Solon Real Estate - 2009 Year End Home Statistics

 Solon Real Estate - 2009 Year End Home Statistics

Here is our official 2009 Solon Real Estate year in review complete with a comparison to 2008. We will provide commentary after giving statistics. Please keep in mind that due to the merging of two different multiple listing services during 2009, the 2008 statistics below may differ slightly to last years' year end statistics.

All Sales           # of homes sold         Ave. Sales Price              Ave. Days on Market 

2009                       245                           $285,607                             107  

2008                       244                           $334,040                              97

Highest Sale = $785,000

Lowest Sale = $25,499

Luxury Sales     # of homes sold        Ave. Sales Price              Ave. Days on Market

2009                        31                            $599,060                             128

2008                        48                            $657,456                              97 

COMMENTARY

Actual sales in Solon real estate in 2009 were almost exactly the same as the total number of sales in 2008. The main difference is there were more homes selling in the lower price points and much fewer luxury home sales.

Overall, the local real estate market here in Solon responded quite well to the worst economy since the Great Depression. Considering that more homes actually sold this past year compared to 2008, we feel that the bottom of the market is behind us and look forward to more home sales in 2010.

Although the average sales price decreased from 2008, that can be mainly attributed to the lack of Solon luxury home sales. 

The Solon luxury home market was very weak in 2009, specifically homes priced over $750,000. While the market for homes priced in the $500's and $600's was actually quite balanced, the upper end of the luxury market was almost non-existent in 2009.

This past year also saw quite a few bank owned and distressed property sales, especially in the luxury market. This was a main reason for the overall lower average sales price in 2009 compared to 2008.  However, bank owned homes in Solon are not as common now as they had been over the last two years. Short sales will be much more prevalent moving forward as banks are more willing to work things out with sellers in today's market in an effort to avoid foreclosure and the costs involved with the process.  

The overall resiliance of the Solon real estate market in 2009 is in great part due to Solon having one of the top rated school systems in the nation, as there is typically greater demand for real estate in an area that has highly rated schools.

Check out previous Solon Ohio market reports:

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 - 2009 Year End Home Statistics is the property of The Schuman Team and may not be duplicated or used without their written consent. ©Jan,2010