Orange Oh Real Estate - Home Value Report 3rd Quarter 2010

Orange OH Real Estate - Home Value Report 3rd Quarter 2010

Before discussing home values in Orange, we will first give a list of all homes that sold in Orange during the 3rd quarter. We will also show a comparison between this year and 2009.

29999 Miles Rd	$100,000
28700 Pike Dr	$195,000
30250 Jackson Rd	$205,000
61 W Stonebrooke Dr	$220,000
31400 Woodcrest	$225,000
3855-3 Pecan Ct #B	$315,000
3918 W Meadow Ln	$350,000
3881 Chestnut Ct #R3	$402,000
455 Nob Hill	$465,000
285 Orange Tree Dr	$490,000
3955 Waterford Ct	$875,000

All Sales # of homes sold Ave. Sales Price

Third Quarter 2010 11 $349,273

Third Quarter 2009 14 $246,850

YTD 2010 32 $281,003

YTD 2009 26 $266,827

SUMMARY

Overall, Orange OH home sales are doing better this year compared to 2009 in both total number of sales and average sales price. Although the third quarter sales numbers were not as high as last year, overall numbers are better, which is really more important. Frankly, we don't necessarily put more weight into whether or not a home sells in April or July, unless we see a significant drop-off from one quarter to the next, in which case this may indicate a slowdown. The trend compared to last year is in a positive direction, and that is what we want to highlight here.

When looking at home values in Orange, it is important to understand that real estate is not only local, but hyper-local, even by specific neighborhood. National real estate statistics are not at all helpful when it comes to figuring out one's home value because it paints much too broad of a picture. Even looking at how the Midwest is doing or Cleveland as a whole isn't accurate either.

The average sales price of a home is up this year in all three communities that share the Orange School District; Pepper Pike, Moreland Hills, and of course, Orange. So, we believe it is fair to say that home values have certainly stabilized here. Whether or not they are increasing is still up for debate. There are those who will look at these statistics and conclude that home values in Orange are going up. However, there are those who believe that the fewer number of distressed sales has been the real factor in keeping average sales prices from dropping and that things are really just stable, not actually increasing.

While looking at trends is helpful, determining the actual value of a specific home is much more difficult, as all homes are unique. If you want to know the value of a specific home in Orange OH or surrounding areas, it really is best to contact a local real estate expert, someone who really knows the inventory. At the end of the day, there is no substitute for market knowledge.

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About The Authors:

Dan and Amy Schuman live on the East side of Cleveland and specialize in Cleveland Luxury Homes, working with buyers relocating to Cleveland, and first-time buyers.

For Ohio andOrange Oh real estate and homes see Orange OH real estate

For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235.

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Orange Oh Real Estate - Home Value Report 3rd Quarter 2010O is the property of The Schuman Team and may not be duplicated or used without their written consent. ©October,2010