Mason Ohio 45040 Condominium Market Report December 2012
How did 2012 close out for the Mason condo market? Any big surprises? Stay with us for the full story!
If you're interested in the Mason single family home December 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. So whether you want an economy condo, or the luxury version, we can help you find the right Mason condo for you if it's been built!
Oakwood Lakes, Another Mason Condo Community To Call Home
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 Data Summary:
Condos Sold: 6 (1 Bank/Government Owned, 0 Short Sale) DOWN 11
Average Price: $147,230 DOWN
Median Price: $116,500 DOWN
Days on Market Average: 69 DOWN
Condos Active 1/5/13: 71 DOWN 14
Condos Pending 1/5/13: 24 UP 5
Average Sales/List %: 101% UP 5%
Most Expensive Condo Sold: $289,927
Least Expensive Condo Sold: $77,551
So what is the data telling us about Mason condo sales?
First, the thought might be Chicken Little, the roof is caving in on Mason Condos! ONLY 6 sales in December? Ouch!!! However, when you look at the historic trends for the cold months of 2010 and 2011 you'll see that Mason condos sold can get pretty low in those months. Why? Consider the demographics for a typical Mason condo owner and you'll find that a fair number are baby boomer/retirees. A Mason condo might be their spring/summer/fall home, but right now when the white stuff is on the ground they've headed to warmer climes and aren't shopping for a new home base. As the weather warms you can expect them to return.
But based on the VERY limited activity in December, we wouldn't put too much weight on the pricing, days on market or sale/list % numbers. Six data points just isn't enough to give solid meaning to the Sold data.
In fact, one metric in particular jumps out: the 101% Sales/List price ratio. That means that sellers got MORE than they were asking for! However, this is another case of where a small volume of solds can be easily swayed. That $289k sold condo was new construction, and the buyers added $30k in improvements. That one transaction was enough to move the ratio above 100% for all the condos. Without that one transaction, you'd be closer to the "normal" 95% ratio.
We DO like the fact that there are 24 PENDING Mason condos, and that gives the following months a good base.
With 71 condos on the market, the selection for buyers is dropping. Mason condos continue to be very appealing considering the significant cost discount when compared to the average Mason single family home (Median prices for Mason condos are about 50% of Mason single family homes).
So what does this mean to you as a Mason condo owner? The advice from last month continues to hold: Mason condo sales continue to be less in demand than the Mason single family homes, and will probably be slow for another 2-3 months. 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.
For an evaluation of your home's marketability, please contact us.
So what does this mean to you as a potential Mason home buyer?
Not much has changed here either: our advice is that it's STILL a good time to buy a Mason condo. There's enough competition to create some negotiability in price, although that selection IS more limited typically through the winter months. New construction condos are readily available in several communities. 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
November 2012 Mason Condo Market Report
October 2012 Mason Condo Market Report
September 2012 Mason Condo Market Report
Comments (6)Subscribe to CommentsComment