Lebanon Ohio 45036 Single Family Home Residential Market Report February 2012

Lebanon Ohio 45036 Single Family Home Residential Market Report February 2012

So how did the Lebanon Ohio real estate market perform in February?  Stay with us and you'll have the full story for single family homes.  .

All data is derived from the Cincinnati MLS system.  If any Lebanon 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 Lebanon School District area, so is not limited solely to Lebanon city limits. 

With Lebanon being named one of Ohio magazine's Top 5 Hometowns for 2012, Lebanon has a lot going for it.  Home of the world's largest YMCA, ready access to Cincinnati and Dayton, and a cool historic downtown area that is host to an abundance of festivals throughout the year, it's easy to  understand the popularity!  And the schools are rated excellent and the cost of living is more affordable than some other Warren County communities. 

Lebanon offers a full range of price points, from below 100k to some estate homes under a million dollars.  There is still some new construction available also, so you can pick any age from historic to brand new.

So, on to the data!
 
First up is the number of Lebanon single family homes sold on a month by month basis for 2010, 2011 and now starting 2012:

Next is the Lebanon median price summary chart.
Lebanon Single Family Home Category Data Summary:

Homes Sold:  16   (1 Bank/Government Owned, 2 Short Sales)

Average Price:  $141,541

Median Price:  $145,000

Days on Market Average:  124 

Homes Active 3/8/12:  186

Homes Pending 3/8/12: 61

Sales/List %:  94.3%

Most Expensive Home Sold:  $269,500

Least Expensive Home Sold:  $20,000

So what is the data telling us?  Overall, Lebanon single family home sales are down for this time of year.  Both quantity of homes sold and median prices are below 2010 & 2011 comparison.  It is positive to see the number of homes sold this year go from 10 in January to 16 in February. 

The most positive sign is the high number of homes Pending sale:  61.  Basically a quarter of the homes with a sign in the yard are under contract.  Closings are taking longer but they are happening. With 186 homes still waiting on a contract, it's still a very competitive market.  The other glaring point is that with low numbers of sales, a $20,000 transaction can negatively impact the median and average sales, especially considering no homes sold last month in the higher price points. 

The proportion of distressed properties (bank/government owned and short sales) at 3 of 16 was not significant enough to drive the Lebanon market.  There's not a high concentration of them in any specific Lebanon community to force everyone in that development down. 

So what does this mean to you as a Lebanon single family home owner?  If you've been waiting to sell, you may want to continue to wait.  Prices moved up slightly from last month, but are down compared to almost all of 2011.  If you don't have to sell, waiting may be in your best interest.  If you do need to sell, expect to need to price aggressively to capture the buyer's attention.  Proper marketing and pricing are essential to success.  If either element is missing, the home will take much longer to sell, or will not sell at all. 

For an evaluation of your home's marketability, please contact us.  

So what does this mean to you as a potential Lebanon home buyer? 

Our advice is:  Lebanon home values are such that you can negotiate.  There may be the occasional property in hot demand, but most homes can expect to be on the market for months and won't have high competition levels.  However, if we're telling you that THIS particular home is priced to move and is desirable, you DO need to act quickly or risk someone else buying ahead of you.  If you're interested in buying a Lebanon 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