What's My Mason Ohio Home Worth? February 2016 Update
Another month of 2016 is complete and frankly it wasn't an outstanding month for the Mason Ohio real estate market. Sales were low, even for February. And luxury sales? Totally missing from MLS entries, with $409,000 the highest sale completed. However, do we think it's all doom and gloom for Mason? Far from it! Mason is still high demand, but there's one problem facing the market right now: NOT ENOUGH HOMES FOR SALE TO MEET BUYER DEMAND. Sure, there are 145 homes for sale, but there's often a reason those homes haven't sold: bad location, overpriced, condition issues, and a fair number of them are in the luxury category and that's a limited market going up against new construction in places like Chestnut Hill and Long Cove.
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 February 2016.
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: 23 (0 Bank/Government Owned, 1 Short Sale) UP 1
Average Price: $250,891 DOWN $23k
Median Price: $280,000 DOWN $7k
Days on Market Average: 50 DOWN 29
Homes Active 3/7/16: 145 UP 6
Homes Pending 3/7/16: 74 UP 27
Average Sales/List %: 97.2% UP 1.3%
Most Expensive Home Sold: $409,000
Least Expensive Home Sold: $114,000
What are the key takeaways this month?
- Like we mentioned, NOT a stellar month. 23 completed sales is pretty low. No sales in the luxury category reported in MLS (there could have been some direct to builder sales not reported). However, homes under contract jumped to 74, so that points to a solid March and April presuming enough homes come on the market to meet buyer demand.
- Buyer demand is still high. As we mentioned before, our buyer was in stiff competition for a Simpson Creek Farm home. 25 showings and 11 offers in a little over 24 hours! Our buyer completed the purchase last Friday at $10k above full asking price. Buyers are VERY anxious for new homes on the market, especially in the more affordable price bands.
- Time to sell went DOWN again. Low inventory means homes sell faster.
- Distressed properties (foreclosures and short sales) remain scarce in Mason! One of the 23 homes sold were distressed, and only 4 of the 145 not under contract are distressed.
So what does this mean to you as a Mason Single family home owner?
Nothing has really changed from recent months. As a seller in the sub-$400,000 range the advantage is FULLY in your court. Above that and you're going head to head with ample new construction. Below that price point, homes that are updated and with no notable negatives like busy roads or power lines and you might find your home in high demand just like the Simpson Creek Farm home we mentioned earlier. Buyers are hungry for new entries on the market!! Low inventory works to your advantage.
Yes, we're in the last stages of winter and the yard isn't as pretty, but buyers are still out there and waiting for your home.
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?
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. In some case, FULL asking price isn't enough to get it done.
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:
January 2016 Mason Ohio single family home report
December 2015 Mason Ohio single family home report
November 2015 Mason Ohio single family home report
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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