"Pepper Pike Real Estate Market...HOT!"

So says the Young Team Realtors two weeks ago (reflecting June conditions):

Pepper Pike’s market is on fire, with 20 properties under contract right now! 5 of them are contingent and 15 are pending. Is this the final push for families trying to purchase a house before the start of the 2011-12 school year? Whatever it is, it is great to see houses for sale in Pepper Pike flying off the shelf.  The best part about it is, that a majority of them have just came on the market. 6 of these houses have gone under contract in under 45 days.

I've been following the Young Team's writings about the Pepper Pike real estate market for a while now. Here's another very informative blog post by them, from June 13, 2011, just over a month ago, and it concerns the City's market during the month of May. An excerpt:

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.

...

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 interested in following this kind of information, set a Google alert to "Pepper Pike" or check the sidebar on this blog where headlines for Pepper Pike alerts come up.