In 2011, in all of Cuyahoga, Geauga, Lake, and Summit counties only 30 homes sold over $1 million. That is an astonishing number considering the fact that in 2006 there were 70 luxury homes sold! The number’s have improved slightly since 2009 when, there were only 28 luxury homes sold in those 4 counties.

(Stunning Bentleyville Luxury home that sold for $2.3M)

Shaker Heights and Hunting Valley both had the most luxury homes sold over $1M. Moreland Hills had 3 homes, Pepper Pike had 2 homes and Gates Mills only had 1 home. I really do believe these numbers are going to start to rise as the luxury market is starting to gain some confidence in some of these selected areas. I feel that nowadays there are a lot less luxury homes coming on the market unless they are very motivated to sell.

(38035 Shaker Blvd, Hunting Valley. 1 of 4 Hunting Valley

luxury homes sold for over $1M in 2011)

The majority of luxury buyers are not casually looking for their new home. That being said, they have quite the opportunity to take advantage of the lack of other luxury buyers (30). Right now a luxury buyer has a unique opportunity to purchase with out much competition and that gives them significant leverage in all negotiations.

A few other quick points about the luxury homes for sale. Out of the 30, they sold for an average of 85% and they were on the market for an average of 250 days. Lastly, there was about 200 luxury homes for sale that came off the market in 2011 that were not successful selling. So only about 15% are currently selling.

If you are thinking about buying or selling a luxury home in the Greater Cleveland Area, call The Young Team!