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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.

HOMES SOLD IN SOLON - 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

 

SOLD HOME STATISTICS SOLON OHIO - JULY 2018

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 )

COMMENTARY:

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.

HOMES SOLD IN SOLON - 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

 

SOLD HOME STATISTICS SOLON OHIO - MAY 2018

Date                                         # of homes sold         Ave. Sales Price             

May 2018                                       27                            $373,021

May 2017                                       39                            $325,065

*source NEOHREX ( Regional MLS )

COMMENTARY:

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.

STATE OF THE MARKET

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

WHY THE SHORTAGE?

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.

WHAT THIS MEANS TO YOU

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.

Disputing Your Property Tax Bill

by The Schuman Team

Guest Blog Post From Sleggs, Danzinger & Gill, Co., LPA

Ohio Deadline Approaching

Ohio property owners know that real estate values in many counties have stabilized but some properties are still under performing.

The deadline for Ohio property owners to file a complaint against the January 1, 2016 Assessment of Real Property in any county in Ohio is March 31, 2017 .

The following counties in Ohio have reappraised or updated their real property values for the Tax Year 2016, so a review of property values in these counties and all Ohio counties should be performed.

ohio property owners

We are available to assist you in all aspects of the property tax process, including:
• Conducting the initial review of your assessment
• Negotiating with the applicable taxing authorities before values are finalized
• Preparing the filing the Tax Compaint
• Litigating the Tax Appeal before all of the available forums

Sleggs, Danzinger & Gill, Co., LPA serves both Ohio property owners and property owners nationwide. The firm is a member of the National Property Tax Group (NPTG), a national affiliation of tax attorneys and consultants allowing SD&G to assist property owners nationwide. For additional information regarding our national practice and NPTG, please visit the website at http://nptg.com/

For further information and assistance, please contact our office at 216 771-8990 or use our simple CONTACT FORM.

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 - 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.

How's Your Curb Appeal?

by The Schuman Team

 

Curb appeal is a popular buzz word in real estate. Your home will be judged within seconds based on how it looks from the outside, regardless of how many interior upgrades you have done.

Knowing this, we highly recommend to our clients that they evaluate their landscaping on a yearly basis to ensure it is always looking its best.

BUT MY YARD LOOKS GREAT

Let’s be honest, no one is going to tell you that your landscaping looks awful. The homeowner is often the last person to realize their yard needs work.

Next time you approach your home, stop at the street and take an honest look to see how it appears. Also, compare it to the rest of the neighborhood. Is it beautiful and well maintained, or is it overgrown in places, needing a little work.

YOU WON'T SELL WHAT YOU CAN'T SEE

While having professionally maintained landscaping is great, all the time, money and effort you put into your yard is wasted if you can’t see your home due to overgrown trees and bushes.

While it may not be a big deal to you at this time, it will affect resale. Additionally, there are benefits you can enjoy immediately by trimming and removing overgrown trees and landscaping.

I personally had a tree get so big in my front yard that we couldn’t see half of my house. The fact that it was a great tree and looked so pretty in the fall kept me from seeing the reality that it needed to go.

We hired a well respected landscaper who made some recommendations including removing that tree. I fought him on it but now that it’s gone, I realize we should have done it much sooner.

Not only can we see our house again but we get a ton more sunlight in the rooms that were previously darkened by the shade of that tree.

NOW WHAT?

If you have the means, I highly recommend hiring a professional landscaper to assess your property. I realize it’s not a cheap endeavor but it’s a worthwhile investment, especially on higher end homes.

If cost is a concern, the internet has a ton of sites full of great do it yourself ideas. Fall is a great time to get good deals on trees, bushes and perennials, so now is the time to take action.

How the outside of your home looks is a reflection of you. So take some time to make sure it looks great.

Home Improvements - Cost vs. Value

by The Schuman Team

Our clients constantly ask us about the types of things they can do to add value to their home. Typically, you can never go wrong with kitchens, baths, and a decked-out lower level, things that today's buyers gravitate toward.

There are a lot of things to consider, however, including how long you plan to remain in your home. There's no reason to do a major kitchen remodel if you plan to move in 3 years. Sometimes just putting in granite, new fixtures, and painting can make a difference in terms of resale.

Here are the top 5 projects that will give you the biggest bang for your buck, in terms of percentage of costs recouped*:

1.  Garage Door - 109%

2.  Entry Door - 84.1%

3.  Siding - 79.9%

4.  Windows - 65.4%

5.  Kitchen - 62.9%

Here's a link to the cost vs. value report for the Cleveland area.

* Source: Remodeling Magazine

If you are planning on doing some projects around your home this fall, just be aware of expectations regarding your return on investment.

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.

 

Displaying blog entries 1-10 of 92

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