2011 Lebanon Ohio 45036 Single Family Home Residential Market Report
So what did 2011 hold for the Lebanon area residential real estate market? We're going to provide you a comparison of 2011 to 2010 for single family homes, with all data derived from the Cincinnati MLS system. If any homes traded hands without a REALTOR® involved, then it won't be reflected in this report. All data is for the 45036 zip code, so is not limited solely to Lebanon city limits.
With Lebanon being named one of Ohio's 5 best Hometowns by Ohio Magazine for 2012, there's a lot to draw residents to Lebanon! A fantastic historic downtown that is a frequent host to some great festivals, great schools and easy access to dining and shopping. And with it's central Warren County location, and SR63, SR48, I71 and I75 providing access, you've got easy commuting capability to either Cincinnati or Dayton! And don't forget Countryside YMCA, the world's LARGEST YMCA!
Lebanon offers more affordable housing than the neighboring Mason at a full range of price points: from entry level older homes, to medium priced communities to luxury homes.
So, on to the data!
First up is the number of single family homes sold on a month by month basis for 2010 and 2011:
Next is the median price summary chart.
So what is the data telling us? Overall, Lebanon single family home sales were fairly level, with 330 total sales in 2010 and 343 in 2011. Sales identified as distressed (foreclosure or short sale) totaled 76 in 2010 and 94 in 2011. The increase in distressed numbers is a huge shift, but has had some . Additionally, with a 2010 median price of 165,000 vs. 162,500 for 2011, we'd consider the pricing to also be level and stable. We're seeing new construction also restarted. Passing the Lebanon School Levy increase this fall was critical to maintaining Lebanon area home values.
So what does this mean to you as a Lebanon single family home owner? Foreclosed/short sale single family homes are about a quarter of all sales over the last two years. This IS enough of sales to have an impact on your ability to quickly sell. A home seller has to be top condition and price competitive to compete with the distressed property bargains. The good news is that prices ARE stable vs. declining in the Little Miami School district. For an evaluation of your home's marketability, please contact us.
So what does this mean to you as a potential Lebanon home buyer? There are enough distressed properties available to hold some appeal, IF you can find one in suitable condition. However, don't narrow your search to JUST distressed properties as overall affordability for the Lebanon area is VERY good. With a stable market, and fantastic interest rates, you don't have to rush and buy just ANY home, but can FOR NOW take a more leisurely approach to finding the right home. However, once you've identified it, DON'T delay in taking action! If it appeals to you it may very well appeal to someone else! If you're interested in buying a Lebanon area home, please contact us with your needs and we'll help you find the right Lebanon community for you!
Serving Lebanon's home buyers and sellers,
Liz and Bill aka BLiz
P.S. We'll have a brief market report on Lebanon condominiums later. They're a small segment of the Lebanon market, 57 sales total in 2010 and 2011.
Serving Warren County Ohio & Adjacent Areas
The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS
William (Bill) Spear, CRS
Ask for us by name if you visit the office!
Two locations: Lebanon & Mason, OH
Direct #2: 513-265-3004
Search Homes: Http://WarrenCountyOhioRealEstate.com
Our Website: www.LizTour.com
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