Mason Ohio 45040 Single Family Home Residential Market Report May 2013
We're past Memorial Day weekend and on into summer. How did the Mason single family home market perform in May? 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!
There is no change in why Mason continues to outperform the majority of the Warren County real estate market, especially for Mason single family homes. There's a host of reasons why Mason stays in high demand*, and inventory seems to be tightening up too! And we're finally starting to see some movement in the luxury segment (we personally just helped a buyer get under contract on a $600k+ home.
Mason is home to many professionals and upper management, is culturally diverse 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 May 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: 71 (1 Bank/Government Owned, 1 Short Sale) UP 22
Average Price: $361,617 UP
Median Price: $309,900 DOWN $100 (yes a C-note!)
Days on Market Average: 76 UP
Homes Active 6/5/13: 189 DOWN 9
Homes Pending 6/5/13: 122 DOWN 5
Average Sales/List %: 96.2% UP 1.7%
Most Expensive Home Sold: $1,940,000
Least Expensive Home Sold: $73,000
So what does this all mean? The most obvious is the data shows surges in all the right categories for a recovered market. Mason homes sold shot up 22 to 71 the 2nd best month in the last four years! And 122 homes under contract is not shabby either! Prices are up and sellers are getting closer to asking price also!
About the only stat that didn't go in the favorable direction was average days on market, but at 2.5 months that's still a quick selling market for the homes that sell. And there wasn't the typical rush to market for new sellers, as net inventory is actually down slightly from last month. That's unusual, as normally spring brings increased numbers of homes for sale (we've got a new one coming soon!).
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? The Mason market is still rocking, especially at the entry level below $250k. Luxury home sellers should expect to take longer to sell, but that's obvious since the potential buying population above $500k is fairly select. Overall, we still see little reason to wait UNLESS you're trying to sell higher than the other homes in your subdivision. Buyers are still wary about being the ones to push the prices higher.
And new construction is busy, so consider if new construction will be competition for you. Most buyers still 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? This is almost verbatim from last month: Prices are moving up and homes are selling. 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 4% 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. Also, don't expect a huge selection of distressed properties. There are only 12 foreclosure/short sale homes on the Mason market and not under contract as of 6/5/13.
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!
And get yourself a dedicated buyer's agent!! The listing agent works for the seller, and when you hire us we work for YOU. We have incentive to get you the best possible price!
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
April 2013 Mason single family home report
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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