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Solon Market Report - First Quarter 2016

by The Schuman Team

 

 

 

Everyone always asks us "how's the market"?  Well, it's started off similar to last year, which was an overall good year for Solon real estate.

Here is our First quarter market review, including last months' figures and comparisons to last year.

 

SOLD HOME STATISTICS - SOLON OHIO

Date                                     # of homes sold      Ave. Sales Price             

March  2016                             21                            $268,762

March  2015                             23                            $276,266

 

First Quarter 2016                    49                           $290,400

First Quarter 2015                    48                           $295,676

 

SOLON LUXURY MARKET

First Quarter  2016                     4                              $598,625

First Quarter  2015                     5                              $555,490

 

*source NEOHREX ( Regional MLS )

 

COMMENTARY:

Overall, the first quarter is typically the quietest. Therefore, we don't put a ton of weight on the statistics. Most of the inventory during this quarter is left over from the end of the year and many winter buyers are simply looking for bargains.

The heat of the market begins when homes start to come onto the market in March and will continue through July 1st. This date is significant as Solon Schools start in mid August this year, so getting under contract AFTER this date will not allow enough time to obtain financing and move.

Obviously, this is more relevant to relocation buyers and those moving to Solon for the first time as they need the Solon address to register kids for school. Local buyers can move at any point during the year without the logistical issues that the other buyers have.

As is always the case, updated homes in any price point will sell quickly. The challenge for move up buyers is actually finding their next home.

With continued low interest rates and a steady supply of motivated buyers, the housing market should be in line with last year.

 

Solon Real Estate Market Report - January 2013

by The Schuman Team

 Solon real estate market report

 

 

Here is our monthly real estate market report for homes in Solon OH.

First, we will provide a list of all home transfers for last month. Then, we will give market statistics of sold homes for January, 2013, with a comparison to the previous year. Finally, we will provide an analysis of the market, including discussion about where we are headed in the future.

 

ALL SOLON HOME SALES JANUARY 2013

5765 Richmond Rd $110,000
32570 W Nimrod St $137,000
6706 Glenallen Ave $161,000
6544 Copley Ave $165,500
6245 Sharondale Dr $170,000
5310 Harper Rd
$181,500
31561 Sedgefield Oval $185,000
33630 Wellingford Ct $235,000
33430 Seneca Dr $271,000
38640 Flanders Dr $450,000
38295 Flanders Dr $580,000

 

 SOLD HOME STATISTICS SOLON OHIO - JANUARY 2013

 

Date                                         # of homes sold         Ave. Sales Price             

January 2013                                11                            $240,545            

January 2012                                15                            $310,020

 

*source NEOHREX ( Regional MLS )

 

COMMENTARY:

Beginning of the year statistics can often be inconclusive and sometimes misleading. There is actually a great deal of activity in general and competition over homes is increasing.

The numbers above really don't tell the entire story and you shouldn't read too much into them. If you take a look at our 2012 Year In Review For Solon Real Estate, you will get a much better feel for the overall market. Just because we saw less sales and at a lower average price point last month than the previous January doesn't mean much right now.

We anticipate another good year in 2013. Being able to sustain positive momentum throughout the entire 2012 year shows that we are coming off the bottom and beginning to finally see improvement. While prices aren't near the highs of 2005-2006, we are starting to see a slight bit of appreciation.

Lack Of Inventory

I can't remember seeing so few homes on the market. Granted, it's only winter when inventories are typically low, but we have had this problem for over a year.  Buyers are literally sitting and waiting for new homes to come on the market, and willing to make an offer if they love the home.

While this certainly bodes well for sellers., we are certainly not declaring a "seller's market". Buyers are still feeling the sting from the recession so are proceeding with a bit of caution. They will pay a fair price, but not more.  Overall, a nice home priced fairly could easily sell within the first 30 days, with multiple offers not unusual.

Moving forward

We anticipate sales to be about where they were last year, possibly even a little lower. This is more a function of so few homes being on the market than a lack of demand. Interest rates creeping upwards during the year certainly won't help, but they are still extremely low and shouldn't affect things too much at this point.

If there is one take away from this report, it should be that we need more homes to sell. Anyone that has been putting off selling their home, waiting for the market to get better, should sell now. Rates  aren't getting lower and demand is the highest we've seen in a long time.

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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