Mason Ohio 45040 Single Family Home Residential Market Report January 2012
Yesterday we provided a market report update on Mason Condos and the news was excellent! Did Mason Single Family Homes match their performance? Stay with us and we'll answer that question!
All data is derived from the Cincinnati MLS system. If any Mason 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 Mason School District area, so is not limited solely to Mason city limits.
With Mason being named #24 on the Money Magazine Top 100 Best Places To Live list for 2011, Mason received recognition that area residents already knew was well deserved! With top notch public schools, extensive entertainment and dining options, and a premier community center combined with superb accessibility to downtown Cincinnati, Mason has become one of the most desired living areas in the region!
Mason offers a full range of price points. 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! And of course, all the price points in between are covered too. 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, 2011 and now starting 2012:
Next is the Mason median price summary chart.
So what is the data telling us? Overall, Mason single family home sales were down slightly when comparing Januarys to the last two years. 19 this year vs. 22 and 21 in 2010 & 2011. Now before thinking that this might be a significant decrease, keep in mind new construction is NOT reflected (and we're seeing an increase in the last year of new construction activity) and that January is typically a slow month. Considering low interest rates and stable prices, we would expect increases over the next few months.
Median price was $304,000 with an average price of $423,789. Now that's a pretty big disparity, but with a range of prices from $60,000 to $1,660,000 (yes, you read that last one right!), that high side sale is going to make a significant shift in average price.
So what does this mean to you as a Mason single family home owner? The median price is higher than most months in 2010 and 2011. It has been our view for several months that Mason has already reached the bottom of pricing and is on an upward trend. Buyers and their agents have not totally reconciled themselves to that thought and may be slow to react to the shift, clinging to "it's a buyer's market" while getting rejected on low offers by sellers who don't need to sell at depressed prices. We'll be tracking and reporting monthly to confirm the trend continues upward. If you've got an immediate need to sell, you can still sell. We always recommend beating your competition to the market if you're serious about selling your Mason home. For an evaluation of your home's marketability, please contact us.
So what does this mean to you as a potential Mason home buyer? Our advice is the same as last month: with the bottom of the Mason market reached, further waiting means you're likely to pay more to purchase a Mason home. DON'T WAIT! With extremely low interest rates and plenty of home inventory, it might be time for you to seriously pursue that Mason home you want. If you're interested in buying that home, please contact us with your needs and we'll help you find the right Mason community for you!
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
Direct #2: 513-265-3004
Our Website: www.LizTour.com
OUR SERVICE AREA:
View Liz Spear Team of RE/MAX Elite Primary Service Area in a larger map