Mason Ohio 45040 Single Family Home Residential Market Report December 2013
We've went from polar vortex and sub-zero temps to in the 40's with rain in the forecast. The weather is whipsawing and it's no wonder people can't dodge the sniffles! But has the weather had the same impact on the Mason Ohio real estate market, or is the market thinking it's an early spring despite the fact Baby New Year just made an appearance? Stay with us for all the details and even Search For Mason Ohio Homes For Sale with the 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 in the prime communities!
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 December 2013.
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 #7 on the Money Magazine Top 50 Best Small Towns To Live list for 2013 & #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.
Simpson Creek Farm, another Mason community 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: 38 (2 Bank/Government Owned, 2 Short Sale) UP 10
Average Price: $273,418 DOWN $123k (yes, you're reading that correctly...we'll explain later)
Median Price: $272,500 DOWN $38k
Days on Market Average: 78 DOWN 43
Homes Active 1/10/14: 142 DOWN 17
Homes Pending 1/10/14: 44 DOWN 11
Average Sales/List %: 97.4% UP .7%
Most Expensive Home Sold: $760,689
Least Expensive Home Sold: $21,115
So what does this all mean? First off, before the panic about the $123,000 in lost money for the average sales price, there's a couple of things to consider: last month was UP $59k on lower volume, so the numbers were more easily influenced. Additionally, the luxury market for Mason went missing last month (November's high sale last month was $1.65 MILLION, this month's high is $760k, HUGE difference. Factor in only 3 completed sales above $500k and you can easily see why this month's average price moved so radically. DON'T PANIC, THIS IS MASON AND DEMAND IS STILL THERE!!!
While we do expect a slow January (look at the pendings and reduced homes for sale), the median price for December finished exactly where we were in January 2013. Expect prices to push back up as the weather warms. Also, new construction built to order is not factored into this report, and you're not finding new construction homes in Mason for less than the mid-300's.
As for the rest of the data, it's what you'd expect. There's not much being given away by the sellers, that's a VERY strong sales price to asking price percentage.
So what does this mean to you as a Mason Single family home owner? Despite that heavy drop in sales price, it's still good to be you!! That's provided you don't fool yourself into thinking your home is worth more than your neighborhood price values support. There are some sellers finding out the hard way that while Mason is HIGH demand, that doesn't mean the buyers are desperate to wheel in extra cash to closing just to make sure they get an overpriced home. Push comes to shove they'll look for a better deal.
And if you're already on the market more than 60+ days and haven't sold, it's time to reevaluate. How's our online presence? Have you looked at it? You'd better, because you just may find out why you haven't sold. And if nothing wrong with the way your home is presented to the public, then take a hard look at your price, it just may be time to turn that dial and increase buyer response to your offer to sell.
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? Don't let the stats fool you into thinking you own the market. The sellers know better!! This month's wild price swing is an aberration and not indicative of the Mason real estate market.
Mason will continue to be a high demand place to live in Warren County. The same as last month, but even more so now, that demand coupled with EVEN LESS inventory works against you. You can still get some price concessions, but don't expect to get a huge reduction unless the home is badly overpriced. Mason home sellers realize they can hold out for better terms compared to the last several years (although we still encounter some who overestimate their home's value).
Also, don't expect a huge selection of distressed properties. There are only 7 foreclosure/short sale homes on the Mason market and not under contract as of 1/10/14.
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, whether for resale OR new construction!! 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
November 2013 Mason single family home report
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September 2012 Mason single family home report
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