What's My Mason Ohio Home Worth? November 2015 Update
We're going to lead off with the precaution to take this month's stats with a big grain of salt! Sales were lower than norm, and add in a higher than typical mix of luxury homes and the results are VERY skewed!! At first glance you might think that home prices skyrocketed in Mason, but when only 29 homes are sold and 3 of them sell for greater than a million dollars, well perceptions can go a bit sideways! Stay with us for more details!
Is the activity affecting your Mason Ohio home's worth? Stay with us for all the details and even Search 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 is VERY limited in some of 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 November 2015.
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 #17 on the Money Magazine Top 50 Best Small Towns To Live list for 2015 (and #7 in 2013) & #100 Safest Places 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.
Long Cove, home to many of Mason's luxury homes
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 through present:
Next is the Mason median price summary chart.
Mason Single Family Home Category Data Summary:
Homes Sold: 29 (2 Bank/Government Owned, 0 Short Sale) DOWN 21
Average Price: $481,015 UP $115k
Median Price: $371,650 UP $36.5k
Days on Market Average: 107 UP 44
Homes Active 12/7/15: 136 DOWN 24
Homes Pending 12/7/15: 61 DOWN 4
Average Sales/List %: 97.5% UP 1.0%
Most Expensive Home Sold: $1,310,000
Least Expensive Home Sold: $85,000
What are the key takeaways this month?
- That drop in sales volume from October to November would make the Kings Island roller coasters proud! That said, it doesn't mean the bottom has fallen out of the housing market, it just means we're seeing a typical (okay, slightly worse than typical) drop in sales that happens after school is back in session and as the holiday season hits full stride.
- Homes under contract dropped, but with 61 under contract December might outperform November.
- The MEDIAN time to get under contract increased from 32 to 43 days and the average time to sell increased from 63 days to 107. One home needed 514 days, so that also skewed the numbers higher. Basically with inventory tightening up, homes that couldn't sell before are getting a second chance. Even with this increase in time to sell, Mason homes still move much faster than most of Warren County.
- Of the 29 sold, 10 qualified as luxury (above $500,000), and 3 of those sold for more than $1 million. All 3 of those million dollar homes were in Long Cove. One home sold below $100,000. Again, due to the relatively high proportion of luxury homes sales, DO NOT take the average price of Mason homes as an indication of a surge in home prices. The median price is a better indicator of typical home prices in Mason.
- Distressed properties (foreclosures and short sales) remain scarce in Mason! Two of the 29 homes sold were distressed, and only 1 of the 136 not under contract are distressed.
So what does this mean to you as a Mason Single family home owner?
NO CHANGE FROM LAST MONTH: Not much has changed from previous months with the exception that there are now even FEWER homes for sale. As the volume of sales slows it's even more critical to price right and market right to be a quick sale. Inventory is still low and that works in your behalf. There just aren't enough homes for sale to meet buyer demand, HOWEVER YOU NEED TO BE FOUND! Going for sale by owner may not give you enough publicity for buyers to find your home, so pricing it right is only half the battle. Price means little if the buyers can't find you first.
In the luxury bracket, expect to take longer even after November's 8 luxury home sales. There's lots of competition with new construction (take a look at Long Cove or Chestnut Hill and you'll see plenty of new homes going up).
Keep in mind, buyers still aren't keen on homes that show their age or feature decor from 20+ years ago.
For an evaluation of your home's marketability and worth, please contact us 513-520-5305 or Liz@LizSpear.com. 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?
ALSO NO CHANGE FROM LAST MONTH:
YOU ARE IN A COMPETITIVE MARKET!!!! Limited inventory and plenty of buyers after the same homes. Move fast and bid strong or expect to lose out. A weak offer may mean you're going to keep looking even longer. We highly recommend do NOT wait to write that offer or you may lose the chance to own that home. We're also seeing some new highs being established as competition drives up prices.
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 at 513-520-5305 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
Recent Mason Market Reports:
October 2015 Mason Ohio single family home report
September 2015 Mason Ohio single family home report
August 2015 Mason Ohio single family home report
July 2015 Mason Ohio single family home report
June 2015 Mason Ohio single family home report
May 2015 Mason Ohio single family home report
April 2015 Mason Ohio single family home report
March 2015 Mason Ohio single family home report
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