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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 - Half Year 2016

by The Schuman Team

Solon Sold homes

While it's hard to believe, we have just past the mid point of the year. The market has been better than predicted with the number of sales up across the board.

The following is a comparison between the first half of this year to the same time period from 2015. We will also give a specific breakdown of sales by price points and offer our commentary.

ALL SALES - JANUARY - JUNE

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

2016                      164                    $313,977                96.57%

2015                      128                    $307,677                97.44%

LUXURY HOMES ( sale price over $500,000 )

2016                       26                     $613,281

2015                       15                     $632,043

 

PRICE POINT BREAKDOWN OF ALL FIRST HALF 2016 SALES ( 2015 first half sales in parenthesis )

$100,000-199,999 = 40 ( 35 )

$200,000-299,999 = 61 ( 39 )

$300,000-399,999 = 21 ( 21 )

$400,000-499,999 = 16 ( 18 )

$500,000-599,999= 11 ( 7 )

$600,000-699,000 = 12 ( 3 )

$700,000-799,000 = 3 (4 )

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

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

$1,000,000 +   =  0 ( 0 )

Source: NEOHREX

 

COMMENTARY

While 2015 was a very good year, 2016 is shaping up to be even better.

Below is a list of 5 things to take away from the above statistics:

1.     More homes sales in 2016 vs. 2015.

2.     Average sales price is up slightly in 2016.

3.     The $200,000-299,999 price point is the "hot" market in 2016.

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

5.     The luxury market is more active in 2016, especially in the $600,000-699,000 price range.

 

As predicted, this year stated off strong with the sub $300,000 price point leading the way.

In fact, here was our prediction from our 2015 year end report:

"The beginning of the year should be strong. There are fewer homes currently for sale now   ( 85 ) than at this time last year ( 94 ).  Low inventories increase demand, and there are a ton of buyers on the sidelines waiting for the right home.

When homes start to come on the market over the next 30-60 days, buyers will likely begin snatching up the good ones.

It's hard to believe the sub $300,000 market could be any better in 2016, but relatively low rates certainly makes things affordable for this segment of buyers."

The 2016 real estate market has been fantastic this year up to this point. Sales have been consistent throughout the last 6 months, even during the colder months.

The sub $300,000 market has been booming since 2014. In fact, during that year we saw 51 sales in that specific price point and have seen 61 already in just 6 months this year. The draw of Solon's top rated schools no doubt plays into demand in the more affordable price points.

In terms of the luxury market, while the upper end has been a tad slow, the $500,000-$750,000 price point has been extremely vibrant this year. Continued low rates certainly play a major role as well as available inventory. Relocation activity also factors in as executives and physicians are always moving in and out of the Cleveland area.

MOVING FORWARD

There is typically a lull in the market in the weeks leading up to the new school year. We expect things to pick up after mid August and continue through Thanksgiving.

Properly priced homes are consistently selling for, on average, approximately 96% of list price and we don't see that changing.

While there is always a rush for buyers to get under contract so they can move before school starts, there are plenty of buyers still on the sidelines.

 

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.

 

Displaying blog entries 1-3 of 3

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