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Solon Market Report - July 2018

by The Schuman Team

Here is our monthly market report for real estate in Solon OH for the month of July, 2018.


ADDRESS                   PRICE   

31895 Bainbridge Rd     $120,000

6718 Som Center Rd     $172,550

6746 Duneden Ave        $187,500

6434 Glenallen Ave       $202,500

6591 Copley                  $210,000

31685 Crabtree Ln        $220,000

6564 Brookland Ave      $220,000

6462 Woodbury Dr        $240,500

33500 N. Burr Oak        $249,500

32943 Charmwood        $250,000

5360 Brainard                $255,000

31906 S Roundhead     $260,000

7348 Selworthy             $270,000

31737 S. Roundhead    $279,000

31920 Lynton Ln           $279,000

33804 Canterbury         $280,000

32990 Cromwell            $287,000

6947 Kingswood           $290,000

5600 Saddle Lane         $315,000

34525 Ada Lane            $326,500

34200 Lakeview            $339,300

5740 Ledgebrook          $340,000

35250 Spatterdock        $359,900

6275 Cloverly                 $363,000

34875 McAfee                $370,000

7651 White Oak             $378,000

7130 Witch Hazel           $390,000

6630 Andre Lane           $395,000

34091 Summerset         $398,000

33409 Seneca               $400,000

7503 Capilano Dr          $400,000

7198 Longview Dr         $444,000

6667 Brandamore         $445,000

6950 Silkwood              $446,000

31800 Burlwood Dr      $550,000

38285 McDowell Dr     $550,000

325050 Burlwood Dr    $557,500

6742 Ayleshire Ln        $563,000

28535 Blue Pond Tr     $590,000

7280 Rollingbrook        $600,000

7575 Stockwood Dr      $845,000



Date                                         # of homes sold         Ave. Sales Price             

July 2018                                       42  (190)                          $355,563

July 2017                                       39  (214)                          $371,576

(   ) numbers in parenthesis = YTD sales

*source NEOHREX ( Regional MLS )


July sales were a result of buyers wanting to get into their new home before the new school year started.  Summer months always see a larger number of sales, and so far this summer, that holds true.

Year to date sales still lag behind sales figures from 2017. As mentioned in previous posts, the result is likely from a lack of inventory early in the year, not necessarily demand.

While August is typically a slow month, the market picks up again after Labor Day and tapers off after Thanksgiving.

Solon Market Report - May 2018

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 May, 2018.


ADDRESS                   PRICE   

35590 Solon Rd     $192,000

6577 Brookland     $194,400

33155 E. Nimrod    $210,500

6629 Duneden       $215,000

33103 Cromwell     $251,000

32302 Springside   $280,000

33005 Pettibone    $287,000

33385 Arlesford     $290,000

6531 Creekside Tr  $295,000

32777 Springside   $305,000

37630 Bunker Hill   $315,00

36825 Aurora        $320,000

34765 Sherwood Dr$325,000

34625 Blue Heron   $339,000

32687 Springside    $352,500

36425 Aberdeen     $362,500

33346 Lisa Lane     $369,500

6894 Silkwood       $371,175

34175 Ada Dr        $380,000

6228 Chagrin H.     $382,000

33855 Camberly     $395,000

35585 Michael Dr   $490,000

38711 Gaelic Glen   $512,500

6570 Dorset Lane   $575,000

7360 Hillside Lane   $635,000

6693 Winston Lane $642,500

7548 Royal Portrush $785,000



Date                                         # of homes sold         Ave. Sales Price             

May 2018                                       27                            $373,021

May 2017                                       39                            $325,065

*source NEOHREX ( Regional MLS )


Home sales for 2018 lag behind 2017 primarily due to a lack of inventory. There are certainly plenty of buyers, specifically in the sub $500,000 price point. However, the limited number of homes for sale has hurt overall sales.

The average sales price of homes that sold last month is unusually high. This is due to very few homes in the below $200,000 price point selling last month. This particular sector of the market significantly lacks inventory. In fact, there are currently only 2 homes on the market in this price point.

We have seen over 20 homes come on the market over the last 30 days. While inventories are still low, this will certainly help. We also expect to see more come on the market over the next 2-3 weeks as the summer market heats up.

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.


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


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.


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 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.


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%


FIRST HALF              128              $307,677

SECOND HALF           180              $309,176


$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





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.



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.


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.

What Is The Best Street To Live In Solon?

by The Schuman Team

We work with a lot of buyers relocating to the area and get asked this question a lot. The answer, however,  is rather complicated.

You see, as real estate agents, we are not allowed to be biased about certain areas. So we cannot tell you what city is best, what subdivision is best, or what street is the best. But is really doesn't matter.

You see, the question is so subjective. What is really meant by "best" anyway? If you ask 10 people who live in Solon what street is "the best", you will likely get 10 different answers. Most people are probably biased about the street they live on, so getting a good answer to this question is difficult.


If you don't know anything about Solon, I totally understand you wanting to know what areas are popular. No one wants to make a mistake and end up living somewhere that won't make them happy.

So the most important thing is for you to define what you want. Do you want to live on 1 or more acres? Do you want to live near the highway or walking distance to schools? Do you want to live on a cul-de-sac? Do you want to live in the North, Central, or South part of town? How much do you want to spend?

Sometimes, defining the type of property you want will dictate which "streets" you end up looking at.


While we must be unbiased, we have lived here for 11 years and can certainly make your life easier.

We can tell you about certain areas of the city and the different developments. We can tell you when they were built, who the builder was, and specifics about what you will expect to find in the homes themselves.

We can tell you which streets are cul-de-sacs, if that is something you prefer. We can tell you which direction a certain street faces.  We can even send you a list of homes available so you can get feel for the homes.

We can also refer you to people who live in specific developments. While we aren't allowed to give our opinion to you, you are welcome to ask these folks anything you want.

When all is said and done, we can provide valuable assistance in finding the street that's best for you. And that will end up being the best street in Solon.


Displaying blog entries 1-5 of 5

Contact Information

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