Solon Real Estate Market Report - January 2013
Here is our monthly real estate market report for homes in Solon OH.
First, we will provide a list of all home transfers for last month. Then, we will give market statistics of sold homes for January, 2013, with a comparison to the previous year. Finally, we will provide an analysis of the market, including discussion about where we are headed in the future.
ALL SOLON HOME SALES JANUARY 2013
| 5765 Richmond Rd | $110,000 |
| 32570 W Nimrod St | $137,000 |
| 6706 Glenallen Ave | $161,000 |
| 6544 Copley Ave | $165,500 |
| 6245 Sharondale Dr | $170,000 |
|
5310 Harper Rd
|
$181,500 |
| 31561 Sedgefield Oval | $185,000 |
| 33630 Wellingford Ct | $235,000 |
| 33430 Seneca Dr | $271,000 |
| 38640 Flanders Dr | $450,000 |
| 38295 Flanders Dr | $580,000 |
SOLD HOME STATISTICS SOLON OHIO - JANUARY 2013
Date # of homes sold Ave. Sales Price
January 2013 11 $240,545
January 2012 15 $310,020
*source NEOHREX ( Regional MLS )
COMMENTARY:
Beginning of the year statistics can often be inconclusive and sometimes misleading. There is actually a great deal of activity in general and competition over homes is increasing.
The numbers above really don't tell the entire story and you shouldn't read too much into them. If you take a look at our 2012 Year In Review For Solon Real Estate, you will get a much better feel for the overall market. Just because we saw less sales and at a lower average price point last month than the previous January doesn't mean much right now.
We anticipate another good year in 2013. Being able to sustain positive momentum throughout the entire 2012 year shows that we are coming off the bottom and beginning to finally see improvement. While prices aren't near the highs of 2005-2006, we are starting to see a slight bit of appreciation.
Lack Of Inventory
I can't remember seeing so few homes on the market. Granted, it's only winter when inventories are typically low, but we have had this problem for over a year. Buyers are literally sitting and waiting for new homes to come on the market, and willing to make an offer if they love the home.
While this certainly bodes well for sellers., we are certainly not declaring a "seller's market". Buyers are still feeling the sting from the recession so are proceeding with a bit of caution. They will pay a fair price, but not more. Overall, a nice home priced fairly could easily sell within the first 30 days, with multiple offers not unusual.
Moving forward
We anticipate sales to be about where they were last year, possibly even a little lower. This is more a function of so few homes being on the market than a lack of demand. Interest rates creeping upwards during the year certainly won't help, but they are still extremely low and shouldn't affect things too much at this point.
If there is one take away from this report, it should be that we need more homes to sell. Anyone that has been putting off selling their home, waiting for the market to get better, should sell now. Rates aren't getting lower and demand is the highest we've seen in a long time.
