We are officially half way through the year and have enough data to make a fair comparison between 2009 and 2008.
Before giving a comparison, here is an unofficial list of all homes that SOLD in June, 2009 here in Solon:
|SOLDS JUNE 2009||SALE PRICE|
|38420 Aurora Rd||$62,000|
|34905 Bridle Trail Ln||$110,000|
|6955 Elmwood Drive||$112,500|
|5630 Elm Hill Drive||$135,000|
|31850 Arthur Road||$161,000|
|5965 Buckboard Ln||$170,000|
|32575 Arthur Road||$171,200|
|34580 Jaclyn Drive||$193,000|
|33725 Coachman Ln||$203,000|
|36980 Valley Forge||$225,000|
|5688 Gemini Ct||$230,000|
|33324 Overland Ln||$238,900|
|5255 Parkside Trl||$258,000|
|32694 Ashdown Drive||$272,201|
|7280 Popham Pl||$280,000|
|5560 Hummingbird Cir||$292,000|
|33045 Cannon Rd||$304,500|
|5859 Briarhill Dr||$305,000|
|7629 Lindsay Ln||$332,000|
|38200 Windy Hill Ln||$390,000|
|5826 Briarwood Lane||$415,000|
|6526 Woodbury Dr||$415,000|
|7153 Longview Dr||$418,000|
|7147 Longview Dr||$425,800|
|6725 Ridgecliff Dr||$445,000|
|5455 Pine Ln||$510,000|
|38750 Flanders Dr||$518,650|
|7626 Royal Portrush Dr||$530,000|
|7320 Hillside Ln||$615,000|
|7584 Royal Portrush||$737,000|
|37770 Flanders Dr||$785,000|
Overall, June was a great month in terms of home sales in Solon, as predicted in previous posts. The large number of sales last month was a direct result of the increase in buyer activity during the Spring market.
Specifically, 39 homes officially sold last month at an average sales price of $337,083. Last June, we had 36 sales at an average of $323,290.
In addition, we had 8 luxury home sales last month ( sold for over $500,000 ) compared to 7 in June 2008.
MID YEAR ANALYSIS
Here is a comparison of 2008 to 2009:
In the first half of 2008, there were 111 homes sold for an average price of $339,218.
In the first half of 2009, there were 104 homes sold for an average price of $297,619.
The Solon luxury home market had 24 sales in the first half of 2008 for an average price of $676,438.
The Solon luxury home market had 17 sales in the first half of 2009 for an average price of $614,685.
Overall, sales and average sales price are down in 2009 compared to last year. However, with 54 homes currently under contract, and many buyers scrambling to get into a home before the school year begins, we may see overall sales increase in 2009 compared to last year.
The average sales price will probably be lower in 2009 vs. 2008 due to a decent number of foreclosures that sold in the beginning of the year. Also, the price of luxury homes seems to be declining as well, which will have an affect on the overall numbers.
Moving forward, the next 30 days should be very busy as many buyers are feeling pressure to get into a home before schools starts. There are many buyers in the marketplace who have seen the entire inventory of homes and just haven't made a final buying decision. Since there are many buyers in this same position, we will begin to see a lot of homes go under contract in July.
In addition, as homes go off the market and inventory declines, there will be more pressure on buyers who are in a hurry to buy. So, although we may still officially be in a sellers market, this time of the year brings about many highly motivated buyers and can balance out the market quite a bit, at least for the next 30-40 days.
We will typically see things slow down in August, and pick back up after Labor Day.
The luxury home market is still down compared to 2009. A buyer looking to spend between $500,000-$850,000+ should be able to find a great home at a very attractive price.
Overall, there are currently 185 single family homes on the market in Solon, with 55 being listed over $500,000.
Check out previous Solon Ohio market reports:
About The Authors:
Dan and Amy Schuman are Solon residents. They use their home staging expertise to sell listings quicker and for more money. The average home in the Cleveland area sold in over 100 days in 2008 and the Schuman Team's listings sold in less than 60 days.
The Schuman Team also specializes in luxury homes and are members of the Luxury Home Consultants of Keller Williams Realty Greater Cleveland and of the prestigious Institute for Luxury Home Marketing, the premier independent authority in training and certification for real estate agents working in the luxury home market. They also work extensively with buyers and sellers who are relocating in or out of the area.
If you are looking to buy or sell a home in Bainbridge,Beachwood, Moreland Hills, Orange, Pepper Pike, Solon or the surrounding Eastern suburbs, please contact the Schuman Team as they would be happy to show you why people love working with them.
For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235.
Solon Ohio Real Estate: Bi-Annual Market Report First Half 2009 is the property of The Schuman Team and may not be duplicated or used without their written consent. ©July,2009