The spring weather has been pretty stormy in the Lebanon area. Has the Lebanon single family residential real estate market been stormy too? Stay with us and you'll have the full story for Lebanon single family homes. .
All data is derived from the Cincinnati MLS system. If any Lebanon homes traded hands without a REALTOR® involved, then it won't be reflected in this report. For instance, for sale by owner homes and new construction may not be listed. Some new construction is included, but homes custom built to buyer requests are NOT included. All data is for the Lebanon School District area, so is not limited solely to Lebanon city limits.
With Lebanon being named one of Ohio magazine's Top 5 Hometowns for 2012, Lebanon has a lot going for it. Home of the world's largest YMCA, ready access to Cincinnati and Dayton, and a cool historic downtown area that is host to an abundance of festivals throughout the year, it's easy to understand the popularity! And the schools are rated excellent and the cost of living is more affordable than some other Warren County communities.
Lebanon offers a full range of price points, from below 100k to some estate homes under a million dollars. There is still some new construction available also, so you can pick any age from historic to brand new.
So, on to the data!
First up is the number of Lebanon single family homes sold on a month by month basis for 2010, 2011 and now starting 2012:
Next is the Lebanon median price summary chart.
Lebanon Single Family Home Category Data Summary:
Homes Sold: 28 (7 Bank/Government Owned, 2 Short Sale) DOWN
Median Price: $168,450 UP
Days on Market Average: 75 DOWN
Homes Active 5/5/12: 225 UP
Homes Pending 5/5/12: 54 UP
Sales/List %: 93.88% DOWN
Most Expensive Home Sold: $320,380
Least Expensive Home Sold: $43,999
So what is the data telling us?
Overall, Lebanon single family home sales were less than last month and also less than April 2010 or April 2011. The bright spots are the 54 homes under contract and more significantly the continuing 2012 upward trend in median price. This upward trend is despite the 9 distressed (foreclosed and short sales) properties included in the 28 sold. With almost 1/3 of completed sales distressed properties, these homes ARE having an impact on overall Lebanon home sales.
We are seeing the usual increase in homes on the market as the spring season opens. We've introduced TWO new listings in the Countryside development over the last few weeks (the ranch picture at the top and the neotraditional to the right, click the photos for more details).
So what does this mean to you as a Lebanon single family home owner? It depends on how serious your motivation is to sell. If you NEED to sell, the upward trend in median prices is encouraging, but the relative scarcity of actual SOLD homes for the quantity available is not positive news. If on the other hand you're motivated and able, the fact that so many homes are PENDING contract indicates homes ARE selling, but you have to be competitive to the market or have something very special to draw the buyers' attention. Proper marketing and pricing are essential to success. If either element is missing, the home will take much longer to sell, or will not sell at all.
For an evaluation of your home's marketability, please contact us.
So what does this mean to you as a potential Lebanon home buyer?
Our advice is: Is you see something you like, don't wait on it assuming there will be a price reduction. For each home that went under contract, someone may have been playing the watching and waiting game and lost. Based on List/Sold price ratios, obviously there IS room to negotiate on most homes. If you're interested in buying a Lebanon 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
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:
View Liz Spear Team of RE/MAX Elite Primary Service Area in a larger map