Solon Real Estate - Monthly Home Statistics November 2009

 SOLON MONTHLY HOME STATISTICS NOVEMBER 2009

Here is a list of all homes that officially transferred in November. We will provide a summary after the list.

As predicted in recent posts, last month was a very active month in terms of home sales here in Solon. Officially, there were 22 total homes that sold in November in Solon at an average sales price of $244,427. This is almost the same exact average sales price as September and October. Last November saw only 11 sales at an average price of $248,364. These Solon home statistics indicate a trend of lower and moderate priced homes selling and Solon luxury homes, those priced above $500,000, continuing to linger on the market.

SUMMARY

Total sales year to date are almost exactly the same as this time last year. In fact, we need only 18 sales in December to exceed last years' figures. While that doesn't sound like much, having more sales this year than 2008 may be the sign buyers are waiting for to see that the housing market may have indeed bottomed out.

Average sales price, however, has decreased from 2008. Year to date, the average sales price of a home in Solon is $292,626. Last year at this time saw the average sales price at $341,572.

Does this mean that homes in Solon have depreciated over 10%? Not necessarily. The average sales price is an indication of more lower priced homes being sold, especially many that are bank owned or distressed in some way. This, coupled with the lack of luxury home sales, has brought the average sales price down in 2009.

For those looking to buy a home in Solon, it is not accurate to assume that home prices have decreased across the board. The sale of a bank owned home cannot be compared to that of a well maintained home, so the actual Solon home statistics can be a little misleading.  Nice homes in many developments have been able to maintain their values for the most part over the last year. Sure, the market is still soft, but in many price points, updated and well-maintained homes priced fairly will still be able to sell for 94-96% of their list price. 

The one area of concern is the market of Solon luxury homes as they are simply not selling like in previous years. In fact, 2008 saw 48 luxury home sales in Solon whereas there have been only 31 so far in 2009. In addition, 11 of the sales this year, over 35%,  have involved distressed properties. Also, there were 23 luxury home sales in Solon in 2008 over $650,000. This year, we have seen only 7 homes sell for over $650,000.

Check out previous Solon Ohio market reports:

October 2009 Market Report Solon Ohio

September 2009 Market Report Solon Ohio 

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

2008 Year End Housing Summary Solon Ohio

2008 Luxury Market Report Solon Ohio

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About The Authors:

Dan and Amy Schuman are Solon residents. They specialize in Solon luxury homes, working with buyers relocating to Solon, and first-time buyers.

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.

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Solon Real Estate - Monthly Home Statistics November 2009 is the property of The Schuman Team and may not be duplicated or used without their written consent. ©Dec,2009