Mason Ohio 45040 Condominium Market Report May 2012
So how did the Mason Ohio condominium real estate finally pick up in May? Stay with us for the full scoop.
If you're interested in the Mason single family homes May market report update just click the link for their story.
All data is derived from the Cincinnati MLS system. If any Mason condos traded hands without a REALTOR® involved, then it won't be reflected in this report. All data is for the Mason School District area, so is not limited solely to Mason city limits.
With Mason being named #24 on the Money Magazine Top 100 Best Places To Live list for 2011, Mason received recognition that area residents already knew was well deserved! With top notch public schools, extensive entertainment and dining options, and a premier community center combined with superb accessibility to downtown Cincinnati, Mason has become one of the most desired living areas in the region!
Mason offers a full range of price points, with some entry level condos below 100k and luxury/golf course community condos into the $300k price point. In general, you can expect to pay a premium for Mason condos when compared to communities further away from Cincinnati, although there is diminished opportunity for condos as you head away from Cincinnati.
So, on to the data!
First up is the number of Mason condos sold on a month by month basis for 2010, 2011 and now 2012:
Next is the Mason condo median price summary chart.
Mason Condominium Home Category Data Summary:
Condos Sold: 22 (1 Bank/Government Owned, 0 Short Sale) UP 2X
Average Price: $142,664 DOWN
Median Price: $136,250 UP
Days on Market Average: 93 DOWN
Condos Active 6/6/12: 106 UP 5
Condos Pending 6/6/12: 35 DOWN 1
Sales/List %: 94.2% DOWN 1%
Most Expensive Condo Sold: $238,000
Least Expensive Condo Sold: $69,000
So what is the data telling us about Mason condo sales?
It's about time was saw the volume increase! While Mason single family homes have roared back the Mason condo market had been lagging. May's results is more representative of what we would expect. Mason condos offer a value entry point into the Mason community.
The Average Price and Median Price are fairly close together. There are actually several different price point levels available for Mason condos, so depending on which communities are drawing the most attention for a month, these numbers can shift pretty readily.
We DO like the fact that there are still 35 PENDING Mason condos, and that bodes well going into June and July for SOLD numbers.
With 106 condos on the market, there's inventory for buyers to choose from, but perhaps not something for every buyer. Mason condos continue to be very appealing considering the significant cost discount when compared to the average Mason single family home. However some condo communities have not maintained FHA certification, so some buyers can't make a purchase in these communities.
It was a down month for lovers of distressed properties, as only ONE distressed Mason condo closed in May. The proportion of distressed properties (bank/government owned and short sales) in the market is influencing but not dominating the Mason condo market.
So what does this mean to you as a Mason condo owner? Mason condo sales finally seems to be catching up with the momentum of the single family homes. Prices are still variable, some communities still have a surplus of condos available and this is leading to pricing competition. Whether now is a good time to enter the market is still a case by case decision that we can help you make.
However, the Pending sales provides some confidence that better times are ahead for Mason condo owners, especially if you live in a condo community that is FHA eligible.
For an evaluation of your home's marketability, please contact us.
So what does this mean to you as a potential Mason home buyer?
Our advice is that it's STILL a good time to buy a Mason condo. There's enough competition to provide a good selection and to create some negotiability in price. If you're interested in buying a Mason condo, please contact us with your needs and we'll help you find the right Mason community for you!
Serving Mason's condo buyers and sellers,
Liz and Bill aka BLiz
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