Solon real estate market report



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.



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
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




Date                                         # of homes sold         Ave. Sales Price             

January 2013                                11                            $240,545            

January 2012                                15                            $310,020


*source NEOHREX ( Regional MLS )



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.