Solon Ohio Real Estate - Year In Review 2011

 

Solon Sold homes

The following is our 3rd annual year in review for Solon Ohio real estate. Here, we will provide a comparison between this past year and 2010 and offer commentary.

 

ALL HOMES

 

Year          # of Homes Sold        Ave. Sales Price   Sales Price/List Price

 

2011                      227                    $287,205                 94.24%  

 

2010                      202                    $292, 547                94.61%

 

NON BANK OWNED HOMES

Since there have been a large number of bank owned sales over the past few years, which can often skew the statistics, we have included figures below that exclude all bank owned homes.

 

2011                      212                    $291,708                 93.50%

 

2010                      192                    $293,265                 94.53%

 

LUXURY HOMES ( sales price over $500,000 )

 

2011                       29                     $626,888                94.58%

 

2010                       25                     $645,830                94.17%

 

2011 FIRST HALF VS. SECOND HALF OF THE YEAR

 

FIRST HALF              99                 $282,575               94.40%

 

SECOND HALF          113             $301,013               94.11%              

 Source: NEOHREX

 

COMMENTARY

While the last few years have been challenging to say the least, this past year showed us some positive signs. Below is a list of 5 important things that the above statistics tell us:

 

1.     More homes sold in 2011 vs. 2010

2.     Average sales price was relatively unchanged

3.     The market IMPROVED during the second half of 2011

4.     A well priced home will receive approximately 94% of asking price

5.     Affluent buyers are feeling more confident about buying a luxury home

So, what can we take away from all of this? Market stabilization has positively affected the entire local real estate market for both buyers and sellers.

BUYERS AND SELLERS BOTH FEEL BETTER

The numbers indicate more buyers and sellers coming together and overcoming the numerous challenges presented by the market.  First time buyers are feeling a little more confident as are the local move-up buyers. Those looking to sell and buy a larger home are realizing that selling their existing home is now a realistic goal and no longer have as much fear.

Sellers have come to better understand that the major correction in the local real estate market has brought prices to where they were about 10 years ago. I'm certainly not indicating that sellers are happy about this, but they now have more realistic expectations regarding price. 

There will still be challenges moving forward. The recovery is going to take a long time so expect sales and average price to remain flat until 2013.