Lebanon Ohio 45036 Single Family Home Residential Market Report May 2013
We're heading into summer festival time in Lebanon. This weekend is the inaugural Country Music Festival. Did the Lebanon Ohio single family home market give reason for area buyers and sellers to celebrate? Stick with us for the full report and some Search Lebanon Ohio homes for sales links towards the end!
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 latest Ohio school report card just upgraded Lebanon schools from Excellent to Excellent with Distinction! Additionally, the cost of living in Lebanon is more affordable than some other Warren County communities. Don't let a few extra miles of driving scare you off from saving big money on your housing costs!
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.
Ashton development of Lebanon Ohio
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, 2012 and now 2013:
Next is the Lebanon median price summary chart.
Lebanon 45036 Single Family Home Category Data Summary:
Homes Sold: 41 (7 Bank/Government Owned, 3 Short Sale) UP 9
Median Price: $178,560 UP
Days on Market Average: 112 UP 14
Homes Active 6/6/13: 177 UP 13
Homes Pending 6/6/13: 93 UP 9
Sales/List %: 95.6% DOWN .7%
Most Expensive Home Sold: $388,000
Least Expensive Home Sold: $11,500
So what can we determine from the latest statistics?
Overall, a strong month for Lebanon Ohio single family homes sales. 41 homes sold was the fourth best single month in the review period. The median price was also one of the best in the last few years! Stats that didn't point to a positive trend were the days on market average and the number of distressed (10 of 41) sold in May. The sales/list price percentage drop is within normal month to month variation. The number of Pending sales at 93 bodes well for next month also.
However, still not a great market for Lebanon luxury ($500,000 or more) home sellers. Most of the buyers interested in that segment head to Mason unless they want acreage with their properties.
Keep in mind that the average days on market is ONLY for the SOLD homes. If you add the homes still on the market that haven't sold due to price/condition/location, etc., the number is at least a couple of months longer than the 4 month average for Sold homes.
So what does this mean to you as a Lebanon single family home owner? The time you've been waiting for is apparently finally here! Sales volume is up, median prices are up, both solid signs. Still be prepared to be on the market for months though, and the less optimally positioned your home is in regard to condition and price the longer you can expect to be waiting for your buyer. With gas flirting with $4 a gallon this morning, we still believe many potential home buyers think Lebanon is "too far" for their commute to Cincinnati or Dayton downtowns. From a practical side it's not too far, but that perception is there. Also be aware you're competing with distressed properties AND new construction. It may very well take more than one offer to finally get the deal done.
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?
There's still plenty of homes to choose from and overall the market is still competitive. Even with prices going up, it's still a good time to buy your Lebanon Ohio home. There's still time to complete a sale before the fall school session starts too. The selection of foreclosed/short sale homes is also a bit broader than some other sections of the local market, with 15 foreclosed or short sale homes listed as Active in Cincinnati MLS. Lebanon remains an affordable place to buy a home.
Not really much has changed for our buyer advice: once you find the right home, don't delay getting an offer in to make sure someone else doesn't get the same home before you do. Based on List/Sold price ratios, obviously there IS room to negotiate on most homes. When you're considering buying a Lebanon home, please contact us with your needs and we'll help you find the right community for you! You can use the links below to review Cincinnati MLS homes listed in Lebanon for each of three price bands.
Search Lebanon Ohio 45036 Homes For Sale Under $200,000
Search Lebanon Ohio 45036 Homes For Sale $200,000 to $400,000
Search Lebanon Ohio 45036 Homes For Sale $400,000 and Up
Serving Lebanon's home buyers and sellers,
Liz and Bill aka BLiz
April 2013 Lebanon Single Family Home Market Report
March 2013 Lebanon Single Family Home Market Report
February 2013 Lebanon Single Family Home Market Report
January 2013 Lebanon Single Family Home Market Report
December 2012 Lebanon Single Family Home Market Report
November 2012 Lebanon Single Family Home Market Report
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