What's My Mason Ohio Home Worth? September 2015 Update
Fall is here! Leaves are changing, we're well into the football season, and the annual shift in the local real estate market is happening, with sales slowing somewhat, but still at a steady pace!
Is the activity affecting your Mason Ohio 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 is VERY limited in some of 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 2015.
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 #17 on the Money Magazine Top 50 Best Small Towns To Live list for 2015 (and #7 in 2013) & #100 Safest Places 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.
Long Cove, home to many of Mason's luxury homes
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: 47 (0 Bank/Government Owned, 0 Short Sale) DOWN 18
Average Price: $337,707 UP $5k
Median Price: $285,000 DOWN $15k
Days on Market Average: 38 UP 2
Homes Active 10/7/15: 180 DOWN 9
Homes Pending 10/7/15: 73 DOWN 2
Average Sales/List %: 97.2% UP .5%
Most Expensive Home Sold: $1,750,000
Least Expensive Home Sold: $118,000
So what does this all mean? What are the key takeaways this month?
- Yes, there was a significant drop in home sales, but if you look at the first chart you'll see this is typical for September. Compare this September to past years and you'll see that 47 is right in the mix with most recent Septembers. The same thing for median prices, even though a drop compared to August, not a bad month for prices.
- Homes under contract dropped very slightly, so expect October numbers to be similar to September's for home sold.
- The MEDIAN time to get under contract was only 19 days while the average time on the market was 38 days. Mason homes still move much faster than most of Warren County.
- Of the 47 sold, only 5 qualified as luxury (above $500,000) but two of those were over a million dollars in price. No homes sold below $100,000.
- Distressed properties (foreclosures and short sales) remain scarce in Mason! None of the 47 homes sold were distressed, and only 2 of the 180 not under contract are distressed.
So what does this mean to you as a Mason Single family home owner?
Not much has changed from previous months, although obviously as the volume of sales slows it's even more critical to price right and market right to be a quick sale. Inventory is still low and that works in your behalf. There just aren't enough homes for sale to meet buyer demand.
In the luxury bracket, expect to take longer. There's lots of competition with new construction (take a look at Long Cove or Chestnut Hill and you'll see plenty of new homes going up).
Keep in mind, buyers still aren't keen on homes that show their age or feature decor from 20+ years ago.
For an evaluation of your home's marketability and worth, please contact us 513-520-5305 or Liz@LizSpear.com. 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.
So what does this mean to you as a potential Mason home buyer?
NO CHANGE FROM LAST MONTH:
YOU ARE IN A COMPETITIVE MARKET!!!! Limited inventory and plenty of buyers after the same homes. Move fast and bid strong or expect to lose out. A weak offer may mean you're going to keep looking even longer. We highly recommend do NOT wait to write that offer or you may lose the chance to own that home. We're also seeing some new highs being established as competition drives up prices.
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
Recent Mason Market Reports:
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
Search Homes: Http://WarrenCountyOhioRealEstate.com
Our Website: www.LizTour.com
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