for Solon real estate.

Here is our First quarter market review, including last months’ figures and comparisons to last year.

SOLD HOME STATISTICS – SOLON OHIO

Date                                     # of homes sold       Ave. Sales Price             

March  2016                            21                            $268,762

March  2015                            23                            $276,266

First Quarter 2016                    49                            $290,400

First Quarter 2015                    48                            $295,676

SOLON LUXURY MARKET

First Quarter  2016                     4                            $598,625

First Quarter  2015                     5                            $555,490

*source NEOHREX ( Regional MLS )

COMMENTARY:

Overall, the first quarter is typically the quietest. Therefore, we don’t put a ton of weight on the statistics. Most of the inventory during this quarter is left over from the end of the year and many winter buyers are simply looking for bargains.

The heat of the market begins when homes start to come onto the market in March and will continue through July 1st. This date is significant as Solon Schools start in mid August this year, so getting under contract AFTER this date will not allow enough time to obtain financing and move.

Obviously, this is more relevant to relocation buyers and those moving to Solon for the first time as they need the Solon address to register kids for school. Local buyers can move at any point during the year without the logistical issues that the other buyers have.

As is always the case, updated homes in any price point will sell quickly. The challenge for move up buyers is actually finding their next home.

With continued low interest rates and a steady supply of motivated buyers, the housing market should be in line with last year.

________________________________

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, Beachwood, Bentleyville, Chagrin Falls, Cleveland Heights, Gates Mills, Highland Heights, Hunting Valley, Lyndhurst, Mayfield Heights, Mayfield Village, Moreland Hills, Oakwood Village, Orange, Pepper Pike, Shaker Heights, Solon, South Euclid, University Heights, Woodmere. We would be happy to refer you to a qualified agent if you are buying in an area that we do not service.

Not Using A Buyer’s Agent Is Bad Business is the property of The Schuman Team and may not be duplicated or used without their written consent.©March, 2016

Solon Ohio Luxury Homes – The Ultimate Guide

 

 

 

 

Welcome to our ultimate guide on Solon Ohio luxury homes, the only one of its kind.  Whether you are relocating to Solon from out of state or making a move from across town, this guide is a perfect place to start.

Here, we will list and describe all major luxury home subdivisions in Solon and even include videos and maps.

Please note, a luxury home in the Cleveland metropolitan area is defined as anything over $500,000.

 

SIGNATURE OF SOLON

Signature of Solon Entrance

 

Signature of Solon is one of few gated golf course communities in the Cleveland area and a popular destination for those looking to relocate to Cleveland. It offers excellent location, about 25 minutes from both downtown and the airport.

It is one of Solon’s most prestigious developments and consists of two phases, Signature I and Signature II. Homes in Signature range in price from $600,000 – $1,000,000 + and have all been built within the last 15 years.

The primary differences between Signature I and II are lot sizes and proximity to the golf course. Homes in Signature I have smaller lots, and are located within walking distance of the golf course and club house. Many of these homes have golf course views.

Homes in Signature II are located closer to the tennis courts and pool and and have larger wooded lots.

Homes in Signature of Solon are well laid out for today’s life style. The exteriors are breathtaking and complete with lush landscaping and finely manicured lawns. The back yard spaces are also well laid out with over-sized decks and patios.

Many homes in Signature are colonials in style, but are mixed as to whether the master bedroom is on the main level or the second floor.

Homes here typically have finished basements, many with exercise rooms, home theaters, full bathrooms, and plenty of space for recreation and storage. Many lower levels also have an additional bedroom, ideal for a nanny or in-law suite.

In 2014, the average price of a home in Signature of Solon was $656,339 and the average square footage was 4396.

The Signature housing development was designed around prestigious Signature Country Club, which is a major draw in the area for those that enjoy golf. Signature offers a prGolf Course Communityofessionally designed 18 hole golf course, a swimming pool, tennis courts, and a fitness area. Membership to Signature Country Club is a requirement for anyone buying a home in Signature of Solon. Membership is also available to those who live outside of Signature.

The clubhouse is one of the largest in Ohio and offers casual and formal dining as well as a lounge with a pool table, fitness area, and an Atrium. The family room allows members to wear jeans and shorts and provides a great atmosphere for kids as it is surrounded by numerous TV’s. There are also private rooms available for small parties and well as large ballrooms that are used for weddings and Bar Mitzvahs.

Signature is a fairly transient development, which is perfect for families relocating to Solon as many of the residents are transplants as well. People living in Signature are open to meeting new people and the many activities offered throughout the year offers newcomers a built in social life.

There are a ton of kid friendly events as well as functions for just adults. We have a ton of clients who live in Signature, many who relocated from out of state, and they simply love it. Living in Signature is more than just belonging to a golf club, it is a lifestyle.

 

Children who live in Signature attend the following Solon Schools:

Roxbury

Orchard Middle School

Solon Middle School

Solon High School

Please note that one of the four elementary schools in Solon ( Arthur Road ) will be closing within the next few years. While our information is up to date, we recommend contacting the schools directly to get any information that you need.

LOCATION OF SIGNATURE

The main entrance is off Aurora Rd. ( Rt. 43 ) and there is another entrance off Pettibone and Liberty Rd. as well. The following map will give you a good idea of where Signature is located:

View Signature in a larger map

 

VIDEO OF SIGNATURE OF SOLON

 

 

 

 

THORNBURY

Thornbury Home

 

Thornbury is another popular Solon luxury home subdivision. Although nestled inside a fairly large development, it has a small neighborhood feel, complete with its own walking path and playground.

One drive through Thornbury will leave no doubt as to why it is viewed as one of the most desirable neighborhoods in town. The lush well-manicured lawns, attractive exteriors, and large lots make it very picturesque and there is always someone riding a bike, jogging, walking their dog, or just out being friendly.

thornbury lake

 

All homes in Thornbury have been built within the last 15 years and consist mainly of single-family residences. They range in value from $550,000-$1,000,000.

Thornbury of Solon Playground

THORNBURY’S PRIVATE PLAYGROUND

Characteristics of a typical Thornbury home are an open floor plan, impressive 2-story entryway, first floor office, standard living room and dining rooms, gourmet kitchen with top of the line appliances,  2-story great room and a luxurious master suite located on either the first or second floor.

High-end finishes and attention to detail help make the housing stock here special. Many homes also have large finished basements with exercise rooms, home theaters, play rooms, and a full bathroom. Some also have additional bedrooms perfect for a nanny or in-law area.

In terms of exterior living space, many residents here have invested a lot of money into decks, stone patios, fire pits and more. It is safe to say that there are some pretty tricked out backyards in Thornbury which are ideal for both family and adult entertaining.

The major difference between Thornbury and Signature is that Thornbury does not have the additional costs that are required by living in Signature. While you can still join Signature as a social or golf member while living in Thornbury, it is not mandatory. Those that either don’t golf and wouldn’t see themselves using the many Signature amenities view Thornbury as a great option.

Children who live in Thornbury attend the following Solon Schools:

Roxbury

Orchard Middle School

Solon Middle School

Solon High School

LOCATION THORNBURY


View Thornbury of Solon in a larger map

 

VIDEO OF THORNBURY

NORTH PARK

  north park home 5 small

 

Why do people love North Park of Solon?  Location, location, location.   North Park is the only luxury home development of newer homes in the north part of town.

While Solon in general offers a manageable commute to downtown, the airport, or the local hospitals, North Park is especially sought out because it is the closest luxury neighborhood to the highway.

HOUSING IN NORTH PARK

The North Park development  consists of relatively newer housing, with all homes having been built within the last 15 years.

One distinguishing feature of North Park is that the topography is a bit more hilly than most neighborhoods.

Like Signature and Thornbury, homes in North Park have modern open floor plans and are mainly colonial in style.

The homes here have luxury amenities throughout such as high-ceilings with crown molding, upgraded finishes and top of the line appliances.

The landscaping in North Park is spectacular, which gives the neighborhood a very elegant and impressive feel as you drive through.

The price range for homes in North Park is $550,000-$900,000.

WHY PEOPLE ENJOY NORTH PARK

Our clients who live in North Park love the location, but also enjoy the neighborhood feel. They have been able to meet other families very easily and are happy with their choice of buying here.

The main challenge is actually finding a home in North Park. Homes here rarely turn over, with approximately 1 home selling per year, so supply is very limited to say the least.

On the flip side, home values here are very strong, so if you buy in North Park, you should have a solid investment.

Children who live in North Park attend the following Solon Schools:

Lewis Elementary

Orchard Middle School

Solon Middle School

Solon High School

 

VIDEO OF NORTH PARK

 

LOCATION OF NORTH PARK

The following map will give you an good idea of specifically where North Park is situated:


View North Park of Solon in a larger map

 

CHAGRIN HIGHLANDS

Chagrin highlands Solon Ohio

 

Chagrin Highlands was THE premiere luxury home development in Solon during the 1990’s, when Solon’s overall popularity was just starting to soar. Chagrin Highlands is a massive development with homes situated on beautiful 1 acre wooded lots.

Chagrin Highlands is located in the center of Solon, in close proximity to the highway. While Signature and Thornbury get a lot of attention, Chagrin Highlands is worth a look.

The lot sizes are big and private and affordability is a little better. Lower end homes sell for in the 400’s but most homes in Chagrin Highlands sell from between $500,000-700,000.

HOMES IN CHAGRIN HIGHLANDS

Chagrin Highlands Solon Ohio

The Chagrin Highlands development consists of approximately 175 homes. While most homes here are single-family in nature, there is a street of stand-alone cluster homes that is very popular for those who are downsizing and looking for a home with less maintenance.

Homes here sit back on the lots, making them look estate-like and quite impressive. The landscaping and exterior lighting make Chagrin Highlands a pretty neighborhood to drive through both during the day as well as at night.

The homes themselves are a big mix in style, amenities and pricing. Most homes here are 2 story colonials and typically have  4-5 bedrooms, 4 full baths and finished basements with at least a half bath, and a 3 car garage.

WHY PEOPLE LOVE LIVING IN CHAGRIN HIGHLANDS

Although the homes are a little more spread out than most neighborhoods, there is still a sense of community felt by those living here.

Having sidewalks throughout the development brings people together as neighbors are often seen jogging, biking, and walking their dogs. Kids also interact freely with one another here, making Chagrin Highlands very popular for those with school aged children.

Children who live in Chagrin Highlands attend the following Solon Schools:

Parkside Elementary

Orchard Middle School

Solon Middle School

Solon High School

 

LOCATION OF CHAGRIN HIGHLANDS

View Chagrin Highlands in a larger map

 

VIDEO OF CHAGRIN HIGHLANDS

FOREST HILLS OF SOLON

forest hills Solon ohio

While not an overly large subdivision, Forest Hills is a fabulous development of luxury homes tucked away in a very pretty setting. Many people don’t even know this subdivision exists but those looking to buy a higher end home in Solon should put it on their list.

Here is everything you need to know about Forest Hills.

HOUSING IN FOREST HILLS

forest hills home Solon OhioThe Forest Hills development offers a great combination of luxury homes on private wooded lots.

The detailed exteriors and well-manicured landscaping gives Forest Hills a stately feel.  A lot of the homes are all brick or stone, yet they all have a different look and feel, making them unique.

Inside, the homes are spacious, averaging just under 4500 square feet.  The floor plans are open and modern. Since the homes here were built in the 1990’s, some may be a little dated at this point. However, an updated home in Forest Hills is hard to come by and will often fly off the market.

The price range for homes in Forest Hills is approximately $600,000-$900,000.

WHY PEOPLE ENJOY LIVING IN FOREST HILLS

One drive through Forest Hills will answer this question.  It is one of Solon’s prettiest neighborhoods.   We have a lot of friends who live here and they love the privacy of the development and the great neighborhood feel.

The location is fairly central as well being in close proximity to so many local hot spots such as the top rated Solon Schools, Solon Community Center, Solon Public Library, and Solon Center for The Arts.

Children who live in Forest Hills attend the following Solon Schools:

Parkside Elementary

Orchard Middle School

Solon Middle School

Solon High School

FOREST HILLS VIDEO

As mentioned, Forest Hills is so tucked away that many residents don’t even know it exists. So here is a map to give you an idea of exactly where it is located:

LOCATION OF FOREST HILLS

View Forest Hills Of Solon in a larger map

ROLLINGBROOK

rollingbrook home 2

For those seeking a home on land in Solon, Rollingbrook offers a unique opportunity. All homes here were built on secluded 5 acre wooded lots. In fact, many of the homes here are difficult to see from the road.

Rollingbrook consists of just one street and is located near Signature of Solon. It is so tucked that many people who live in Solon don’t even know it exits.

Rollingbrook of Solon

This one of a kind neighborhood consists of approximately 35 homes that were built primary in the 1980’s and early 90’s.

One drive through Rollingbrook is all it will take to appreciate this picturesque neighborhood.  A handful of homes in Rollingbrook even have ponds in front of the home,  offering a look of elegance and beauty usually seen only on the cover of a magazine.

 

The average home in Rollingbrook is about 4800 square feet, has 4 or 5 bedrooms and 5 baths. Most are colonial in style and offer a mix of exteriors with brick, stone, or cedar being the most prominent.  The interiors are a little more traditional overall then those you will find in newer developments like Signature and Thornbury, a function of the time period in which they were built.

Rollingbrook residents attend the following schools:

Roxbury

Orchard Middle School

Solon Middle School

Solon High School

Overall, Rollingbrook is one of Solon’s most exclusive streets and until recently, homes here rarely came on the market. Now, we are starting to see a lot more turnover, offering buyers a great opportunity to buy in this special neighborhood.

 

BEST OF THE REST

Here is a list of some other luxury home developments in Solon. Most of these are just single streets containing 15-20 homes. Because of their size, inventory in these neighborhoods is often limited but they should still be considered in your search.

 

High Point – Conveniently located just off Cannon Road in the northern part of Solon. Close in proximity to the highway, homes built in the 90’s.

Horseshoe Farms – Small street of homes located off Cannon Road in the western part of Solon.

North Woods – Small development off Cannon Road, in the western part of town featuring some of the most spectacular newer homes in Solon. Built in the early 2000’s.

Stillwater – Luxury home street in the north part of Solon located across from North Park.  Homes sit on pretty wooded lots and were built mainly in the 1990’s.

The Woodlands –  Small development of about 15 homes off Aurora Road. Homes here were built in the 1990’s and early 2000’s.  Homes sit on nice wooded lots and are fairly desirable for those relocating to the area.

 

Here is a map showing the location of all Solon Ohio luxury homes:

View Solon Luxury Home Developments in a larger map

 

 

SOLON LUXURY HOMES – CHEAT SHEET

As a summary, here is a “cheat sheet” to make your search a little easier.

Chagrin Highlands – Large development of luxury homes built in the 1990’s on 1 acre lots.

Forest Hills – A tucked away neighborhood of highly sought out luxury homes built in the1990’s. Pretty neighborhood on private lots.

High Point – Conveniently located just off Cannon Road in the northern part of Solon. Close in proximity to the highway.

Horseshoe Farms – Small street of homes located off Cannon Road in the western part of Solon.

North Park Estates – The only development of newer luxury homes located in north Solon.  Convenient highway access makes this very popular.

North Woods – Small development of newer homes off Cannon Road, in the western part of town. Some of Solon’s nicest homes are located here.

Rollingbrook – One of Solon’s most picturesque and exclusive areas.  All homes here sit on at least 5 acres of land. Homes built in the 80’s and early 90’s.

Signature – One of Northeast Ohio’s only gated golf course communities.  Homes were all built after 2000. Signature I is closer in proximity to the clubhouse and golf course while Signature II is closer to the pool and has larger lot sizes.

Stillwater – Luxury home street located across from North Park.  Homes sit on nice wooded lots and were built mainly in the 90’s.

Thornbury –  One of Solon’s newest and largest developments of luxury homes.  This subdivision is known for it’s neighborhood feel complete with its own playground and walking path.

The Woodlands –  Small development on one street located off Aurora Road.  Homes sit on nice wooded lots.

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ABOUT THE AUTHORS

The above information is compliments of Solon residents Amy and Dan Schuman of Howard Hanna Real Estate Services. They specialize in Solon luxury homes, relocation, and move up buyers. They can be reached at 216-346-3235 or 216-403-9189 or via email, danschuman@howardhanna.com or amyschuman@howardhanna.com.

In addition to Solon, The Schumans also service the following Cleveland area suburbs: Aurora, Bainbridge, Beachwood, Bentleyville, Chagrin Falls, Cleveland Heights, Gates Mills, Highland Heights, Hunting Valley, Lyndhurst, Mayfield Heights, Mayfield Village, Moreland Hills, Oakwood Village, Orange, Pepper Pike, Shaker Heights,  South Euclid, University Heights, Woodmere. We would be happy to refer you to a qualified agent if you are buying in an area that we do not service.

Solon Ohio Luxury Homes The Complete Guide is the property of The Schuman Team and may not be duplicated or used without their written consent.©Oct., 2015

Solon Ohio – 3rd Quarter Real Estate Market Report

 

Here is our Solon Ohio Third Quarter Market Report.

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 and break down the luxury market, which is defined as homes that sell for $500,000 or more.

HOME SALES – SOLON OHIO

Date                                         # of homes sold         Ave. Sales Price             

September 2015                                33                           $291,909

September 2014                                19                           $371,037

Third Quarter  2015                           120                          $302,851

Third Quarter 2014                             96                           $353,864

YTD 2015                                         248                         $305,343

YTD 2014                                         223                         $330,866

SOLON LUXURY MARKET

Third Quarter  2015                           12                            $651,792

Third Quarter 2014                            17                            $691,957

YTD     2015                                    27                             $640,820

YTD     2014                                    34                             $711,097

*source NEOHREX ( Regional MLS )

THE STATE OF THE MARKET

While the first quarter started out on pace with 2014, the last two quarters saw an increase in sales compared to last year. Overall, sales are up in 2015 while the average sales price is down.

From the highlighted figures above, one could interpret this to mean that values in Solon have come down close to 10% this year.  However, the reason for the difference in both increased sales and lower average price is a direct result of 28 additional homes being sold in the $100,000-$300,000 price point this year.

The decrease in demand for luxury homes has also had a negative effect on overall average purchase price.

INVENTORY

We currently have 141 active listings, about 15% more than we had at this time last year.  While we had been screaming for more inventory over the last few years, things have gotten a little bit better, especially in specific price points.

Fall is a popular time for sellers to put their homes on the market, evidenced by over 20 homes that have come on in the last 30 days.

FINAL THOUGHTS

The fourth quarter can be fairly hectic. Many buyers and sellers would like to avoid moving during the cold winter months, and are thus motivated to get something done during the fall.

Fall can be an ideal time for buyers. Homes that didn’t sell over the summer are now seeing price reductions as these sellers realize their window of opportunity is limited with winter coming. This is where deals can be had.

For sellers, a nice home priced right in any market will sell, especially in the fall. We have seen bidding wars and homes fly off the market recently so a seller with an updated home can expect to sell quickly and for top dollar.

The luxury market is the one area of concern based on the numbers. There are a lot of homes in this segment of the market that have been lingering for 150-200 days or more.

With the average time on market for luxury homes being around 100, these particular sellers may need to do re-evaluate their strategies because whatever they are doing is obviously not working.

On the bright side, a 1.3 million dollar home sold in a matter of days recently, so the high-end buyers certainly do exist.

Overall, we expect to finish out the year on a good note and can say with confidence that Solon remains one of the highest demand areas in the state.

Please note, the above statistics are merely on overview of the market, not to be used to determine if a home’s value is increasing or decreasing. If you are looking to sell or buy a home in Solon and want help determining what a home is worth, we recommend contacting an agent who specializes in the Solon market to assist you.

Real estate can be neighborhood specific, requiring an in depth look at sales pertaining to a certain development or geographical area.

 

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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 have been Solon residents for over 18 years and specialize in Solon luxury homes and relocation.

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 Real Estate Market Report 2015 is the property of The Schuman Team and may not be duplicated or used without their written consent.©Oct, 2015

Solon Ohio Real Estate – Year In Review – 2014

Solon Sold homes

 

The following is our 6th annual year in review for Solon Ohio real estate. Here, we will provide a comparison between this past year and 2013 and offer commentary.

ALL HOMES

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

 

2013                      302                    $303,781                 95.37%

 

2014                      268                    $319,115                 95.63%

 

LUXURY HOMES ( sales price over $500,000 )

 

2013                       45                     $655,305                95.67%

 

2014                       35                     $686,637                95.54%

 

2014 FIRST HALF VS. SECOND HALF OF THE YEAR

 

FIRST HALF              126              $303,748                95.77%

 

SECOND HALF           144              $338,507               95.54%

Source: NEOHREX

 

COMMENTARY

2014 was a good year for the Solon real estate market. While not as strong in terms of sales compared to 2013, we still saw a lot of positive signs.

Below is a list of 5 important things that the above statistics tell us:

 

1.     More homes sold in 2013 vs. 2014

2.     Average sales price was higher in 2014

3.     More sales during the second half of 2014

4.     A well priced home will receive approximately 95% of asking price

5.     The luxury home market mirrored that of the overall market, less sales but an overall higher average sales price.

So, what can we take away from all of this? A relatively stable housing market positively affected by continued low interest rates.

 

IS IT A BUYERS OR SELLERS MARKET?

The running joke is that it depends on who you ask, a buyer or seller, but statistically is really depends on the price point.

Overall, given the number of homes currently on the market ( 94 ) and recent number of home sales per month over the last 6 months ( 24 ), there is a 4 month absorption rate. This means it would take 4 months for all of the homes currently on the market to sell, assuming no other homes came on. This would typically indicate more of a seller’s market. Keep in mind that this is the big picture of the entire Solon market and also the time of year where inventories are at the low point.

Using the same statistics in the luxury market would give us over an 8 month supply of homes, making that price point much more balanced, perhaps even favoring a buyer.

Making things even more complicated is that certain price points and even neighborhoods tend to be more popular than others, thus increasing demand and favoring those sellers.

Overall, there are a lot of factors that go into answering this popular question, but Solon seems fairly balanced at this point in time.

 

THE HOT POCKETS

As alluded to above, there are areas within Solon ( price point and neighborhoods ) that typically see higher demand than others.

For example, even though homes sales were down in 2014 compared to 2013, there were almost two times as many sales in the $700,000-$800,000 price point in 2014 compared to the previous year.

This had a positive affect on the increase in the overall average home price of a home in Solon last year as well.

These “hot” areas can change from year to year, especially the popular price points.

 

MOVING FORWARD

Last year we correctly predicted less sales due to the fact that 2013 was a banner year. The market simply couldn’t support more sales in 2014 by virtue of a lack of inventory during the first half of the year.

What is consistent over the last year is that a home that was priced correctly sold for approximately 95% of list price. Really nice homes ( translation – TOTALLY UPDATED ) tend to sell for more and can even expect to see multiple offers.

With interest rates anticipated to increase in 2015, we anticipate overall sales to be slightly lower this year. However, the Solon real estate market should still remain healthy.

 

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 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 2014 is the property of The Schuman Team and may not be duplicated or used without their written consent.©Jan, 2015

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

Solon Ohio Real Estate – Bi Annual Market Report 2014

 

 

Here is our Bi-Annual Market Report for Solon OH.

First, we will provide market statistics for the past month of June. Then we will offer a look at the statistics for the first half of the year and compare them to how we fared at the same time last year. 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             

June 2014                                38                           $345,217

June 2013                                42                           $316,836

 

First Half  2014                        126                          $304,089

First Half  2013                        143                          $297,103

 

 

SOLON LUXURY MARKET

First Half  2014                             16                            $679,628

First Half  2013                             21                            $659,405

 

SALES BY PRICE POINT       2014                                        2013

 

$100,000-199,999                   42                                  50

$200,000-299,999                   23                                  40

$300,000-399,999                   28                                  24

$400,000-499,999                   15                                   5

 

*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 12% compared to the first half of 2013. The average sales price has increased though.

This had been an interesting year in real estate for Solon. We got off to a much hotter start in 2013 thanks in part to unseasonably warm winter weather. The lack of inventory this year also kept us from starting fast out of the gate like we did in 2013.

Last year we saw 303 sales of single-family homes. So far this year, we have had 126 sales and an additional 70 homes are currently under contract.

Assuming these all close, that would put us at 196 sales,  leaving us needing to sell 107 more homes by the end of the year to match last year’s numbers.  Is this possible?

INVENTORY

This is where inventory is so crucial. We currently have 100 active listings. Since statistically, 53% of all listings end up selling, we will still need a lot more inventory to come up over the next 100 days or so in order to match last years sales figures.

While there has been a lot of new homes coming on the market over the last 60 days, the slow start to the year didn’t help. Inventory of available homes for sale is still historically low, giving buyers fewer choices.

FINAL THOUGHTS

Our feeling is that many home sellers have gotten cocky over the last year in terms of pricing their homes, with some pricing themselves out of the market. Yes, the market is certainly better, but values are still far off the 2006 peak levels. So, expecting to receive that for your home is simply unrealistic unless you have done significant updates.

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 an exceptional year in real estate, so expecting to match those numbers is probably unrealistic. However, a decent fall market can help us end up with a fairly solid year.

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

Solon Ohio Real Estate – Market Report February 2014

Quarterly Market Reports On Sold Homes

 

 

Here is our monthly market report for real estate in Solon OH for the month of February, 2014.

First, we will provide a list of all home transfers for last month, including the names of buyers and sellers, if available.

Then, we will give market statistics of homes that sold last month, with a comparison to the previous year. We will provide our commentary at the end.

 

HOMES SOLD IN SOLON –  FEBRUARY 2014

ADDRESS              PRICE         BUYER             SELLER

32950  Arthur Rd  $72,000      Pat Twietmeyer   George Wormley

33620  Baldwin     $86,916      NA                    FNMA

6573  Arbordale    $107,250    American Millenium Mildred Suchecki

6712  Som Center $112,000    Sb Ohio Properties ChrisHuang

28425  Cannon Rd $140,000    NA                      FNMA

32705  W Nimrod  $189,000    Vincent Montague  Byron Spurr

32603  S Burr Oak $191,718    William Franz         US Bank

32000  Cannon Rd $223,500    Ron Paul               Michael Stein

5465  Som Center $247,000    Katherine Koczan   Hossein Bazldjoo

6515  Clearwater Ct$334,000  Alvin Salzinger       Carrington Ct

7257  Formby Dr     $335,000  Arthur Kopittke      Molly Conway

6694  Brandamore  $435,000    NA                      Ginger Campopiano

7536  Royal Portrush $455,000 Vanisree Velamoor  Chengkui Qu

7563  Royal Portrush $720,000Sridhar Jaladi          M Tervalon Trust

39740  Patterson Ln $790,000 Scott Elliott           John Kunkel

 

SOLD HOME STATISTICS SOLON OHIO – FEBRUARY 2014

 

Date                                         # of homes sold         Ave. Sales Price             

February 2014                               15                           $295,892

February 2013                               13                           $340,192

 

*source NEOHREX ( Regional MLS )

 

COMMENTARY:

We’ve gotten off to a decent start in 2014. The actual number of sales so far is higher than in 2013, which was a fantastic year in real estate. It’s simply too early to tell if this year will be better, but the signs do show promise.

As predicted, the number of homes for sale has increased from last month as smart sellers are looking to get an early jump on the spring market. We saw 6 homes come on the market this past week and 29 since February 1st.   There are currently 71 active listings, up from 62 this time last month.

MOVING FORWARD:

We anticipate things slowing down right around spring break but will then pick up significantly as we head into April. There will be a ton of homes coming onto the market over the next 90 days, creating a lot of activity for buyers and sellers. The hottest market is in the $300,000-$400,000 price point, where nice homes can expect to sell very quickly, perhaps in a matter of days.

If you are thinking about selling your Solon home, you should seriously consider taking advantage of a strong market this spring. There are no guarantees next year will be any better, so waiting may not be worth the risk.

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About The Authors

The above information is compliments of The Schuman Team, Amy and Dan, Solon residents and agents with Howard Hanna Real Estate Services.

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 – Market Report February 2014 is the property of The Schuman Team and may not be duplicated or used without their written consent.©March, 2014

Solon Ohio Real Estate – Market Report January 2014

Quarterly Market Reports On Sold Homes

 

 

Here is our first 2014 monthly report for real estate in Solon OH.

First, we will provide a list of all home transfers for last month, including the names of buyers and sellers, if available.

Then, we will give market statistics of homes that sold last month, with a comparison to the previous year.

Finally, we will provide an analysis of the market, including discussion about where we are headed in the future.

 

HOMES SOLD IN SOLON –  JANUARY 2014

ADDRESS              PRICE         BUYER             SELLER

33870 Baldwin       $106,000    Marta Towers     David Soederstrom

6575 Glenallen       $146,000    Tabotha Howell   Robert Hrusch

33289 Warwickshire$160,000    Daniel Durisek     James Locastro

33430 Pettibone     $192,900    NA                   JP Morgan

32467 S Roundhead$215,000    Michael Friendlander Jun Chen

7261 Winchester    $307,000    Kathleen Sullivan Samir Botros

6946 Highview Dr   $352,000    Sergey Makarov  FNMA

7239 Annandale     $371,000    Cosmax Usa Corp Anthony Alesci

5825 Dodsworth     $382,000   NA                     RP Max, LLC

6800 Mayapple       $420,000   Wanyan He         Betty Hooper

35990 S Huntington$425,500    Bozhong Xin        Mary Eastman

7598 Royal Portrush $670,245   NA                    Melissa Smrdel

6620  Cummings      $485,000  Brett Johnson      Timothy Trump

37177  Cherrybank  $690,000   Matthew Shene   Carol Arnson

 

SOLD HOME STATISTICS SOLON OHIO – JANUARY 2014

 

Date                                         # of homes sold         Ave. Sales Price             

January 2014                                12                            $312,304

January 2013                                11                            $240,545

 

*source NEOHREX ( Regional MLS )

 

COMMENTARY:

Beginning of the year statistics can often be inconclusive and sometimes misleading. We will need at least 2 more months before we can get a better grasp of how this year will fare compared to last year, which was a very strong year.

The fact that we started out this year a little better than last year is certainly good. However, in both cases, the homes that transfer in January are typically those that have been lingering on the market for a long time and are getting purchased by bargain hunters. The average days on market ( DOM ) of the homes that sold last month was 192 and reflects this. Once we hit the spring market, we can expect the DOM to be under 150.

If you would like to get a better feel for the overall market, please take a look at our 2013 Year In Review For Solon Real Estate.  

Lack Of Inventory

I can’t remember seeing so few homes on the market. In fact, at the lowest point last month, there were only 62 active listings for sale in all of Solon.

The really good news is that we have started to see more homes come on the market over the last few days. We are personally getting a ton of calls from sellers looking to take advantage of the upcoming spring market and anticipate a ton of new inventory over the next 30 days.

Moving forward

We anticipate sales to be about where they were last year, possibly even a little lower. This is more a function of so few homes being on the market than a lack of demand. The volatile stock market certainly never helps, but it’s too early to say if this will affect the local housing market.

If there is one take away from this report, it should be that we need more homes to sell. Anyone that has been putting off selling their home, waiting for the market to get better, should sell now. Rates  aren’t getting lower and demand is the highest we’ve seen in a long time.

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About The Authors

The above information is compliments of The Schuman Team, Amy and Dan, Solon residents and agents with Howard Hanna Real Estate Services.

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 – Market Report January 2014 is the property of The Schuman Team and may not be duplicated or used without their written consent.©February, 2014

Solon Real Estate – Year In Review 2013

Solon Sold homes

The following is our 5th annual year in review for Solon Ohio real estate. Here, we will provide a comparison between this past year and 2012. We will also give commentary and our predictions for 2014.

ALL HOMES

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

 

2013                      303                    $303,554                 95.90%

 

2012                      263                    $298,277                 94.06%

 

LUXURY HOMES ( sales price over $500,000 )

 

2013                       45                     $655,305                95.59%

 

2012                       39                     $640,749                92.95%

 

2013 FIRST HALF VS. SECOND HALF OF THE YEAR

 

FIRST HALF              144              $296,672               94.53%

 

SECOND HALF           159              $309,788               97.12%

Source: NEOHREX

 

COMMENTARY

While 2012 was a very good year for real estate in Solon, 2013 was fantastic. The positive momentum from 2012 continued over through 2013 and the statistics reflect that. Below is a list of 5 important things to take away from the statistics above:

 

1.     About a 15% increase in the number of sold homes from 2012 to 2013

2.     Average sales price was higher in 2013

3.     The market IMPROVED during the second half of 2013

4.     Homes were selling for almost 96% of their asking price, up from 94% in 2012

5.     Improvement across the board in Solon luxury homes

 

CONTRIBUTING FACTORS

The improving economy, soaring stock market and low inventories all helped to make 2013 a good year in real estate for Solon.  The local economy has been recovering slowly but surely since the Great Recession. With that has come a rebound in the local real estate market. Although we aren’t seeing huge appreciation, 2-3% per year is not unusual in our marketplace. Slow and steady growth is certainly better than the huge swings we saw 5-10 years ago.

The rise in the stock market has also helped. While it may not affect first time buyers, it does affect the mid-priced and luxury markets.  Increasing portfolios make these buyers much more confident in their wealth. Therefore, they are much more open to making large purchases, like cars and homes.

In terms of inventories, there has been a somewhat limited supply of homes for sale in Solon for well over a year. Low supply increases prices and has shifted the market from favoring buyers to one that is much more balanced.

WHAT LIES AHEAD

While we always like to be positive, our prediction for 2014 is for less sales but the average price should remain close to the same. Low inventories will be the main reason for the decrease in sales. Demand is certainly there, but with nothing to buy, it creates a little bit of gridlock in the local housing market.

Currently, there are only 65 homes for sale in the entire Solon market. When you break it down into different price points, that really isn’t a lot to choose from.

While it’s impossible to ever time a market, those looking to sell can certainly take advantage of today’s environment.

 

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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 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 2013 is the property of The Schuman Team and may not be duplicated or used without their written consent.©January, 2014