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 )
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, firstname.lastname@example.org or email@example.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