Solon OH Real Estate - Luxury Home Value Report 3rd Quarter 2010

Original Source - Cleveland Real Estate Blog

Here is our official 3rd quarter home value report for Solon Luxury Homes complete with a comparison to 2009.

Please keep in mind that in the Cleveland real estate market, the definition of a luxury home is one that sells for at least $500,000. Commentary to follow.

Here are all luxury homes that sold in Solon during the Third Quarter of 2010:

39755 Lochmoor Dr	$510,000
6512 Dorset Ln	$582,000
29775 N Park Blvd	$710,000
5185 Leighton Ct	$725,000
38355 Flanders	$747,500
37471 Cherrybank Dr	$765,000

THIRD QUARTER 2010 VS. THIRD QUARTER 2009 COMPARISON

Luxury Sales # of Homes Sold Ave. Sales Price Ave. Days on Market

2010 6 $673,250 145

2009 9 $560,247 131

YEAR TO DATE COMPARISON

2010 20 $641,088 170

2009 27 $600,069 129

Commentary:

Through the first three quarters of the year, we have less luxury home sales in Solon than at this time last year, and the market for homes priced over $750,000 remains extremely soft. However, the average home price has increased from 2009. So, what does that mean for the values of Solon luxury homes?

To begin, it would not be fair to look at the above statistics and make a blanket statement that Solon luxury home values are up around 7%. The increase in the average sales price is more likely due to a lower number of distressed luxury homes being sold this year than an actual increase in home values. However, we feel that prices at all levels are no longer decreasing and have leveled off. In addition, appraisers that we have spoken with say that Solon is seen as a stable market in terms of home values although they are taking a little longer to sell.

When trying to determine the value of a luxury home in Solon, it is important to have a reliable method for coming up with value. Looking at national or even regional housing statistics is nice, but is not necessarily relevant as real estate is very local.

When all is said and done ( and I'm not just saying this because I'm an agent ) there is no substitute for having a local real estate expert help with this process, specifically someone who has personally been inside many of the homes here in Solon. Below are past articles that relate to the content of this post.

2010 Solon Luxury Home Bi-Annual Market Report

2009 Year End Luxury Market Report Solon Ohio

Solon Agent Receives Luxury Home Designation

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About The Authors:

Dan and Amy Schuman are Solon residents. They specialize in Solon luxury homes, working with buyers relocating to Solon, and first-time buyers.

If you are looking to buy or sell a home in Solon or the surrounding Eastern suburbs, please contact the Schuman Team.

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

VIEW ALL SOLON LUXURY HOMES FOR SALE BY CLICKING BELOW

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