Solon Ohio Real Estate - Monthly Market Report August 2010
Here are all the homes that sold in Solon during the month of August, 2010. Commentary to follow.
| 30450 Miles | $77,555 |
| 6634 Solon Blvd | $82,000 |
| 7326 Cromwell Dr | $92,500 |
| 32685 Jefferson Dr | $123,600 |
| 6705 Glenallen Ave | $145,000 |
| 6550 Brookland Ave | $190,000 |
| 33630 Coachman Ln | $191,000 |
| 32500 Cannon Rd | $200,000 |
| 6855 Solon Blvd | $203,000 |
| 32037 S Roundhead Dr | $220,000 |
| 32950 Ledge Hill Dr | $228,166 |
| 5769 Som Center Rd #15 | $277,000 |
| 7189 Longview Dr | $375,250 |
| 6575 Ashton Ln | $385,000 |
| 31885 Burlwood Dr | $445,000 |
| 6502 Dorset Ln | $490,000 |
| 39755 Lochmoor Dr | $510,000 |
| 6512 Dorset Ln | $582,000 |
| 5185 Leighton Ct | $725,000 |
August, and summer in general, was a little slow compared to last year. Here are figures showing the number of sales and average sales prices of homes that sold in Solon last month compared to the same period of time in 2009. Year-to-date figures have also been included.
All Sales # of homes sold Ave. Sales Price
August 2010 19 $291,688
August 2009 30 $314,740
YTD 2010 138 $294,624
YTD 2009 170 $299,247
*source NEOHREX ( Regional MLS )
COMMENTARY:
Despite these figures and what you may read in the papers or see on TV, it is not all gloom and doom here in the Solon real estate market. Real estate is very local, so what is reported in the media may not be an accurate indication of what is going on right here in our back yard. Remember, outrageous headlines ( "Home Values Plunge!" ) sell news and must be taken with a grain of salt.
Although year-to-date figures in general are lower than last year, there are some interesting things we'd like to share that are not reflected by the figures shown above.
Surprising as it may sound, some price points are holding their own or even doing better.
Here's an example of what is going on for homes priced under $200,000 and below compared to the same time period last year:
All Sales # of homes sold Ave. Sales Price
YTD 2010 53 $153,870
2009 61 $140,884
While there have been fewer sales in this price point, the average sales price in the lower-end price range in Solon has actually increased.
Here is a look at homes priced $400,00-$600,000, a very popular price range for local move-up buyers.
All Sales # of homes sold Ave. Sales Price
YTD 2010 25 $488,470
YTD 2009 29 $490,730
As you can see, this price point is pretty much holding its own.
Now I'm not going to paint a picture that things are booming here in Solon, because that's certainly not the case. In fact, there are some price ranges that are not doing as well. However, this does illustrate that not only is real estate local, but sometimes hyper-local by price range and neighborhood as well.
So what does this all mean?
FOR SELLERS: If you are looking to sell your home in Solon, buyers are being extremely choosy right now, so make sure your home is the nicest in its price range. Outdated homes or those that are over-priced simply won't sell.
FOR BUYERS: It's a buyers market and interest rates are at all-time lows, so it really is a great time to buy. However, don't expect to "steal" a home. Nice homes priced well still sell in any market, and there are a lot of buyers on the side lines just waiting for that perfect home to appear. If a nice home suddenly comes on the market, don't wait, because someone else will notice it as well and you may miss out.
Even though the real estate market has seen better days, Solon is still viewed as a desireable place to live and a popular destination for people relocating to the area. This is due in part to our top rated schools, amenities, and a strong sense of community felt by the residents.
We anticipate things picking up after Labor Day as the fall market then begins and will last until Thanksgiving, when things typically slow down.
Below Are Other Articles Of Interest Relating To Solon OH real estate:
Money Magazine Ranks Solon Top Places To Live
Newsweek Ranks Solon On Top Schools List
Solon OH Real Estate - Bi-Annual Market Report 2010
Solon Luxury Homes - Year In Review 2009
Solon real estate - year in review 2009
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About The Authors:
Dan and Amy Schuman are Solon OH residents. They specialize in Solon luxury homes, working with buyers relocating to Solon, and first-time buyers.
For Ohio and Solon OH real estate and homes see Solon real estate
For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235.
VIEW ALL SOLON OH HOMES FOR SALE BY CLICKING BELOW
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Solon Ohio Real Estate - Monthly Market Report August 2010 is the property of The Schuman Team and may not be duplicated or used without their written consent. ©September,2010
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