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Inventory At All-Time Low

by The Schuman Team

Lack of inventory hurting the market.

 

I’m sure you’ve seen the headlines lately. If not, here are a few from national publications:

“Supply at 20 year lows”

“US Home Sales Fall As Record-Low Inventory Boosts Prices”

“Low Inventory Will Be Huge Challenge To Home Sales In 2018”

While it’s often been stated that timing the market is impossible, I could argue that now is the best time to sell if you want the highest price for your home.

STATE OF THE MARKET

The number of homes for sale in Solon and surrounding areas are at all time lows for this time of the year. By mid-March, we usually see 120-140 homes listed for sale in Solon. As of today, there are merely 69 active listings.

Here is a list of the number of active listings in east side suburbs:

Beachwood 30

Moreland Hills 35

Orange 10

Pepper Pike 49

Solon 69

WHY THE SHORTAGE?

Everyone in the industry agrees there is a shortage. While the specific reasons are up for debate, here are some thoughts:

  1. INVESTORS ARE HOARDING THEIR INVENTORY – Many investors who snatched up properties during the recession intended to rent the homes initially, then sell when the market improved. The investors aren’t selling.
  2. BABY BOOMERS AREN’T MOVING - Baby boomers typically downsize after their kids finish high school. Today, more are staying put because they can’t find another home that is smaller, cheaper, and nicer than the one they have now.
  3. PEOPLE LOVE THEIR HOME - Many homeowners have done a ton of updates over the years and are content with what they have.

WHAT THIS MEANS TO YOU

If you are considering selling your home in the near future, you will get a premium by selling now.  Even if you aren't thinking of selling , consider this. Is there a price that would get you to sell? If an agent brought you a buyer who offered more than you ever imagined for your home, would you take it?

Houses are flying off the market and the few lucky sellers in the market are taking advantage. I am baffled by the amount of money some of these homes are selling for, but that is simply a function of economics.

I only wish I was selling my own home this year, because I couldn’t imagine another time when inventories will be this low again.

Solon Luxury Homes - The Ultimate Guide

by The Schuman Team

 

 

 

 

Welcome to our ultimate guide on Solon Ohio luxury homes, the only one of its kind.  Whether you are relocating to Solon from out of state or making a move from across town, this guide is a perfect place to start.

Here, we will list and describe all major luxury home subdivisions in Solon and even include videos and maps.

Please note, a luxury home in the Cleveland metropolitan area is defined as anything over $500,000.

 

SIGNATURE OF SOLON

Signature of Solon Entrance

 

Signature of Solon is one of few gated golf course communities in the Cleveland area and a popular destination for those looking to relocate to Cleveland. It offers excellent location, about 25 minutes from both downtown and the airport.

It is one of Solon's most prestigious developments and consists of two phases, Signature I and Signature II. Homes in Signature range in price from $600,000 - $1,000,000 + and have all been built within the last 15 years.

The primary differences between Signature I and II are lot sizes and proximity to the golf course. Homes in Signature I have smaller lots, and are located within walking distance of the golf course and club house. Many of these homes have golf course views.

Homes in Signature II are located closer to the tennis courts and pool and and have larger wooded lots.

Homes in Signature of Solon are well laid out for today's life style. The exteriors are breathtaking and complete with lush landscaping and finely manicured lawns. The back yard spaces are also well laid out with over-sized decks and patios.

Many homes in Signature are colonials in style, but are mixed as to whether the master bedroom is on the main level or the second floor.

Homes here typically have finished basements, many with exercise rooms, home theaters, full bathrooms, and plenty of space for recreation and storage. Many lower levels also have an additional bedroom, ideal for a nanny or in-law suite.

In 2014, the average price of a home in Signature of Solon was $656,339 and the average square footage was 4396.

The Signature housing development was designed around prestigious Signature Country Club, which is a major draw in the area for those that enjoy golf. Signature offers a prGolf Course Communityofessionally designed 18 hole golf course, a swimming pool, tennis courts, and a fitness area. Membership to Signature Country Club is a requirement for anyone buying a home in Signature of Solon. Membership is also available to those who live outside of Signature.

The clubhouse is one of the largest in Ohio and offers casual and formal dining as well as a lounge with a pool table, fitness area, and an Atrium. The family room allows members to wear jeans and shorts and provides a great atmosphere for kids as it is surrounded by numerous TV's. There are also private rooms available for small parties and well as large ballrooms that are used for weddings and Bar Mitzvahs.

Signature is a fairly transient development, which is perfect for families relocating to Solon as many of the residents are transplants as well. People living in Signature are open to meeting new people and the many activities offered throughout the year offers newcomers a built in social life.

There are a ton of kid friendly events as well as functions for just adults. We have a ton of clients who live in Signature, many who relocated from out of state, and they simply love it. Living in Signature is more than just belonging to a golf club, it is a lifestyle.

 

Children who live in Signature attend the following Solon Schools:

Roxbury

Orchard Middle School

Solon Middle School

Solon High School

Please note that one of the four elementary schools in Solon ( Arthur Road ) will be closing within the next few years. While our information is up to date, we recommend contacting the schools directly to get any information that you need.

LOCATION OF SIGNATURE

The main entrance is off Aurora Rd. ( Rt. 43 ) and there is another entrance off Pettibone and Liberty Rd. as well. The following map will give you a good idea of where Signature is located:

View Untitled in a larger map
 

 

 

 

 

VIDEO OF SIGNATURE OF SOLON

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

THORNBURY

Thornbury Home

 

Thornbury is another popular Solon luxury home subdivision. Although nestled inside a fairly large development, it has a small neighborhood feel, complete with its own walking path and playground.

One drive through Thornbury will leave no doubt as to why it is viewed as one of the most desirable neighborhoods in town. The lush well-manicured lawns, attractive exteriors, and large lots make it very picturesque and there is always someone riding a bike, jogging, walking their dog, or just out being friendly.

thornbury lake

 

All homes in Thornbury have been built within the last 15 years and consist mainly of single-family residences. They range in value from $550,000-$1,000,000.

Thornbury of Solon Playground
THORNBURY'S PRIVATE PLAYGROUND

Characteristics of a typical Thornbury home are an open floor plan, impressive 2-story entryway, first floor office, standard living room and dining rooms, gourmet kitchen with top of the line appliances,  2-story great room and a luxurious master suite located on either the first or second floor.

High-end finishes and attention to detail help make the housing stock here special. Many homes also have large finished basements with exercise rooms, home theaters, play rooms, and a full bathroom. Some also have additional bedrooms perfect for a nanny or in-law area.

In terms of exterior living space, many residents here have invested a lot of money into decks, stone patios, fire pits and more. It is safe to say that there are some pretty tricked out backyards in Thornbury which are ideal for both family and adult entertaining.

The major difference between Thornbury and Signature is that Thornbury does not have the additional costs that are required by living in Signature. While you can still join Signature as a social or golf member while living in Thornbury, it is not mandatory. Those that either don't golf and wouldn't see themselves using the many Signature amenities view Thornbury as a great option.

Children who live in Thornbury attend the following Solon Schools:

Roxbury

Orchard Middle School

Solon Middle School

Solon High School

LOCATION THORNBURY

View Thornbury of Solon in a larger map

 


VIDEO OF THORNBURY

 

 

NORTH PARK

  north park home 5 small

 

Why do people love North Park of Solon?  Location, location, location.   North Park is the only luxury home development of newer homes in the north part of town.

While Solon in general offers a manageable commute to downtown, the airport, or the local hospitals, North Park is especially sought out because it is the closest luxury neighborhood to the highway.

HOUSING IN NORTH PARK

The North Park development  consists of relatively newer housing, with all homes having been built within the last 15 years.

One distinguishing feature of North Park is that the topography is a bit more hilly than most neighborhoods.

Like Signature and Thornbury, homes in North Park have modern open floor plans and are mainly colonial in style.

The homes here have luxury amenities throughout such as high-ceilings with crown molding, upgraded finishes and top of the line appliances.

The landscaping in North Park is spectacular, which gives the neighborhood a very elegant and impressive feel as you drive through.

The price range for homes in North Park is $550,000-$900,000.

WHY PEOPLE ENJOY NORTH PARK

Our clients who live in North Park love the location, but also enjoy the neighborhood feel. They have been able to meet other families very easily and are happy with their choice of buying here.

The main challenge is actually finding a home in North Park. Homes here rarely turn over, with approximately 1 home selling per year, so supply is very limited to say the least.

On the flip side, home values here are very strong, so if you buy in North Park, you should have a solid investment.

Children who live in North Park attend the following Solon Schools:

Lewis Elementary

Orchard Middle School

Solon Middle School

Solon High School

 

VIDEO OF NORTH PARK

 

LOCATION OF NORTH PARK

The following map will give you an good idea of specifically where North Park is situated:

View North Park of Solon in a larger map

 

CHAGRIN HIGHLANDS

Chagrin highlands Solon Ohio

 

Chagrin Highlands was THE premiere luxury home development in Solon during the 1990's, when Solon's overall popularity was just starting to soar. Chagrin Highlands is a massive development with homes situated on beautiful 1 acre wooded lots.

Chagrin Highlands is located in the center of Solon, in close proximity to the highway. While Signature and Thornbury get a lot of attention, Chagrin Highlands is worth a look.

The lot sizes are big and private and affordability is a little better. Lower end homes sell for in the 400's but most homes in Chagrin Highlands sell from between $500,000-700,000.

HOMES IN CHAGRIN HIGHLANDS

Chagrin Highlands Solon Ohio

 
The Chagrin Highlands development consists of approximately 175 homes. While most homes here are single-family in nature, there is a street of stand-alone cluster homes that is very popular for those who are downsizing and looking for a home with less maintenance.

Homes here sit back on the lots, making them look estate-like and quite impressive. The landscaping and exterior lighting make Chagrin Highlands a pretty neighborhood to drive through both during the day as well as at night.

The homes themselves are a big mix in style, amenities and pricing. Most homes here are 2 story colonials and typically have  4-5 bedrooms, 4 full baths and finished basements with at least a half bath, and a 3 car garage.

WHY PEOPLE LOVE LIVING IN CHAGRIN HIGHLANDS

Although the homes are a little more spread out than most neighborhoods, there is still a sense of community felt by those living here.

Having sidewalks throughout the development brings people together as neighbors are often seen jogging, biking, and walking their dogs. Kids also interact freely with one another here, making Chagrin Highlands very popular for those with school aged children.

Children who live in Chagrin Highlands attend the following Solon Schools:

Parkside Elementary

Orchard Middle School

Solon Middle School

Solon High School

 

LOCATION OF CHAGRIN HIGHLANDS

View Chagrin Highlands in a larger map
VIDEO OF CHAGRIN HIGHLANDS

 

 

 

FOREST HILLS OF SOLON

forest hills Solon ohio

While not an overly large subdivision, Forest Hills is a fabulous development of luxury homes tucked away in a very pretty setting. Many people don't even know this subdivision exists but those looking to buy a higher end home in Solon should put it on their list.

Here is everything you need to know about Forest Hills.

HOUSING IN FOREST HILLS

forest hills home Solon OhioThe Forest Hills development offers a great combination of luxury homes on private wooded lots.

The detailed exteriors and well-manicured landscaping gives Forest Hills a stately feel.  A lot of the homes are all brick or stone, yet they all have a different look and feel, making them unique.

Inside, the homes are spacious, averaging just under 4500 square feet.  The floor plans are open and modern. Since the homes here were built in the 1990's, some may be a little dated at this point. However, an updated home in Forest Hills is hard to come by and will often fly off the market.

The price range for homes in Forest Hills is approximately $600,000-$900,000.

WHY PEOPLE ENJOY LIVING IN FOREST HILLS

One drive through Forest Hills will answer this question.  It is one of Solon's prettiest neighborhoods.   We have a lot of friends who live here and they love the privacy of the development and the great neighborhood feel.

The location is fairly central as well being in close proximity to so many local hot spots such as the top rated Solon Schools, Solon Community Center, Solon Public Library, and Solon Center for The Arts.

Children who live in Forest Hills attend the following Solon Schools:

Parkside Elementary

Orchard Middle School

Solon Middle School

Solon High School

FORREST HILLS VIDEO

As mentioned, Forest Hills is so tucked away that many residents don't even know it exists. So here is a map to give you an idea of exactly where it is located:

LOCATION OF FOREST HILLS

View Forest Hills Of Solon in a larger map


 

 

ROLLINGBROOK

rollingbrook home 2

For those seeking a home on land in Solon, Rollingbrook offers a unique opportunity. All homes here were built on secluded 5 acre wooded lots. In fact, many of the homes here are difficult to see from the road.

Rollingbrook consists of just one street and is located near Signature of Solon. It is so tucked that many people who live in Solon don't even know it exits.

Rollingbrook of Solon

This one of a kind neighborhood consists of approximately 35 homes that were built primary in the 1980's and early 90's.

One drive through Rollingbrook is all it will take to appreciate this picturesque neighborhood.  A handful of homes in Rollingbrook even have ponds in front of the home,  offering a look of elegance and beauty usually seen only on the cover of a magazine.

 

The average home in Rollingbrook is about 4800 square feet, has 4 or 5 bedrooms and 5 baths. Most are colonial in style and offer a mix of exteriors with brick, stone, or cedar being the most prominent.  The interiors are a little more traditional overall then those you will find in newer developments like Signature and Thornbury, a function of the time period in which they were built.

Rollingbrook residents attend the following schools:

Roxbury

Orchard Middle School

Solon Middle School

Solon High School

Overall, Rollingbrook is one of Solon's most exclusive streets and until recently, homes here rarely came on the market. Now, we are starting to see a lot more turnover, offering buyers a great opportunity to buy in this special neighborhood.

 

BEST OF THE REST

Here is a list of some other luxury home developments in Solon. Most of these are just single streets containing 15-20 homes. Because of their size, inventory in these neighborhoods is often limited but they should still be considered in your search.

 

High Point - Conveniently located just off Cannon Road in the northern part of Solon. Close in proximity to the highway, homes built in the 90's.

Horseshoe Farms - Small street of homes located off Cannon Road in the western part of Solon.

North Woods - Small development off Cannon Road, in the western part of town featuring some of the most spectacular newer homes in Solon. Built in the early 2000's.

Stillwater - Luxury home street in the north part of Solon located across from North Park.  Homes sit on pretty wooded lots and were built mainly in the 1990's.

The Woodlands -  Small development of about 15 homes off Aurora Road. Homes here were built in the 1990's and early 2000's.  Homes sit on nice wooded lots and are fairly desirable for those relocating to the area.

 

 

 

Here is a map showing the location of all Solon Ohio luxury homes:

View Solon Luxury Home Developments in a larger map

 

 

 

SOLON LUXURY HOMES - CHEAT SHEET

As a summary, here is a "cheat sheet" to make your search a little easier.

Chagrin Highlands - Large development of luxury homes built in the 1990's on 1 acre lots.

Forest Hills - A tucked away neighborhood of highly sought out luxury homes built in the1990's. Pretty neighborhood on private lots.

High Point - Conveniently located just off Cannon Road in the northern part of Solon. Close in proximity to the highway.

Horseshoe Farms - Small street of homes located off Cannon Road in the western part of Solon.

North Park Estates - The only development of newer luxury homes located in north Solon.  Convenient highway access makes this very popular.

North Woods - Small development of newer homes off Cannon Road, in the western part of town. Some of Solon's nicest homes are located here.

Rollingbrook - One of Solon's most picturesque and exclusive areas.  All homes here sit on at least 5 acres of land. Homes built in the 80's and early 90's.

Signature - One of Northeast Ohio's only gated golf course communities.  Homes were all built after 2000. Signature I is closer in proximity to the clubhouse and golf course while Signature II is closer to the pool and has larger lot sizes.

Stillwater - Luxury home street located across from North Park.  Homes sit on nice wooded lots and were built mainly in the 90's.

Thornbury -  One of Solon's newest and largest developments of luxury homes.  This subdivision is known for it's neighborhood feel complete with its own playground and walking path.

The Woodlands -  Small development on one street located off Aurora Road.  Homes sit on nice wooded lots.

Solon Ohio Year End Report - 2014

by The Schuman Team

Solon Sold homes

 

The following is our 6th annual year in review for Solon Ohio real estate. Here, we will provide a comparison between this past year and 2013 and offer commentary.

ALL HOMES

Year          # of Homes Sold        Ave. Sales Price   Sales Price/List Price

 

2013                      302                    $303,781                 95.37%

 

2014                      268                    $319,115                 95.63%

 

LUXURY HOMES ( sales price over $500,000 )

 

2013                       45                     $655,305                95.67%

 

2014                       35                     $686,637                95.54%

 

2014 FIRST HALF VS. SECOND HALF OF THE YEAR

 

FIRST HALF              126              $303,748                95.77%

 

SECOND HALF           144              $338,507               95.54%

Source: NEOHREX

 

COMMENTARY

2014 was a good year for the Solon real estate market. While not as strong in terms of sales compared to 2013, we still saw a lot of positive signs.

Below is a list of 5 important things that the above statistics tell us:

 

1.     More homes sold in 2013 vs. 2014

2.     Average sales price was higher in 2014

3.     More sales during the second half of 2014

4.     A well priced home will receive approximately 95% of asking price

5.     The luxury home market mirrored that of the overall market, less sales but an overall higher average sales price.

So, what can we take away from all of this? A relatively stable housing market positively affected by continued low interest rates.

 

IS IT A BUYERS OR SELLERS MARKET?

The running joke is that it depends on who you ask, a buyer or seller, but statistically is really depends on the price point.

Overall, given the number of homes currently on the market ( 94 ) and recent number of home sales per month over the last 6 months ( 24 ), there is a 4 month absorption rate. This means it would take 4 months for all of the homes currently on the market to sell, assuming no other homes came on. This would typically indicate more of a seller's market.

Using the same statistics in the luxury market would give us over an 8 month supply of homes, making that price point much more balanced, perhaps even favoring a buyer.

Making things even more complicated is that certain price points and even neighborhoods tend to be more popular than others, thus increasing demand and favoring those sellers.

Overall, there are a lot of factors that go into answering this popular question, but Solon seems fairly balanced at this point in time.

 

THE HOT POCKETS

As alluded to above, there are areas within Solon ( price point and neighborhoods ) that typically see higher demand than others.

For example, even though homes sales were down in 2014 compared to 2013, there were almost two times as many sales in the $700,000-$800,000 price point in 2014 compared to the previous year.

This figure certainly had a positive affect on the increase in the overall average home price of a home in Solon last year as well.

These "hot" areas can change from year to year, especially the popular price points.

 

MOVING FORWARD

Last year we correctly predicted less sales due to the fact that 2013 was a banner year. The market simply couldn't support more sales in 2014 by virtue of a lack of inventory during the first half of the year.

What is consistent over the last year is that a home that was priced correctly sold for approximately 95% of list price. Really nice homes ( translation - TOTALLY UPDATED ) tend to sell for more and can even expect to see multiple offers.

With interest rates anticipated to increase in 2015, we anticipate overall sales to be slightly lower this year. However, the Solon real estate market should still remain healthy.

 

Solon Real Estate - Year In Review 2013

by The Schuman Team

Solon Sold homes

The following is our 5th annual year in review for Solon Ohio real estate. Here, we will provide a comparison between this past year and 2012. We will also give commentary and our predictions for 2014.

ALL HOMES

Year          # of Homes Sold        Ave. Sales Price   Sales Price/List Price

 

2013                      303                    $303,554                 95.90%

 

2012                      263                    $298,277                 94.06%

 

LUXURY HOMES ( sales price over $500,000 )

 

2013                       45                     $655,305                95.59%

 

2012                       39                     $640,749                92.95%

 

2013 FIRST HALF VS. SECOND HALF OF THE YEAR

 

FIRST HALF              144              $296,672               94.53%

 

SECOND HALF           159              $309,788               97.12%

Source: NEOHREX

 

COMMENTARY

While 2012 was a very good year for real estate in Solon, 2013 was fantastic. The positive momentum from 2012 continued over through 2013 and the statistics reflect that. Below is a list of 5 important things to take away from the statistics above:

 

1.     About a 15% increase in the number of sold homes from 2012 to 2013

2.     Average sales price was higher in 2013

3.     The market IMPROVED during the second half of 2013

4.     Homes were selling for almost 96% of their asking price, up from 94% in 2012

5.     Improvement across the board in Solon luxury homes

 

CONTRIBUTING FACTORS

The improving economy, soaring stock market and low inventories all helped to make 2013 a good year in real estate for Solon.  The local economy has been recovering slowly but surely since the Great Recession. With that has come a rebound in the local real estate market. Although we aren't seeing huge appreciation, 2-3% per year is not unusual in our marketplace. Slow and steady growth is certainly better than the huge swings we saw 5-10 years ago.

The rise in the stock market has also helped. While it may not affect first time buyers, it does affect the mid-priced and luxury markets.  Increasing portfolios make these buyers much more confident in their wealth. Therefore, they are much more open to making large purchases, like cars and homes.

In terms of inventories, there has been a somewhat limited supply of homes for sale in Solon for well over a year. Low supply increases prices and has shifted the market from favoring buyers to one that is much more balanced.

WHAT LIES AHEAD

While we always like to be positive, our prediction for 2014 is for less sales but the average price should remain close to the same. Low inventories will be the main reason for the decrease in sales. Demand is certainly there, but with nothing to buy, it creates a little bit of gridlock in the local housing market.

Currently, there are only 65 homes for sale in the entire Solon market. When you break it down into different price points, that really isn't a lot to choose from.

While it's impossible to ever time a market, those looking to sell can certainly take advantage of today's environment.

Solon Market Report - November 2013

by The Schuman Team

 

 

 

Here is our official market report for  Solon, Ohio for November 2013.

We will provide a list of all single family sold homes, including the names of buyers and sellers if available,  give monthly statistics ( with a comparison to last year ) and provide commentary.

HOMES SOLD IN SOLON -  NOVEMBER 2013

ADDRESS              PRICE         BUYER                SELLER

6446 Glenallen       $115,500   NA                      Clara Jakovic

35355  Aurora Rd   $130,000   Jacob Weber    Joel Tornberg

6576  Glenallen Av $145,000   Yao Qingping     Dorothy Laidman

6573  Forest Glen  $161,500   Wu Guo               Gloria Francis

33565  Baldwin Rd  $185,000   NA                      David Ring

33180  E Nimrod    $189,750   Zhang Shenjia   David Chung

36077 Meadowdale $205,000   NA                     Jennifer Haky

34855  Lakeview Dr$215,000   Brad Kreger      John Duncan

32126  Sedgefield   $250,000   NA                       Paragon Pacific LLC

7297  Winchester   $270,000   Matt Johnson     Chen Shibiao

5876  Som Center   $277,000  Richard Mayer    Kathy Morgan

5624  Westminster  $370,000  Laleh Nematollahi Beth Eidnier

6620  Cummings     $485,000  Brett Johnson      Timothy Trump

37177  Cherrybank  $690,000 Matthew Shene    Carol Arnson

 

SOLD HOME STATISTICS SOLON OHIO - NOVEMBER 2013

Date                                         # of Homes Sold                 Ave. Sales Price

November 2013                              14                               $263,482

November 2012                              23                               $228,141

YTD 2013                                    286                                $305,721

YTD 2012                                    247                                $299,260

 

COMMENTARY:

As the year winds down, it is safe to say that we will have more home sales here in Solon this year than in 2012.  However, things have slowed down a bit and this may affect the 2014 market.

Low inventories continue to be a problem and may be a factor to decreasing sales next year.

In last month's report, we mentioned there were only 88 active listings, extremely low even at this time of the year. Today, there are only 77 active homes for sale in Solon, an all-time low.

Today's inventory is basically not ideal for a buyer looking for a sharp home. I am certainly not trying to be negative about the current inventory of homes, but the bottom line is that if a home is that nice and priced well, it would have sold by now.

The homes on the market today are likely dated and overpriced and simply not appealing to today's picky buyers.

GOOD THINGS COME TO THOSE WHO WAIT

The good news for buyers is that new homes typically come on the market after the New Year.

The good news for sellers is that there has never been a better time to put your home on the market. If you have a nicely finished home, it is staged and priced right, you could have buyers beating down your door.

Our next report will be our popular Year In Review, so look for it early next month.

Solon Real Estate Market - Mid Year Review 2013

by The Schuman Team

 

 

 

Here is our official bi-annual market report for Solon for homes sold in Jan 01 - June 30, 2013.

SOLD HOME STATISTICS SOLON OHIO - ALL SALES

 

Date                                         # of homes sold         Ave. Sales Price             

First Half 2013                           136                            $293,286

First Half 2012                           103                            $288,244

 

SOLON LUXURY MARKET

First Half 2013                             19                            $656,237

First Half 2012                             15                            $625,780

 

*source NEOHREX ( Regional MLS )

 

COMMENTARY:

The real estate market rebounded in 2012 and has continued to be extremely active through the first 6 months of 2013. 

The two main factors that helped us get off to a good start this year are an improving economy and low inventory. While the job market isn't exactly booming in Northeast Ohio, things have stabilized enough to make people feel comfortable about making major purchases, like a home.

We are seeing more activity with local move-up buyers and those relocating to the Solon area. With the move-up buyers, they are no longer afraid to move for fear of not being able to sell their existing home. In fact, many are so confident that they are actually buying BEFORE they sell.

Local companies are also more active in hiring, increasing the number of out-of-town buyers.

At the end of the year, we do anticipate overall sales and average sales price to be higher in 2013 than 2012. However, we do see the market slowing down after the "back to school" rush is over in a few weeks.

Selling In Winter - Tips To Stand Out

by The Schuman Team

 

 

Regardless of the season, you still have only one chance to make a positive impression. If you end up selling your home during the winter, there are things you can do to help your home stand out.

5 Things To Do To Stand Out

1. Exterior Photo - If possible, have the exterior shot done immediately after a snowfall. A fresh snowfall on the trees and ground can really make the home "pop" in a picture.

2. Twilight Photo - With the light reflecting off the snow, a twilight shot can look very cool. You will need sufficient exterior lighting to do this, however.

3. Clear Driveway and Sidewalks - Nothing is worse for a buyer than having to walk through snow and ice to see a home. Having your driveway plowed is one thing but taking the extra step to salt and clear the driveway and all walkways will make a great impression on potential buyers. They will notice and appreciate your efforts, and think you take just as good care of your interior.

4. Keep Interior Warm - When showing your home in the winter, make sure it is kept at a warm temperature ( 70-72 degrees ).  If your home is cold a potential buyer may think it is not insulated properly, or that you are cheap. If they think you are cheap, they will question the care you have taken of your home. Overall, it put buyers in a negative mindset.

5. Play It Up - Pretend you are entertaining for a big holiday party. Have the fire going, put on some music, make it so warm and inviting that a buyer won't want to leave.

Winter can be a good time to sell. There is less competition and buyers who go out in the cold and snow are typically very serious.

If you do end up selling during the winter months, following these tips will help you get maximum value for your home.

Solon Real Estate - Year In Review 2012

by The Schuman Team

 

Solon Sold homes

The following is our 4th annual year in review for Solon Ohio real estate. Here, we will provide a comparison between this past year and 2011 and offer commentary.

 

ALL HOMES

 

Year          # of Homes Sold        Ave. Sales Price   Sales Price/List Price

 

2011                      222                    $291,449                 94.16%  

 

2012                      260                    $299,924                 94.03%

 

LUXURY HOMES ( sales price over $500,000 )

 

2011                       29                     $626,888                94.58%

 

2012                       39                    $640,749                92.95%

 

2012 FIRST HALF VS. SECOND HALF OF THE YEAR

 

FIRST HALF              107              $284,146               93.47%

 

SECOND HALF         159              $302,114               94.39%              

 Source: NEOHREX

 

COMMENTARY

This has been a very good year for the Solon real estate market. We saw a lot of positive signs that the worst is behind us and that things are getting better.  Below is a list of 5 important things that the above statistics tell us:

 

1.     More homes sold in 2012 vs. 2011

2.     Average sales price was higher this past year

3.     The market IMPROVED during the second half of 2012

4.     A well priced home will receive approximately 94% of asking price

5.     The luxury home market improved, meaning affluent buyers are feeling more confident about buying a luxury home

So, what can we take away from all of this? Improvement as a result of a slowly improving economy, low interest rates, and an increase in consumer confidence.

BUYERS AND SELLERS BOTH FEEL BETTER

The numbers indicate more buyers and sellers coming together and overcoming the numerous challenges presented by the market.  First time buyers are feeling a little more confident as are the local move-up buyers. Those looking to sell and buy a larger home are realizing that selling their existing home is now a realistic goal and no longer have as much fear.

Sellers have come to better understand that the major correction in the local real estate market has brought prices to where they were about 10 years ago. I'm certainly not indicating that sellers are happy about this, but they now have more realistic expectations regarding price. 

WE NEED MORE INVENTORY

The really good news for Solon home sellers is that the inventory of available homes is down about 25% from 2 years ago. This has helped create a much more balanced market and in some price points, things are actually learning a little toward the sellers. We have seen multiple offer situations ( bidding wars ) take place on a regular basis, especially in the $200,000-$300,000 price point.

The real estate market should continue to recover in 2013.

                               

Solon Market Statistics - Mid Year Review

by The Schuman Team

 

 

The following is our official mid year review for real estate in Solon, Ohio.  Here, we will provide statistics for the most recent month of June, offer a comparison between the first half of 2012 and the same time period in 2011 and also give specific statistics for the Solon luxury home market. We will also include a summary at the end of the report.

 

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

 

 

 

LUXURY HOME STATISTICS

 

 

 

 

 

 

 

 

Date                   # of homes sold      Ave. Sales Price             

YTD 2012                   15                       $625,780

YTD 2011                   13                       $628,846

High Sale - $920,000

*source NEOHREX ( Regional MLS )

 

SO, IS THE MARKET FINALLY IMPROVING?

The statistics above are a decent reflection of the market, but don't quite tell the entire story. While overall sales are similar to last year, the inventory of available homes is down close to 30%. This is resulting in a more balanced market with multiple offer situations  ( bidding wars ) occurring on a regular basis.

In terms of Solon luxury homes, those that sell for at least $500,000, the numbers are similar to last year but moving in a positive direction. Not only is there increased activity in the higher-end market, but homes are selling much quicker as well.  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.

WE NEED MORE INVENTORY

Moving forward, we anticipate low inventory and historically low interest rates will help in the recovery of the local Solon real estate market. If you or someone you know is thinking of selling their Solon home, please call us! There really is a shortage of nice homes on the market, especially is a few specific price points.

Overall, while things certainly aren't where they were 5-6 years ago, we are seeing improvement, which is a good thing for all of us who call Solon home.

Harvest Kitchen And Lounge - Solon Ohio

by The Schuman Team

 

While we do write a lot about real estate, on occasion we always like to share local hot spots with our readers.

A few nights ago we went to Solon's newest restaurant, Harvest Kitchen and Lounge, and were thoroughly impressed. While we are certainly not food critics, we have been to most of Cleveland's finest restaurants over the years and like to think we have very good taste.  We had a very positive experience at Harvest, will definitely go back,  and would highly recommend it to others.

Now, I'm not going to get into the particulars of what we all ate, but everything was fantastic. The appetizers, main course, and dessert ( the bread pudding is the greatest thing ever! ) were all top notch and made to perfection.  There was something on the menu for everyone, including the 2 vegetarians at our table.

In addition to the food, the atmosphere was great as well. Located on Bainbridge Road in the heart of Solon, it certainly seemed like the place to be by all the movers and shakers in town. There were many large parties, several couples having an intimate meal together, and others just hanging at the bar.

Overall, we are thrilled to have fine dining available here in Solon at Harvest Kitchen and Lounge and wish them great success.

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Contact Information

The Schuman Team
HOWARD HANNA REAL ESTATE SERVICES
3550 Lander Road
Pepper Pike OH 44122
Dan: 216-346-3235
Amy: 216-403-9189
Fax: 216-456-2333