Twinsburg Real Estate Market is realistic, solid, balanced - historic sales data proves it

Real Estate Sales statistics is one of the most powerful tools good Real Estate agents use. Thanks to strict rules and members' being mostly responsible, we have a real solid data in our local MLS data base.

About a year ago I published the historic sales statistics for few Greater Cleveland suburbs: Twinsburg, Mayfield Heights and Solon. As we have sales data for the whole year of 2008 now, it's interesting to see how these great cities were doing.

Let's start from Twinsburg Real Estate. Was 2008 a real bad year for this young, dynamic, growing city?

Yes, number of units sold sales dropped in 2008 in comparison with 2007 about 25 %. However, statistics for the whole Summit County is much worse. According to data provided by NORMLS and Realist tax data services, Summit County lost about 35 % of sales in 2008 comparing to 2007. Twinsburg is still very popular city and desirable destination for many young professionals, families with children and retirees. Twinsburg Schools system is doing great.

Let's look at it from another angle. Average Sold price was relatively stable for Twinsburg during last five years. Buyers paid respectable $210,341 for the average home in Twinsburg in 2008, which is about 7 % lower than in 2007. Average sold price for Summit County was $130,500 for single family residence and $130,000 for condominium. However, it's more relevant to compare sold prices in Twinsburg and in its neighbor Solon.

Solon's statistics is great in terms of units sold. Buyers of homes in Solon purchased 262 units in 2008 in comparison with 245 in 2007. However, average sold price was $326,776 in 2008 while it was $368,829 in 2007. Impressive almost 13 % loss.

The only sector of Twinsburg Real Estate which is losing its positions is Condominium sales. Condo prices dropped from $172,587 in 2004 to $144,427 in 2008. Buyers paid $160,132 for average condo in Twinsburg in 2007. Unfortunately, condominiums in Greater Cleveland are keeping to be the biggest losers.

Market for single family homes in Twinsburg, especially for houses built in 1995 and later is still very stable and good. 67 single family homes built in 1995 and later were purchased in 2008 for average price of $284,861 which is slightly lower than in 2007. Just look at the data for the similar houses sold in previous years:

2004 - $300,822; 88 houses sold

2005 - $289,000; 74 houses sold

2006 - $303,550; 75 houses sold

2007 - $306,028; 78 houses sold

2008 - $284,861; 67 houses sold.

As we see pretty high buyers' activity in Twinsburg in January of 2009, I think this year promises to be not bad at all.

Need to sell your home in Twinsburg or Solon?

Please call Local-n-Global Real Estate Hotline 877-770-5551.

You may call Svetlana Stolyarova directly 216-548-4663.