What's My Mason Ohio Home Worth? January 2016 Update
The first month of 2016 is complete and while the real estate market wasn't overwhelming, it was fairly typical for a January. Low sales are the norm but will pick up as the weather gets warmer. Stay with us for more details!
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 January 2016.
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: 22 (0 Bank/Government Owned, 1 Short Sale) DOWN 17
Average Price: $273,658 DOWN $107.5k
Median Price: $287,175 DOWN $23k
Days on Market Average: 79DOWN 23
Homes Active 2/6/16: 139 UP 17
Homes Pending 2/6/16: 47 UP 6
Average Sales/List %: 95.9% DOWN .8%
Most Expensive Home Sold: $748,985
Least Expensive Home Sold: $40,000
What are the key takeaways this month?
- It wasn't a pretty month! We expect January sales to be low and they were, but what almost totally abandoned the Mason market were luxury sales. Only ONE home sold above $500,000 and two sold below $100,000 and thus the heavy drag on prices. However, don't read into this as a precursor of Mason home values dropping so much as a "glitch" in the monthly closed sales.
- Buyer demand is still out there, even if the stats don't totally show it. A Simpson Creek Farms home went on the market last week. 25 showings and 11 offers in a little over 24 hours! Buyers are anxious for new homes on the market. Inventory did increase, but is still low for Mason.
- Homes under contract are up and in line with holding a typical February for completed sales.
- Time to sell went DOWN again. The average was 79 days but median is only 44 days.
- Distressed properties (foreclosures and short sales) remain scarce in Mason! One of the 22 homes sold were distressed, and only 2 of the 139 not under contract are distressed.
So what does this mean to you as a Mason Single family home owner?
Our advice is similar to past months because the base drivers for the Mason market have NOT changed. You have a VERY much in demand area and currently coupled with VERY low inventory. 139 homes not under contract is a tight market and tough on the buyers due to lack of choice. And unless they've got $500,000 or more to spend, Mason new construction is pretty much not an option.
So if you've got a home sub-$500,00, and even better in the $300k range and down in GREAT condition, newer and without major objections for buyers, you're in a fantastic position to sell your home. Yes, it's winter and the yard isn't as pretty, but buyers are still out there and waiting for your home. As we mentioned before, that type of home was just swarmed in Simpson Creek Farms last week. Couple solid marketing and pricing together with your home and we can team up to get your home sold.
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 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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