Twinsburg Real Estate Market is realistic, solid, balanced - historic sales data proves it

By
Real Estate Agent with Local-n-Global Realty, Cleveland and International Real Estate Solution BRK 2007000844

Real Estate Sales statistics is one of the most powerful tools good Real Estate agents use. Thanks to strict rules and members' being mostly responsible, we have a real solid data in our local MLS data base.

About a year ago I published the historic sales statistics for few Greater Cleveland suburbs: Twinsburg, Mayfield Heights and Solon. As we have sales data for the whole year of 2008 now, it's interesting to see how these great cities were doing. 

Let's start from Twinsburg Real Estate. Was 2008 a real bad year for  this young, dynamic, growing city?

Twinsburg Real Estate sales in 1997-2008

Yes, number of units sold sales dropped in 2008 in comparison with 2007 about 25 %. However, statistics for the whole Summit County is much worse. According to data provided by NORMLS and Realist tax data services, Summit County lost about 35 % of sales in 2008 comparing to 2007. Twinsburg is still very popular city and desirable destination for many young professionals, families with children and retirees. Twinsburg Schools system is doing great.

Let's look at it from another angle. Average Sold price was relatively stable for Twinsburg during last five years. Buyers paid respectable $210,341 for the average home in Twinsburg in 2008, which is about 7 % lower than in 2007. Average sold price for Summit County  was $130,500 for single family residence and $130,000 for condominium. However, it's more relevant to compare sold prices in Twinsburg and in its neighbor Solon.


Sales Statistics
for SUMMIT County OH
Realist's most recent recording date for this county is 01/20/2009
 Single Family Residence
 Time Period Number of Sales Median Sale Price 
 Dec 2008 299 $122,000 
 Dec 2007 372 $134,075 
 Nov 2008 261 $131,500 
 Nov 2007 408 $133,200 
 2008 YTD 4,607 $130,500 
 2007 6,230 $135,000 
 Condominium
 Time Period Number of Sales Median Sale Price 
 Dec 2008 33 $140,000 
 Dec 2007 48 $133,700 
 Nov 2008 19 $96,500 
 Nov 2007 49 $159,900 
 2008 YTD 521 $130,000 
 2007 741 $135,000 

Solon's statistics is great in terms of units sold. Buyers of homes in Solon purchased 262 units in 2008 in comparison with 245 in 2007. However, average sold price was $326,776 in 2008 while it was $368,829 in 2007. Impressive almost 13 % loss.

The only sector of Twinsburg Real Estate which is losing its positions is Condominium sales. Condo prices dropped from $172,587 in 2004 to $144,427 in 2008. Buyers paid $160,132 for average condo in Twinsburg in 2007. Unfortunately, condominiums in Greater Cleveland are keeping to be the biggest losers. 

Market for single family homes in Twinsburg, especially for houses built in 1995 and later is still very stable and good. 67 single family homes built in 1995 and later were purchased in 2008 for average price of $284,861 which is slightly lower than in 2007. Just look at the data for the similar houses sold in previous years:

2004 - $300,822; 88 houses sold

2005 - $289,000; 74 houses sold

2006 - $303,550; 75 houses sold

2007 - $306,028; 78 houses sold

2008 - $284,861; 67 houses sold.

As we see pretty high buyers' activity in Twinsburg in January of 2009, I think this year promises to be not bad at all.

Need to sell your home in Twinsburg or Solon?

Please call Local-n-Global Real Estate Hotline 877-770-5551.

You may call Svetlana Stolyarova directly 216-548-4663.

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Topic:
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Groups:
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Tags:
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Ambassador
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Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Hi Svetlana. I had seen similar trending with values holding up but no. of sales declining. When we hit the bottom the no. of sales will turn around again. Great information you provided.

Jan 27, 2009 12:55 PM #1
Rainmaker
570,080
Svetlana Stolyarova
Local-n-Global Realty, Cleveland and International Real Estate Solution - Mayfield Heights, OH
Local-n-Global Realty, Broker 216-548-4663

Gary - you are right. We are blessed to have such stable communities with almost normal supply and demand laws still working no matter what. Hope, this year will turn things to more normal condition, at least in these not-overbuilt, not-overpriced, nice and desirable communities where normal people, not greedy speculators, not insane banks rule.

Jan 27, 2009 02:10 PM #2
Rainmaker
985,918
Will Nesbitt
Nesbitt Realty at Condo Alexandria - Alexandria, VA
Nesbitt Realty is a family-run brokerage.

Great research.  I always say those who wait for the bottom are as silly as those who wait for the top.

Jan 28, 2009 12:13 PM #3
Rainmaker
570,080
Svetlana Stolyarova
Local-n-Global Realty, Cleveland and International Real Estate Solution - Mayfield Heights, OH
Local-n-Global Realty, Broker 216-548-4663

Will - That's so good that we have a lot of normal people who don't gamble on Real Estate but just buy and see because life is moving on. I wish we had more communities like this and more people who buy because they want to or need to. Thanks for commenting!

Jan 28, 2009 12:41 PM #4
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Rainmaker
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Svetlana Stolyarova

Local-n-Global Realty, Broker 216-548-4663
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