What's My Mason Ohio Home Worth? September 2014 Market Update
Fall is here and it's living up to its name with a coating of colorful leaves on our lawn! And with the arrival of Fall we typically see a slowdown in the Mason real estate market. Is that holding true this year? And is it impacting your home's worth? Stay with us for all the details and even Search Mason Ohio Homes For Sale links at the end!
There is no change in why Mason continues to outperform the majority of the Warren County real estate market, especially for Mason single family homes. There's a host of reasons why Mason stays in high demand*, and inventory seems to be tightening up in the prime communities!
Mason is home to many professionals and upper management, is culturally diverse and as such is more resistant to market changes than other market segments.
We'll cover Mason condos in our Mason Ohio 45040 Condo Market Report September 2014.
All data is derived from the Cincinnati MLS system and involves only Mason homes sold with REALTOR® involvement and entered in MLS. All data is for the Mason School District area, so is not limited solely to Mason city limits.
*With Mason being named #7 on the Money Magazine Top 50 Best Small Towns To Live list for 2013 & #100 Safest Place to Live by NeighborhoodScout, Mason has received recognition confirming it as a great place to call home! With top notch public schools, extensive entertainment and dining options, and a premier community center combined with superb accessibility to downtown Cincinnati, Mason continues to be THE hot area to live in Warren County.
Luxury custom built homes in Medinah at Heritage Club!
Mason offers a full range of price points and new construction is becoming more readily available. There are a number of older developments featuring 1950s and 1960s vintage brick ranch homes to the other end of the spectrum with golf course community homes in excess of $1 million dollars! In general, you can expect to pay a premium for Mason homes when compared to communities further away from Cincinnati.
So, on to the data!
First up is the number of Mason single family homes sold on a month by month basis for 2010 through present:
Next is the Mason median price summary chart.
Mason Single Family Home Category Data Summary:
Homes Sold: 49 (1 Bank/Government Owned, 0 Short Sale) DOWN 17
Average Price: $324,386 DOWN $16k
Median Price: $285,000 DOWN $21.5k
Days on Market Average: 54 UP 18
Homes Active 10/11/14: 190 DOWN 8
Homes Pending 10/11/14: 67 DOWN 7
Average Sales/List %: 97.2% UP .7%
Most Expensive Home Sold: $1,400,000
Least Expensive Home Sold: $82,000
So what does this all mean? What are the key takeaways this month?
- Yes, we're experiencing the typical Fall slowdown. Sales volume, number of homes under contract, number of homes offered for sale, time to market increasing, ALL the signs of our annual slowdown. BUT 49 homes sold and 67 under contract are still solid numbers!
- The prices slid on average and median, but don't think that means your home is suddenly worth a lot less, because that's NOT the case! This month 1 homes sold below $100k and 7 above $500,000 and that included one home above a million dollars! However, the mix this month was a bit more towards the lower end of the market (we contributed to that with one of our buyers completing the purchases of a foreclosed home for only $171,500), so that shifted the median and average down.
- No change in the Mason sweet spot: the $200-350,000 price range is still VERY hot. Homes in that price range with no obvious defects (think heavy smells, bad lots, etc.) sell FAST.
- Homes are still sell faster than most of Warren County! 54 days average from first on the market to accepted contract.
- Pending sales are still strong even if they did drop quite a bit from last month.
- Distressed properties (foreclosures and short sales) are SCARCE! Only ONE of the 49 homes sold were distressed, and only 4 of the 190 not under contract are distressed.
So what does this mean to you as a Mason Single family home owner? There's not much reason to change past advice: It's still a good thing to be a Mason home seller IF your home is in good condition, newer (e.g. under 15 years old) and priced and marketed strongly to give your home the best possible first impression to the buyers. Despite the 190 homes for sale, there's actually VERY limited inventory when you break them down into the various price points. While the market is slowing, it's still a positive time to get your home sold. Just expect it to take a little bit longer than it did during the peak summer months!
For an evaluation of your home's marketability and worth, please contact us. And of course your personal circumstances will have impact. We'll give you the best best advice, whether to start now, or delay until the market better suits your needs. Just call 513-520-5305 to get started.
So what does this mean to you as a potential Mason home buyer? We're STILL not changing our advice: Low inventory. High demand communities. It's not a recipe in your favor if you're looking for a bargain. For homes in the hot segment of the market, you better get there quickly and come with a strong offer. We're seeing VERY little negotiation and some homes selling at or above full list! Thinking about making an offer, or spending excessive time negotiating may be just the ticket for another buyer to step in and win the home you wanted.
The longer you wait to purchase a Mason home the more likely it's going to cost you more to buy later. When you're interested in buying a Mason home, please contact us at 513-520-5305 with your needs and we'll help you find the right Mason community for you!
And get yourself a dedicated buyer's agent, whether for resale OR new construction!! The listing agent works for the seller, and when you hire us we work for YOU. We have incentive to get you the best possible price!
Serving Mason's home buyers and sellers,
Liz and Bill aka BLiz
REALTORS(S) Serving Warren County Ohio & Adjacent Areas
The Liz Spear Team of RE/MAX Elite
Elizabeth & William Spear
Ask for us by name if you visit the office!
Two locations: Lebanon & Mason, OH
Liz direct: 513-265-3004
Bill direct: 513-520-5305
Our Website: www.LizTour.com
OUR SERVICE AREA:
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