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.