Mason Ohio 45040 Single Family Home Residential Market Report April 2013
Did the Mason single family home market spring to life with the arrival of the warmer weather and the blooming flowers? Stay with us for the full details and the best advice we can provide, and some Search For Mason Ohio Homes For Sale links at the end!
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 the exception of the luxury segment, there seems to be a shortage of inventory to meet all buyer's requests, especially if the buyer has a specific development in mind.
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 April 2013 later today.
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 & #100 Safest Place to Live by NeighborhoodScout, Mason has received recognition confirming it as a great place to call home! 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.
Chestnut Hill, another one of the MANY fine Mason communities to call home!
Mason offers a full range of price points and new construction is becoming more readily available. 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, 2012 and 2013:
Next is the Mason median price summary chart.
Mason Single Family Home Category Data Summary:
Homes Sold: 49 (2 Bank/Government Owned, 1 Short Sale) UP 12
Average Price: $355,001 UP
Median Price: $310,000 UP
Days on Market Average: 67 DOWN
Homes Active 5/5/13: 198 UP 22
Homes Pending 5/5/13: 127 UP 33
Average Sales/List %: 94.5% DOWN 1.5%
Most Expensive Home Sold: $2,200,000
Least Expensive Home Sold: $84,000
So what does this all mean? Mason continues to surge forward and outperform most area markets. Stats that should be UP were UP, and ones that should be DOWN were DOWN, with perhaps the exception of the sales/list %. One item to note, the average sales price was boosted from $316k to $355k by that $2.2 million dollar sale. The next highest Mason sale in April was $663,000, so the sale in Long Cove was a significant outlier from the other 48 sales.
Homes sold quicker by 11 days versus March, and Mason homes for sale inventory increased as more sellers enter the traditional spring selling season. The number of Pending sales is very promising for the next few months. The 49 homes Sold in April was the best of the previous four years of Aprils.
Buyers continue to be hungry for NEW offerings! Our recommendation to most potential home sellers in high demand developments is NOT to wait but get on the market as quickly as your home is market ready.
So what does this mean to you as a Mason Single family home owner? We know you've heard it before, but if you're considering becoming a Mason home seller, there is little reason to wait. With certain communities having a real shortage of inventory, being one of the few on the market can play right into your hands and give you more leverage over the buyers. Two pockets of inventory don't give you as much leverage: older homes (especially ones that have not been updated) and luxury homes (lots of competition from new construction).
Luxury home sales are still the slowest segment of the market although there's some increase in that segment and more are going under contract. There's significant new construction available and at that point most buyers still 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 best advice, whether to start now, or delay until the market better suits your needs.
So what does this mean to you as a potential Mason home buyer? Not much change in advice here either. Prices are moving up and homes are selling faster. GET STARTED ASAP!! With relatively scarce offerings in prime developments, you may have competition when you find the right home. While there's some room for negotiation, the average is about 5% off list price, so don't assume massive discounts in Mason. Get preapproved and don't assume a lowball offer is the path to success.
If you're in the luxury segment of the market, expect some potential frustration as sellers are struggling with accepting that their homes aren't worth as much as they expected.
Don't expect overall prices to drop, because there's no driving reason to push prices down. In most neighborhoods, prices are increasing or at least holding steady. 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!
Search for Mason Ohio Homes For Sale Under $200,000
Search for Mason Ohio Homes For Sale $200,000 to $400,000
Search for Mason Ohio Homes For Sale $400,000 to $600,000
Search for Mason Ohio Homes For Sale $600,000 and higher
Serving Mason's home buyers and sellers,
Liz and Bill aka BLiz
March 2013 Mason single family home report
February 2013 Mason single family home report
January 2013 Mason single family home report
December 2012 Mason single family home report
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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