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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.

Solon Monthly Market Report October 2016

by The Schuman Team

Quarterly Market Reports On Sold Homes

Here is our monthly market report for real estate in Solon OH for the month of October, 2016.

HOMES SOLD IN SOLON -  OCTOBER 2016

ADDRESS                   PRICE   

33420 Linden Dr       $137,000

6621 Copley Ave      $145,500

6598 Glenallen Ave    $169,000

5059 Lake Vista Dr    $173,000

32605 Bainbridge Rd  $173,500

6448 Creekside Trl     $180,000

33198 Tallyho Dr        $181,200

33217 S Roundhead Ln$204,500

5199 Brainard Rd        $210,000

 5695 Elm Hill Dr         $217,000

 5675 Elm Hill Dr      $220,000

5203 Cheswick Dr    $235,000

 31845 Lynton Ln     $240,000

32923 Cromwell Dr     $242,000

 37433 Hunters Ridge Rd$249,500

37125 Fox Run Dr     $267,000

 36133 Derby Downs Dr $331,200

 6122 Liberty Rd        $333,000

 7291 Winchester Dr   $357,000

5241 Som Center Rd   $365,000

34160 Seminole Way   $400,000

6405 Suzanne Ln        $410,000

35365 Spatterdock Ln  $422,000

32520 Shadowbrook Dr  $440,000

6710 Brandamore Ct    $508,000

6730 Ridgecliff Dr       $520,000

 

SOLD HOME STATISTICS SOLON OHIO - OCTOBER 2016

Date                                         # of homes sold         Ave. Sales Price             

Oct 2016                                       26                            $281,938

Oct 2015                                       19                            $312,468

*source NEOHREX ( Regional MLS )

COMMENTARY:

As the market has slowed down a little bit from the summer, October sales were fairly decent in terms of the number of sales. However, most were in the mid to lower price points, so the average sales price last month is significantly lower than the year-to-date average sales price of $321,437.

After the market slowed down in July and August, it did pick up after Labor Day.

The luxury market has been strong this year but has slowed down over the last few months. Only 2 of the sales in October were over the $500,000 price point, and we have seen only 6 luxury homes go under contract since Labor Day.

We anticipate decent activity over the next few weeks, and then a seasonal slowdown from Thanksgiving to New Years.

Solon Ohio Year End Report - 2015

by The Schuman Team

Solon Sold homes

The following is our 7th annual year in review for Solon Ohio real estate.

Here, we will provide a comparison between this past year and 2014 and offer commentary. As an added bonus, we will be adding a new statistic this year, a breakdown of specific price points.

ALL HOMES

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

2015                      302                    $310,027                96.24%

2014                      269                    $327,567                96.55%

LUXURY HOMES ( sale price over $500,000 )

2015                       36                     $672,009               95.97%

2014                       38                     $712,285               95.21%

2015 SALES - FIRST HALF VS. SECOND HALF OF THE YEAR

FIRST HALF              128              $307,677

SECOND HALF           180              $309,176

PRICE POINT BREAKDOWN OF ALL 2015 SALES

$0-99,999 = 6

$100,000-199,999 = 82

$200,000-299,999 = 89 ( 2014 saw only 51 in this price point )

$300,000-399,999 = 51

$400,000-499,999 = 38

$500,000-599,999= 12

$600,000-699,000 = 12

$700,000-799,000 = 9

$800,000-899,000 = 0

$900,000-999,999 = 1

$1,000,000 +   = 2

 

Source: NEOHREX

 

COMMENTARY

2015 was a very good year for the Solon real estate market. The numbers were very similar to those of 2013.

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

1.     More homes sold in 2015 vs. 2014.

2.     Average sales price was lower in 2015 than 2014 due to an increase in sales in the $200,000-299,999 price point.

3.     The second half of 2015 saw a tremendous number of sales.

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

5.     The luxury home market is fairly stable.

 

WHY WAS 2015 BETTER THAN 2014?

While total sales last year far exceeded sales from 2014, the numbers are a little misleading. The only reason for the large increase is due to the unusually high number of sales that occurred during the 3rd quarter in the sub $300,000 price points.

Basically, there were about 30 more sales in the $100,000-$300,000 price points just during this past summer. This was due to an influx of buyers likely moving to Solon for the start of the school year. Many were first-time buyers and move up buyers coming in from other cities.

Besides for this, the numbers for 2015 and 2014 were almost identical.

2016 MARKET OUTLOOK

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.

Over the years, homes have sold for,  on average, approximately 95-96% of the list price and we don't see that changing. Homes that are properly staged and priced correctly up front will sell quicker and for more money.

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 Real Estate - Market Report First Quarter 2014

by The Schuman Team

 

 

Here is our first quarter market report for Solon OH.

First, we will provide market statistics for the past month of March. Then we will offer a look at the first quarter statistics and compare them to how we fared at the same time last year. Finally, we will provide commentary.

Also contained within this report will be information pertaining to the Solon luxury home market  ( those priced over $500,000 ).

 

SOLD HOME STATISTICS SOLON OHIO

 

Date                                         # of homes sold         Ave. Sales Price             

March 2014                                14                            $267,304

March 2013                                17                            $310,746

 

First Quarter 2014                        43                           $283,251

First Quarter 2013                        40                           $305,230

 

 

SOLON LUXURY MARKET

First Quarter  2014                       4                             $736,861

First Quarter  2013                       8                             $657,938

 

 

*source NEOHREX ( Regional MLS )

 

THE STATE OF THE MARKET

The numbers above show an increase in terms of home sales from last year, which is always good news. However, the numbers don't tell the whole story.

We predicted in our Year In Review 2013, a decrease in total number of sales this year. Based on the numbers above, are we wrong?

Hopefully, we are way off base and sales will increase in 2014. That will be good for everyone, us included.  The problem remains that without inventory, we cannot possibly sustain the numbers we saw in 2013.  Let's look at the numbers closely:

Last year we saw 303 sales of single-family homes. So far this year, we have had 43 sales and an additional 61 homes are currently under contract.

Assuming these all close, that would put us at 104 sales,  leaving us needing to sell 199 more homes by the end of the year to match last year's numbers.  Is this possible?

INVENTORY

This is where inventory is so crucial. We currently have 77 active listings. If, best case scenario, each and every one of these homes sells, we would still need 122 homes to come on the market and sell before the end of the year.

In order to sell in this calendar year,  we would basically need these 122 homes all to come onto the market over the next 6 months. That's a lot of homes in a short period of time.

So, as you can see, we have a tall task in front of us to meet last years numbers.

THE GOOD NEWS

Now that I have presented the facts, here is the good news. There are a ton of buyers out there.

How do I know this? Agents communicate to each other and get a good feel for what is going on in the market. It is not unusual to get 15-20+ showings on a listing. Some price points are even more competitive.

Since only one of those showings will lead to a sale, the rest of the buyers are out there, waiting. That's a lot of buyers.

FINAL THOUGHTS

In general, we have a very strong real estate market here in Solon. Nice homes, and I emphasize NICE ( updated, properly Staged, well-maintained...) will sell quickly.

However, buyers are still fairly picky. They will pay a very fair price for a nice home. They will not overpay for an average home. They may be motivated but they aren't foolish.

So, if you are looking to buy or sell a home in Solon, here's our parting advice:

For sellers: I would highly recommend making sure your home is positioned to sell. If not, you will simply be helping your competition. There is no excuse not to sell in this market.

For buyers: If you find a home you like, odds are that other buyers will feel the same way, so make an offer immediately.

If you have been sitting on the sidelines for what seems like forever, waiting for that one perfect home to come up, please read this: the perfect house doesn't exist.  You either aren't motivated to buy or have unrealistic expectations.  You may want to re-think your game plan moving forward.

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 - 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.

                               

Displaying blog entries 1-6 of 6

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