Here is our Solon Ohio Third Quarter Market Report.

First, we will provide market statistics for the past month of September. Then we will offer a look at the statistics for the third quarter and compare them to how we fared at the same time last year.

We will also provide year to date statistics and break down the luxury market, which is defined as homes that sell for $500,000 or more.

 

HOME SALES - SOLON OHIO

Date                                         # of homes sold         Ave. Sales Price             

September 2015                                33                           $291,909

September 2014                                19                           $371,037

 

Third Quarter  2015                           120                          $302,851

Third Quarter 2014                             96                           $353,864

 

YTD 2015                                         248                         $305,343

YTD 2014                                         223                         $330,866

 

SOLON LUXURY MARKET

Third Quarter  2015                           12                            $651,792

Third Quarter 2014                            17                            $691,957

 

YTD     2015                                    27                             $640,820

YTD     2014                                    34                             $711,097

*source NEOHREX ( Regional MLS )

 

THE STATE OF THE MARKET

While the first quarter started out on pace with 2014, the last two quarters saw an increase in sales compared to last year. Overall, sales are up in 2015 while the average sales price is down.

From the highlighted figures above, one could interpret this to mean that values in Solon have come down close to 10% this year.  However, the reason for the difference in both increased sales and lower average price is a direct result of 28 additional homes being sold in the $100,000-$300,000 price point this year.

The decrease in demand for luxury homes has also had a negative effect on overall average purchase price.

INVENTORY

We currently have 141 active listings, about 15% more than we had at this time last year.  While we had been screaming for more inventory over the last few years, things have gotten a little bit better, especially in specific price points.

Fall is a popular time for sellers to put their homes on the market, evidenced by over 20 homes that have come on in the last 30 days.

FINAL THOUGHTS

The fourth quarter can be fairly hectic. Many buyers and sellers would like to avoid moving during the cold winter months, and are thus motivated to get something done during the fall.

Fall can be an ideal time for buyers. Homes that didn't sell over the summer are now seeing price reductions as these sellers realize their window of opportunity is limited with winter coming. This is where deals can be had.

For sellers, a nice home priced right in any market will sell, especially in the fall. We have seen bidding wars and homes fly off the market recently so a seller with an updated home can expect to sell quickly and for top dollar.

The luxury market is the one area of concern based on the numbers. There are a lot of homes in this segment of the market that have been lingering for 150-200 days or more.

With the average time on market for luxury homes being around 100, these particular sellers may need to do re-evaluate their strategies because whatever they are doing is obviously not working.

On the bright side, a 1.3 million dollar home sold in a matter of days recently, so the high-end buyers certainly do exist.

Overall, we expect to finish out the year on a good note and can say with confidence that Solon remains one of the highest demand areas in the state.

Please note, the above statistics are merely on overview of the market, not to be used to determine if a home's value is increasing or decreasing. If you are looking to sell or buy a home in Solon and want help determining what a home is worth, we recommend contacting an agent who specializes in the Solon market to assist you.

Real estate can be neighborhood specific, requiring an in depth look at sales pertaining to a certain development or geographical area.