Lebanon Ohio 45036 Single Family Home Residential Market Report July 2012

Lebanon Ohio 45036 Single Family Home Residential Market Report July 2012

How did the Lebanon single family residential real estate market perform for July 2012?  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. 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 review!
 
First up is the number of Lebanon single family homes sold on a month by month basis for 2010, 2011 and now 2012:

Next is the Lebanon median price summary chart.

Lebanon 45036 Single Family Home Category Data Summary:

Homes Sold:  31   (4 Bank/Government Owned, 2 Short Sale) DOWN

Average Price:  $200,461  UP

Median Price:  $177,000  UP

Days on Market Average:  89  UP 

Homes Active 8/3/12:  236 UP

Homes Pending 8/3/12: 77  UP

Sales/List %:  95.4%  UP .5%

Most Expensive Home Sold:  $355,000

Least Expensive Home Sold:  $52,000

So what can we determine from the latest statistics? 

Lebanon's trend of mixed market signals is continuing, but there are a few VERY positive aspects to this months report.  First, the number of distressed (foreclosed and short sale) properties sold dropped 50% from 12 to 6 total.  Without the drag of what are typically lower priced sales, the Average and Median prices both shot up in excess of $30,000 each!  Obviously that's a significant move upwards, and explainable by the fact that in June 6 homes sold for less than $100k but only 2 homes sold for less than $100k in July.

On the other hand, for the homes that did sell, days on market moved UP (which is actually bad).  There is still much housing inventory for sale, but also great to see 77 homes are under contract.  That bodes well for future months. 

Continuing last month's positive news on the upscale homes, 6 homes again sold at $300k or higher, just like the June sales.

We're still seeing a hesitancy of buyers to aggressively pursue homes and instead they're in "steal" mode.  Low offers are still the order of the day and we're accustomed to working through more than one offer to achieve success for our sellers.  

With approximately 7+ months of inventory on the market at current sales rate, we're not expecting a sudden turn in conditions for Lebanon home sellers. 

So what does this mean to you as a Lebanon single family home owner?  The news hasn't really changed over the last few months.  PATIENCE is still the name of the game unless you can aggressively price, and even then you know the buyers will try to go lower.  A strong marketing presence is still imperative (and we can provide that for you). If either element is missing, the home will take much longer to sell, or will not sell at all.  We know it's hard to be patient, but with so much competition it's tough for any one home to get to the front of the line. 

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

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

Our advice is continues to be the same as past months:  If you see something you like, don't wait on it assuming there will be a price reduction.  We know that with 7+ months of inventory you might think that's counter-intuitive, but 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 community for you! 

Serving Lebanon's home buyers and sellers,
Liz and Bill aka BLiz