Solon Ohio Quarterly Market Report 2013

We can't believe the first quarter is already over. Here is our official quarterly market report for Solon OH  for the zip code 44139, excluding Glenwillow, for homes sold in January, February and March.

First, we will provide market statistics of sold homes for last month, with a comparison to the previous year. Then, we will include year to date statistics, including a separate breakdown for the Solon luxury home market ( those priced over $500,000 ). Finally, we will provide an analysis of the market, including discussion about where we are headed in the future.

SOLD HOME STATISTICS SOLON OHIO - ALL SALES

Date                                         # of homes sold         Ave. Sales Price             

March 2013                                 14                             $335,477

March  2012                                 9                              $260,322

YTD 2013                                    38                             $309,610

YTD 2012                                    29                             $288,748

SOLON LUXURY MARKET

Thru 1st  Quarter 2013                8                               $657,938

Thru 1st  Quarter 2012                4                               $687,250

*source NEOHREX ( Regional MLS )

COMMENTARY:

The real estate market rebounded in 2012 and the positive momentum has continued through the first quarter of 2013.  The statistics above support improvement from last year.

There are a few factors that have helped us get off to a good start this year here in Solon, an improving economy and low inventory. Also, the job market has stabilized and the stock market is performing well. These factors make people feel more comfortable making changes in their lives, such as making a major purchase like a home.

Now that consumer confidence has increased, we are seeing a lot more buyer activity. The problem at this point is that inventories are extremely low, causing a shift from a pure buyer's market to one that is much more balanced.

So, the key factor to the rest of the year will be available inventory. The problem we are seeing right now in some price points is that nice homes are being snatched off the market as soon as they come on. We are even seeing bidding wars. Unless we see a lot of new homes come on the market over the next 90 days, things may be a little tough for buyers ( but good for sellers ).

The increase in the sales of Solon luxury homes is also a good sign. Move-up buyers are having an easier time selling their existing homes so are able to buy bigger homes. Some move-up buyers are actually buying their larger home first, feeling extremely confident that their existing home will sell.  We are also seeing a slight increase in relocation activity.

Moving forward, we anticipate overall sales and average sales price to increase this year in Solon.

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