Solon Ohio Real Estate - Bi-Annual Market Report 2012

By
Real Estate Agent with Howard Hanna Real Estate Services

Solon Ohio Real Estate - Bi-Annual Market Report 2012

 

 

Solon Sold homes

 

 

It is hard to believe that the first half of the year is already over. The following is our official bi-annual market report for the first 6 months of 2012 for Solon Ohio. We will provide statistics for the most recent month of June, offer a comparison between 2012 and 2011 and finally add our personal commentary for the overall state of the local Solon real estate market

 

Date                   # of homes sold      Ave. Sales Price              

June 2012                33                      $313,531                   

June 2011                27                      $295,706

 

YTD 2012                 100                     $294,691

YTD 2011                 103                     $277,728

 

*source NEOHREX ( Regional MLS )

 

 

Commentary:

As noted in previous reports, we hit the ground running in January and the market has been fairly consistent ever since then. The fact that we saw an unusual amount of activity during the first quarter of the year made us cautiously optimistic that the market was about to turn. However, we felt more statistics were warranted before we declared an official change in the market. Now that we've had an entire 6 month to gather information, we feel our position that the market is indeed improving is now backed up by hard facts.

The statistics above are a decent reflection of the market, but don't quite tell the entire story. The average price of a home in Solon was up for both the month of June and also year to date for 2012 compared to last year. Overall sales and average days on market for a home are relatively unchanged from last year. However, it is important to note that of the 100 sales that have occurred this year, 45 involved homes that were on the market for less than 90 days. The inventory of available homes is also down close to 30% from last year. Overall, nice homes that are priced right are not only selling, but many are seeing multiple offers.

 

In terms of Solon luxury homes, those that sell for at least $500,000, the numbers are similar to last year but things are moving in a positive direction. Sales this year are now at 15 with an average price of $625,780. Through the first half of 2011, sales were at 13 at an average price of $628,846. There are two very key things to note, however. There are 11 luxury homes currently under contract, which means that Solon luxury sales will be at least 26 even if no more luxury homes sell the rest of the year, which is highly unlikely. Since we had only 29 luxury home sales in all of 2011, it is safe to say that sales of Solon luxury homes are on the rise.

Also, the average days on the market for a luxury home in Solon has drastically decreased, from 224 days in 2011 to only 168 so far this year. Not only is there increased activity in the higher-end market, but homes are selling much quicker as well.

Moving forward, we anticipate low inventory and historically low interest rates will help in the recovery of the local Solon real estate market. While things certainly aren't where they were 5-6 years ago, they are improving.

 

 

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About The Authors:

Dan and Amy Schuman Solon Ohio residents and specialize in Solon 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.

 

Homes For Sale in Cleveland OH What's my Cleveland Home Value

 

 

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Solon Ohio Real Estate - Bi-Annual Market Report 2012 is the property of The Schuman Team and may not be duplicated or used without their written consent. ©July, 2012

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Rainmaker
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Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

Hi Dan,  always enjoy viewing information on other Communities,,especially since I was raised in the Cleveland Area...Thanks for sharing with us.

Jul 09, 2012 03:09 AM #1
Rainmaker
301,963
Dan and Amy Schuman
Howard Hanna Real Estate Services - Solon, OH
Luxury Home Specialists

Ronald - Thank you so much for commenting. We always appreciate hearing from a fellow Clevelander.

Jul 09, 2012 03:14 AM #2
Rainmaker
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Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Dan,  Nice to see that your market is improving and getting stronger with each quarter.  I think we can only go up from here.  Good luck.  See you at next HH function.

Jul 09, 2012 06:01 AM #3
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