Cleveland Real Estate Market: Pepper Pole Spotlight

Month of May, 2011

May was a very interesting month in real estate in Pepper Pike. Many homes for sale got put under contract, but also several homes came on the market. In the last month, 10 homes came on the market in Pepper Pike. The amount of active listings is overwhelming for the normal amount of homes for sale in Pepper Pike. There are currently 87 and have an average list price of $575,841. As of right now the current average time a home has been sitting on the market in Pepper Pike is about 173 days.  There are a couple luxury properties that are getting close to being on the market for two years, which heavily weigh that data, but still there is not a strong turnover in Pepper Pike. 

(A new luxury listing to the market on one of the most prestigious

streets in Pepper Pike, Woodleigh Road)

Some interesting homes that came on the market:

33649 Woodleigh Rd, Pepper Pike                        $1,690,000

32050 Fairmount Blvd, Pepper Pike                     $1,075,000

31881 Meadow Lark Way, Pepper Pike                $489,000

In May, a total of 10 properties went under contract. The biggest problem with the homes that went under contract were that they are well below the $575,000 average. The average home price in Pepper Pike for homes that went under contract was $380,000. The luxury home market in Pepper Pike has been extremely slow with only 2 homes going under contract. In real estate we define the luxury market as homes over $500,000. Both of these homes were two of the lower priced homes in Pepper Pike’s luxury market averaging a listing price of $550,000.

A few homes that went under contract in May:

3461 Courtland Rd, Pepper Pike                           $349,000

32300 Meadowlark Way                                        $525,000

28250 Shaker Blvd                                                  $580,000

(This spacious contemporary on on sought after Meadowlark went

under contract in 46 days)

A couple quick notes about these properties. The condo on Courtland went under contract in 25 days. The home on Meadowlark went under contract in 46 days and the home on Shaker Blvd has been on the market 291 days and started at a listing price of $725,000.  

The past market is now the present, and slower past months have lead to a slower May for closings. 3 homes have sold in Pepper Pike in the month of may. Once again, the luxury market some what struggling as all three closed sold at an average of $434,000. Also, the numbers where a little down from the previous month as these three listings sold at an average of 92 percent of asking. The average time on market was just over four months but 28350 South Woodland sold in just 14 days for 94 percent of its $439,900 asking price. 

(This colonial on Meadowlark was one of 3 homes that sold in Pepper Pike in May)

The summary of Pepper Pike’s real estate market for the month of May is that properties are selling, just not much of the luxury inventory. Hopefully in June we will continue to see several homes put under contract in Pepper Pike, as well as some of the luxury homes in Pepper Pike.

If you are curious about buying or selling a home in Pepper Pike, call The Young Team!