Mason Ohio 45040 Single Family Home Residential Market Report March 2012
Has Spring kicked the Mason Ohio real estate market into full bloom? Stick with us and you'll have the full story for single family homes. We'll cover Mason condos in another post.
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.
Mason Single Family Home Category Data Summary:
Homes Sold: 36 (2 Bank/Government Owned, 1 Short Sale)
Average Price: $320,694
Median Price: $351,750
Days on Market Average: 81
Homes Active 4/3/12: 237
Homes Pending 4/3/12: 93
Sales/List %: 95.5%
Most Expensive Home Sold: $840,000
Least Expensive Home Sold: $75,000
So what is the data telling us? Overall, Mason single family home sales are performing well for this time of year. While the quantity of homes Sold in March didn't beat 2010 or 2011's March, we're still steadily trending up in 2012. The Pending homes category increased, a good indicator for future growth considering most Pending homes take 30-45 days to complete, and short sales may take many months.
It's spring, so inventory for buyers to pick from is increasing. With over 200 homes you'd think that's plenty, but the reality is that some neighborhoods have a shortage of homes to pick from. In particular, great condition homes either side of $200k are in high demand, particularly for first time home buyers. Our experience has been homes in that niche WILL get plenty of activity.
The proportion of distressed properties (bank/government owned and short sales) in the market is not significant enough to drive the Mason market. There's not a concentration of them in any specific Mason community to force everyone in that development down.
So what does this mean to you as a Mason single family home owner? We're really not seeing a reason to wait if you're wanting to sell. Prices are trending up nicely on the median chart and March's median price exceeded any month in the last few years! MASON IS A HIGH DEMAND AREA! We love listing homes in Mason because with proper marketing and pricing, that home will get plenty of activity and should sell in a reasonable amount of time. Again, stressing PROPER MARKETING AND PRICING! If either element is missing, the home will sit. All that said, not every buyer has caught on that Mason is in full recovery mode, so don't be surprised by low offers. The patient seller can still do well, and the first offer may not be the best offer.
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 prior: THE DATA TELLS US THE BOTTOM HAS BEEN PASSED. The longer you wait to purchase a Mason home the more it's going to cost you. That's the fundamental message here. While volumes of sales might not be high, the price trend is VERY clear. If you're interested in buying a Mason home, please contact us with your needs and we'll help you find the right Mason community for you! Continuing to wait may force you to either buy less home for your dollar, or adjust to another area that gives you more home for your dollar.
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 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
OUR SERVICE AREA:
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