SOLON MONTHLY HOME STATISTICS
Here is a list of all homes that officially transferred in September. We will provide a summary of the first 3 quarters of 2009 after the list.
|27855 Cannon Road
|6639 Forest Glen
|33020 Cromwell Drive
|7067 Fox Hill
|37590 Bunker Hill
|34756 Blue Heron
There were 13 total homes that sold in September at an average sales price of $241,923. Last September saw 16 sales at an average price of $268,756. These Solon home statistics indicate that moderate priced homes are selling and luxury homes, those valued at over $500,000, are not. This is leading to a lower average sales price. In addition, 4 out of 13 of last months' sales were bank owned. While we have not seen a high percentage of bank owned homes sell in Solon in previous months, the fall and winter months tend to bring out the bargain hunters.
THIRD QUARTER SUMMARY
Overall, sales and average sales price remain lower than in 2008. We have now completed the 3rd quarter and total sales numbers remain just below those from last year. So far, 176 homes have sold in Solon in 2009 with an average sales price of $301,475. Last year at this time we had 186 sales at an average price of $348,249.
In regards to the Solon luxury home market, 2009 has seen a dramatic decline in both number of sales and average sales price. So far this year we have had 27 homes sell for more than $500,000 compared to 40 sales during the first three quarters of 2008. Furthermore, the average sales price of a luxury home in Solon has decreased from last year, from $669,023 to $600,069.
As has been discussed in previous Solon home statistics reports, the large number of foreclosures and short-sales that has occurred during this year, especially during the beginning of the year, has affected the average sales price. While the number of distressed properties in current inventory is much lower than it was in the earlier part of the year, we can still expect these types of properties to be a constant in the market for the next few years.
In addition, the Solon luxury home market, specifically homes priced over $750,000, is significantly down from last year. Although there are currently 5 homes in this price point under contract, the luxury market has been considerably slow throughout the year. The $500,000-$600,000 price range is still somewhat active. We do not expect to see the upper end of the Solon luxury home market recover until the economy shows more signs of life.
Check out previous Solon Ohio market reports:
July and August 2009 Market Report Solon Ohio
May 2009 Market Report Solon Ohio
April 2009 Market Report Solon Ohio
Solon 2009 First Quarter Luxury Home Market Report
Solon 2009 First Quarter Market Report All Homes
February 2009 Market Report Solon Ohio
January 2009 Market Report Solon Ohio
2008 Year End Housing Summary Solon Ohio
2008 Luxury Market Report Solon Ohio
About The Authors:
Dan and Amy Schuman are Solon residents. They specialize in Solon luxury homes, working with buyers relocating to Solon, and home staging.
If you are looking to buy or sell a home in Solon or the surrounding Eastern suburbs, please contact the Schuman Team.
For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235.
VIEW ALL SOLON HOMES FOR SALE BY CLICKING BELOW:
VIEW ALL SOLON LUXURY HOMES FOR SALE
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Solon Monthly Home Statistics is the property of The Schuman Team and may not be duplicated or used without their written consent. ©Oct,2009