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Cleveland East Side Suburbs - Year In Review 2016

by The Schuman Team

Solon Sold homes

 

Here is our official 2016 real estate report for the East side suburbs of Cleveland. We did a comparison from last year to 2015. Suburbs are in alphabetical order.

BAINBRIDGE

Year           # of homes sold         Ave. Sales Price              Ave. Days on Market

2016                        39                         $391,721                             169

2015                        40                         $403,433                             156

Highest Sale = $870,000

Lowest Sale = $45,000

Luxury Sales     # of homes sold        Ave. Sales Price              Ave. Days on Market

2016                        14                            $630,314                               185

2015                        10                            $685,483                               162

 

BEACHWOOD

Year           # of homes sold         Ave. Sales Price              Ave. Days on Market

2016                       123                        $312,602                              81

2015                       102                        $291,245                              104

Highest Sale = $815,000

Lowest Sale = $80,000

Luxury Sales     # of homes sold        Ave. Sales Price              Ave. Days on Market

2016                        11                            $685,594                                84

2015                        10                            $584,240                               118

 

MORELAND HILLS

Year          # of homes sold         Ave. Sales Price              Ave. Days on Market

2016                        47                         $531,774                              173

2015                        44                         $425,694                              144

Highest Sale = $1,850,000

Lowest Sale = $98,000

Luxury Sales     # of homes sold        Ave. Sales Price              Ave. Days on Market

2016                        20                            $831,983                               195

2015                        12                            $742,533                                90

 

ORANGE

Year           # of homes sold         Ave. Sales Price              Ave. Days on Market

2016                        24                         $340,220                              126

2015                        19                         $339,639                              118

Highest Sale = $887,500

Lowest Sale = $105,000

 

PEPPER PIKE

Year           # of homes sold         Ave. Sales Price              Ave. Days on Market

2016                        116                        $425,281                             139

2015                        110                        $421,096                             128

Highest Sale = $1,045,000

Lowest Sale = $150,000

Luxury Sales     # of homes sold        Ave. Sales Price              Ave. Days on Market

2016                        32                            $661,389                               120

2015                        32                            $655,505                               123

 

SHAKER HEIGHTS

Year          # of Homes Sold        Ave. Sales Price   Ave. Days on Market

2016                      399                    $277,280               113

2015                      356                    $281,796               136

Highest Sale = $1,937,500

Lowest Sale = $13,000

Luxury Sales     # of homes sold        Ave. Sales Price              Ave. Days on Market

2016                       49                              $696,529                            176

2015                       34                              $672,500                            170

 

SOLON

Year          # of Homes Sold        Ave. Sales Price   Ave. Days on Market

2016                      335                    $309,712               111

2015                      303                    $310,027                98

Highest Sale = $840,000

Lowest Sale = $75,000

Luxury Sales     # of homes sold        Ave. Sales Price              Ave. Days on Market

2016                       48                              $656,169                            118

2015                       36                              $672,009                            115

 

TWINSBURG

Year           # of homes sold         Ave. Sales Price              Ave. Days on Market

2016                        278                         $242,521                             278

2015                        259                         $231,464                             259

Highest Sale = $530,000

Lowest Sale = $29,900

*source NEOHREX ( Regional MLS )

 

2017 MARKET OUTLOOK

First quarter sales will certainly be in line with last year as there are 111 homes currently under contract in the above mentioned communities. Inventories are low now so many buyers are on the sidelines waiting for the new crop of homes to hit the market over the next 30-60 days.

It's hard to imagine the market being better overall than in 2016, especially with a possibility of rates increasing. The determining factor may be available inventory over the next 3-4 months.

Homes will continue to sell for close to 96% of asking price. It certainly helps a seller if the home is properly priced and staged up front.

Buyers would be wise to get pre-approved well in advance so they can jump on the right home when it comes on the market. With limited inventory, especially early in the year, you can't afford to hesitate.

Solon Market Report - Year in Review 2016

by The Schuman Team

Solon Sold homes

The following is our 8th annual year in review for Solon Ohio real estate.

Here, we will provide a comparison between 2016 and the previous two years and offer commentary. We will also be including a breakdown of specific price points.

ALL HOMES

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

2016                      335                    $309,712                96.35%

2015                      303                    $310,027                96.24%

2014                      269                    $327,567                96.55%

LUXURY HOMES ( sale price over $500,000 )

2016                       48                     $656,169               96.26%

2015                       36                     $672,009               95.97%

2014                       38                     $712,285               95.21%

2016 SALES - FIRST HALF VS. SECOND HALF OF THE YEAR

FIRST HALF             166              $314,622

SECOND HALF        172              $315,473

 

PRICE POINT BREAKDOWN OF ALL 2016 SALES ( 2015 sales in parenthesis )

$0-99,999 = 7

$100,000-199,999 = 82 (82)

$200,000-299,999 = 110 (90)

$300,000-399,999 = 62 (51)

$400,000-499,999 = 27 (38)

$500,000-599,999= 16 (12)

$600,000-699,000 = 20 (12)

$700,000-799,000 = 10 (9)

$800,000-899,000 = 1 (0)

$900,000-999,999 = 0 (1)

$1,000,000 +   = 0 (2)

Source: NEOHREX

COMMENTARY

2016 was a great year for the Solon real estate market.

Here are some things we can deduct from the statistics above:

1.     More homes sold in 2016 vs. 2015.

2.     Average sales price was slightly lower in 2015 than 2014.

3.     The number of sales was fairly balanced throughout the year.

4.     A well priced home will receive approximately 96% of asking price.

5.     The luxury home market had a significantly better year in 2016 in terms of sales.

WHY WAS 2016 BETTER THAN 2015?

In simplistic terms, the increase in sales in the $200,000-$399,000 price range was the major difference, especially the $200,00-299,000 range. In fact, 2014 saw only 51 sales in this price range, so the dramatic increase over the last two years is quite amazing.

Young families continue to flock to Solon to take advantage of the top rated Solon Schools and the more moderately priced homes are attractive from an affordability standpoint.

In terms of the families moving to Solon from other area suburbs, many are either buying their first home or moving up from their starter home. These buyer typically don't want to spend more than $350,000 and the available inventories have been plentiful over the last few years.

The other significant price point was the $600,000-699,000 range, where we saw a modest increase in sales from the previous year.

Continued low rates, a decent economy and an increase in the stock market all factored into the increase in sales in 2016.

2017 MARKET OUTLOOK

First quarter sales will certainly be in line with last year as there are 36 homes currently under contract. There are fewer homes currently for sale now  ( 71 ) than at this time last year ( 84 ) so the buyers on the sidelines are likely waiting for the new crop of homes to hit the market over the next 30-60 days.

It's hard to imagine the sub $300,000 market doing better in 2017, especially with a possibility of rates increasing. The determining factor may be available inventory over the next 3-4 months.

Homes will continue to sell for close to 96% of asking price. It certainly helps a seller is the home is properly priced and staged up front.

Buyers would be wise to get pre-approved well in advance so they can jump on the right home when it comes on the market. With limited inventory, especially early in the year, you can't afford to hesitate.

Displaying blog entries 1-2 of 2

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