The Lebanon Ohio residential real estate market has shown good stability through 2011. While not really appreciating in value, at least prices have been stable. So how did the Lebanon area perform for January? We'll answer that question and more by expanding on our 2010 & 2011 Lebanon residential real estate market report.
All data is derived from the Cincinnati MLS system. If any homes traded hands without a REALTOR® involved, then it won't be reflected in this report. All data is for the Lebanon school district, so data is not limited solely to Lebanon city limits.
With Lebanon being named one of Ohio's 5 best Hometowns by Ohio Magazine for 2012, there's a lot to draw residents to Lebanon! A fantastic historic downtown that is a frequent host to some great festivals, great schools and easy access to dining and shopping. And with it's central Warren County location, and SR63, SR48, I71 and I75 providing access, you've got easy commuting capability to either Cincinnati or Dayton! And don't forget Countryside YMCA, the world's LARGEST YMCA!
Lebanon offers more affordable housing than the neighboring Mason at a full range of price points: from entry level older homes, to medium priced communities to luxury homes.
So, on to the data!
First up is the number of single family homes sold on a month by month basis for 2010, 2011 and now starting with 2012:
Next is the median price summary chart.
So what is the data telling us? At first glance you might think the news is pretty bad. ONLY 10 homes sold in January? That's only about HALF of the previous two Januarys!! But what the chart doesn't show you is there are 44 homes pending! That's right, 44 homes under contract, waiting to close! Now a fair number of these may be in the waiting mode because someone else has to sell their home first, so don't expect to see all 44 homes closed on our next Lebanon market report. Sometimes that wait can be months!
And what is the data on median price telling us? Well that doesn't look great either, but with only 10 data points the price is easily moved. Homes sold from $12,000 to $359,900. In this case, there were two foreclosure type sales BELOW $25,000. Now those aren't typical selling prices for the Lebanon area, and if you saw those two homes you'd understand why they were practically given away! We expect to see more typical home prices in the coming months.
So what does this mean to you as a Lebanon single family home owner? Foreclosed/short sale single family homes are having an impact. If they're in decent condition, they ARE competition for you. DO NOT expect a quick sale unless you've got a unique home with a VERY aggressive price. If you live in one of Lebanon's abundant subdivisions, you have significant competition. For an evaluation of your home's marketability, please contact us.
So what does this mean to you as a potential Lebanon home buyer? There is a LOT of inventory to pick from! 206 Lebanon homes for sale in Cincinnati MLS ranging in price from $20,000 to $1.45 MILLION dollars. There is a match for whatever price point suits your budget. There are some foreclosed/short sale home available on the market, but they're not always the best bargain depending on your need to have a new home and how much cash flow you have for repairs after closing. With a stable market, and fantastic interest rates, you don't have to rush and buy just ANY home, but FOR NOW it would appear you can take a more leisurely approach to finding the right home. However, once you've identified it, DON'T delay in taking action! If it appeals to you it may very well appeal to someone else! If you're interested in buying a Lebanon area 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
P.S. Like any of the three homes pictured? They're all Liz Spear Team of RE/MAX Elite listings. Click the picture to go to their webpages for more information!