Solon Ohio Home Value Report 2010

By
Real Estate Agent with Howard Hanna Real Estate Services

Solon Ohio Home Value Report 2010

 

 

Solon Sold homes

 

 

The following is our official year end home value report for Solon Ohio. We will provide a comparison between 2010 and 2009 and give commentary regarding the Solon Oh real estate market.

 

Sales     # of Homes Sold        Ave. Sales Price                High                  Low

2010                      201                    $300,791               $1,700,000         $52,000

2009                      247                    $284,294               $785,000            $25,499

 

Here is a break down of all 2010 sales by specific price bands:

 

 

Solon Ohio home values

 

Source: NEOHREX

Commentary

It was an interesting year for real estate in Solon Ohio. We got off to a great start, thanks in part to the first time buyer tax credit. Then, we started to see a drop off in terms of total sales compared to 2009.

Overall, there were less sales in 2010 but the average sales price was higher. We believe the average sales price is a result of two things: less distressed sales, especially in the lower price points, and more sales in the higher levels of the Solon luxury market.

In terms of Solon luxury homes, we saw 26 sales this year compared to 31 in 2009. However, the good news was that the average sales price of a luxury home in Solon was $686,375 this year compared to $599,060 in 2009. The highest price sale in Solon for the year was $1,700,000.

So what does all this mean? Just because there were less sales this year certainly shouldn't take anything away from Solon. Solon is one of the most sought after suburbs in the area thanks in part to having one of the top rated Schools in the State of Ohio.

The problem with the housing market is that many home owners, especially those who bought within the last 10 years, are having a tough time when it comes to selling their home. Either they owe more than their home is worth, making it impossible to sell without having to do a complicated short-sale transaction, or they simply aren't willing to accept current market conditions and continue to price their homes too high.

The good news is that there are a lot of buyers out there. Sellers who price themselves competitively stand a great chance of selling their home, and move up buyers especially have a wonderful opportunity to buy up in a down market.

Moving forward, we anticipate sales to be flat, at least through this year, with the average sales price to be a little higher that they were in 2010.

 

 


View Solon Ohio in a larger map

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About The Authors:

Dan and Amy Schuman live on the East side of Cleveland and specialize in Cleveland Luxury Homes, working with buyers relocating to Cleveland, and first-time buyers.

For Ohio and Solon Oh real estate and homes see Solon OH real estate

For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235 or email.

 

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Solon Ohio HOme Value Report 2010 is the property of The Schuman Team and may not be duplicated or used without their written consent. ©January, 2011

 

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