Mason Ohio 45040 Single Family Home Residential Market Report December 2012
2013 has arrived. So how did the Mason single family home market close out 2012? With a burst of fireworks or quietly asleep on the couch? Stay with us for the full details and the best advice we can provide!
The Mason single family home real estate market continues to do well for one primary reason: Mason continues to be the most in demand living destination in Warren County. With enough sustained prices to carry the burden of nine distressed property sales completed in December, the demand for Mason homes ensures a recovered market continues in the right direction for area home owners.
Mason is home to many professionals and upper management and as such is more resistant to market changes than other market segments.
We'll cover Mason condos in our Mason Ohio 45040 Condo Market Report December 2012.
All data is derived from the Cincinnati MLS system and involves only Mason homes sold with REALTOR® involvement and entered in MLS. 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 continues to be THE hot area to live in Warren County.
Windemere, another one of the MANY fine Mason communities to call home!
Mason offers a full range of price points. There are a number of older developments featuring 1950s and 1960s vintage brick ranch homes to the other end of the spectrum with golf course community homes in excess of $1 million dollars! In general, you can expect to pay a premium for Mason homes when compared to communities further away from Cincinnati.
So, on to the data!
First up is the number of Mason single family homes sold on a month by month basis for 2010, 2011 and 2012:
Next is the Mason median price summary chart.
Mason Single Family Home Category Data Summary:
Homes Sold: 35 (6 Bank/Government Owned, 3 Short Sale) DOWN 3
Average Price: $259,912 UP
Median Price: $227,750 UP
Days on Market Average: 65 UP
Homes Active 1/5/13: 156 DOWN 22
Homes Pending 1/5/13: 55 DOWN 8
Average Sales/List %: 95.9% DOWN .2%
Most Expensive Home Sold: $750,000
Least Expensive Home Sold: $83,300
So what does this all mean? Sales volume continues to be very consistent over the last few months. While not peak summer volume by any means, 35 homes exchanged is a solid month, especially for a holiday month. With 55 homes Pending, we still have a strong signal that January will be another solidly performing month. Bargain hunting continues with 9 distressed properties sold in the 35 sold. It's good for the Mason community to get these mostly vacant homes occupied and cared for by their new owners.
One key note, the active inventory continues to steadily drop. Down to only 156 homes for sale, and this includes ALL ages, styles and price points. For the Mason market, it clearly means there isn't a home for every price point and taste currently for sale. Some segments are in a definite shortage condition and sellers can expect potential buyers despite the snow on the ground. Buyers are anxious for NEW choices to pick from. So if you were planning to wait for spring to place your Mason home on the market, you might want to reconsider and move up your time table to take advantage of this shortage.
So what does this mean to you as a Mason single family home owner? No real change on the advice, just reinforced by the even lower inventory: If you've got a home to sell and a need to sell in Mason, it will happen. The only question is how fast and for how much. Buyers are anxious for new inventory and ready to see your home. Do your prep work in advance to remove obvious objections and your odds of a quick success go up significantly. If you're in the sweet spot of $150-250k your odds of a quicker sale increase significantly. There are some segments of the market without enough inventory to totally satisfy demand. This works in your benefit.
Luxury home sales are still the slowest segment of the market. There's significant new construction available and at that point most buyers seem to prefer building it to THEIR custom tastes rather than someone else's.
For an evaluation of your home's marketability, please contact us. And of course your personal circumstances will have impact. We'll give you the best advice, whether to start now, or hold off until next year.
So what does this mean to you as a potential Mason home buyer? Lower inventory means your home search is getting harder and even more likely that you might be competing for a home. When you find the right one, ACT. Don't delay. Get that offer in and make sure you're already preapproved for a loan to add strength to that offer.
Don't expect overall prices to drop, because there's no driving reason to push prices down. In most neighborhoods, prices are increasing. The longer you wait to purchase a Mason home the more likely it's going to cost you more to buy later. When you're interested in buying a Mason home, please contact us with your needs and we'll help you find the right Mason community for you! Continuing to wait may force you to either buy less home for your dollar, or adjust to another area that gives you more home for your dollar.
Serving Mason's home buyers and sellers,
Liz and Bill aka BLiz
November 2012 Mason single family home report
October 2012 Mason single family home report
September 2012 Mason single family home report
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