Lebanon Ohio 45036 Single Family Home Residential Market Report March 2012

Lebanon Ohio 45036 Single Family Home Residential Market Report March 2012

So Spring is officially here!  Did Lebanon homes take off and flourish or still in a bit of a winter slumber?  Stay with us and you'll have the full story for Lebanon 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:  36   (6 Bank/Government Owned, 1 Short Sale)

Average Price:  $171,431

Median Price:  $149,500

Days on Market Average:  82 

Homes Active 4/5/12:  209

Homes Pending 4/5/12: 51

Sales/List %:  95.2%

Most Expensive Home Sold:  $425,000

Least Expensive Home Sold:  $41,500

So what is the data telling us?  Overall, Lebanon single family home sales more than doubled in quantity compared to February, and another 51 under contract bodes well for the next few months.  Quantity is also up slightly when compared to March of 2010 and 2011.

On the other hand, while median pricing is trending up for 2012, it still lags relative to 2010 and 2011.  Also of note is that 7 of the 36 sales in March were distressed properties.  Those 7 with two exceptions were sold well below the median price, so they ARE negatively impacting Lebanon's price statistics.

We are seeing the usual increase in homes on the market as the spring season opens.  We're introducing a new Lebanon listing in the Countryside development next week (stay tuned to our blog for the Welcome post!) and interviewing for another this weekend.  And you can bet we're not the only agents doing the same.

So what does this mean to you as a Lebanon single family home owner?  It depends on how serious your motivation is to sell.  If you NEED to sell, volumes are up and prices are slowly moving upward.  However, pricing still isn't fantastic, so if you're not totally serious about selling, you might not like the news in regards to pricing when we meet.  If on the other hand you're motiviated and able, the fact that so many homes just sold and so many are under contract is an encouraging sign.  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:  Is you see something you like, don't wait on it assuming there will be a price reduction.  For each home that went under contract, someone may have been playing the watching and waiting game and lost.  Based on List/Sold price ratios, obviously there IS room to negotiate on most homes.  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