Pepper Pike Real Estate - Home Value Report 3rd Quarter 2010

Pepper Pike Real Estate - Home Value Report 3rd Quarter 2010

Before we discuss the direction of home values here in Pepper Pike, we will first give a list of all homes that sold during the 3rd quarter of 2010. We will also include a comparison to the same time period in 2009.

27399 N Woodland Rd	$115,000
2438 Windy Hill Dr	$157,000
32399 Pinetree Rd	$210,000
29099 Fairmount Blvd	$265,000
3038 Forest	$298,000
2840 Lander Rd	$330,000
3497 Courtland Rd	$330,000
30076 Gates Mills Blvd	$340,000
2632 Brainard Rd	$360,000
31220 Shaker Blvd	$385,000
2650 Butternut Ln	$425,000
3250 Willowbrook Dr	$425,000
32631 Meadowlark Way	$437,700
28129 Belcourt Rd	$501,250
31129 S Woodland Rd	$505,000
31175 Northwood Dr	$523,000
3311 Oak Knoll Dr	$607,000
2544 Ginger Wren Rd	$650,000
2455 Botanica #34	$705,195
29875 Bolingbrook Rd	$900,000
2634 Butterwing Rd	$1,000,000
31200 Edgewood Rd	1,100,000
31900 Pinetree Rd	$1,500,000

All Sales # of homes sold Ave. Sales Price

Third Quarter 2010 23 $524,745

Third Quarter 2009 20 $333,520

YTD 2010 69 $461,219

YTD 2009 52 $373,403

SUMMARY

To begin, one thing to remember is that national housing statistics don't necessarily reflect what is really going on in here in Cleveland. In fact, real estate is so local, that certain suburbs, such as Pepper Pike, could actually be faring better than neighboring areas.

Specifically, things are starting to look favorable regarding sales and home values in Pepper Pike. Sales are up not only this past quarter, but year-to-date as well compared to last year. The average home price is also higher this year than in 2009. Given the current state of the economy, these statistics are actually quite impressive.

A major factor helping Pepper Pike home values is the significant growth of the luxury home market, specifically those homes valued at over $500,000. So far this year, we have had 26 homes sell for more than $500,000, compared to only 12 during the same time in 2009. We can conclude that high-end buyers are much more confident moving forward with a major purchase this year compared to last year.

Overall, while historically low interest rates certainly have helped fuel the market, we feel that home sellers are much more realistic, at least here in Pepper Pike, regarding their home values. This has helped bring buyers and sellers together to create a more favorable real estate market.

Pepper Pike real estate will continue to be regarded by many as very desirable thanks in part to the excellent rated ( by the State of Ohio ) schools, picturesque homes on beautiful 1 acre wooded lots, and ideal location.

*********************************************************************************************

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 and Pepper Pike OH real estate and homes see Pepper Pike real estate

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

VIEW ALL PEPPER PIKE OH HOMES FOR SALE BY CLICKING BELOW

CHECK OUT THE SCHUMAN TEAM'S AWARD-WINNING WEBSITE

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