Here is our official market report for  Solon for homes sold in October 2013.

SOLD HOME STATISTICS SOLON OHIO - OCTOBER 2013

Date                                         # of homes sold         Ave. Sales Price

October 2013                                  27                               $328,000

October 2012                                  23                               $286,022

YTD 2013                                      271                               $308,528

YTD 2012                                      224                               $304,509

 

SOLON LUXURY MARKET

October 2013                                 6                                  $728,715

October 2012                                 3                                  $607,667

YTD   2013                                    43                                 $654,320

YTD   2012                                    34                                 $636,624

*source NEOHREX ( Regional MLS )

 

COMMENTARY:

The real estate market continues to show improvement compared to last year. Both number of sales and average sales price are up in Solon this year, one of only a few suburbs in Northeast Ohio with that distinction.

While there are numerous factors that have helped make this a great year for real estate in Solon, low inventories continue to be a major influence. Currently, there are only 88 active listings. In past years, we would see 150+ homes for sale at this time of the year.

What this means is that buyers are screaming for new inventory and many have become quite frustrated. The buyers that really need to buy will snatch up a nicely finished home within days, provided it is priced fairly. If a home is not selling, price and condition are likely major factors.

Moving forward, we anticipate a natural slowdown through the rest of the year. However, when all is said and done, 2013 will be a strong year for Solon real estate.