Mason Ohio 45040 Condominium Market Report June 2012
So how did the Mason Ohio condominium real estate finally pick up in June? Stay with us for the full scoop.
If you're interested in the Mason single family homes June market report update just click the link for their story.
All data is derived from the Cincinnati MLS system. If any Mason condos traded hands without a REALTOR® involved, then it won't be reflected in this report. 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, Mason received recognition that area residents already knew was well deserved! With top notch public schools, extensive entertainment and dining options, and a premier community center combined with superb accessibility to downtown Cincinnati, Mason has become one of the most desired living areas in the region!
Mason offers a full range of price points, with some entry level condos below 100k and luxury/golf course community condos into the $300k price point. In general, you can expect to pay a premium for Mason condos when compared to communities further away from Cincinnati, although there is diminished opportunity for condos as you head away from Cincinnati.
So, on to the data!
First up is the number of Mason condos sold on a month by month basis for 2010, 2011 and now 2012:
Next is the Mason condo median price summary chart.
Mason Condominium Home Category Data Summary:
Condos Sold: 20 (3 Bank/Government Owned, 0 Short Sale) DOWN 2
Average Price: $130,700 DOWN
Median Price: $117,913 DOWN
Days on Market Average: 102 UP
Condos Active 7/5/12: 109 UP 3
Condos Pending 7/5/12: 30 DOWN 5
Average Sales/List %: 93.9% DOWN .3%
Most Expensive Condo Sold: $224,700
Least Expensive Condo Sold: $65,323
So what is the data telling us about Mason condo sales?
In a nutshell, the Mason condo market is entirely different than the Mason single family home market. The single family home market is HOT! The Mason condo market for the most part is not showing the same type of enthusiasm. Most of the metrics above are not in a favorable direction. Volume of sales is comparable to the last two years, however median price could certainly use improvement.
The buyer emphasis is on the lower priced condos and not the more upscale units available. We've seen some condo communities selling volume rise (e.g. The Mansions) whereas others are so shackled by recent foreclosures that a true straight up consumer sale isn't viable. An odd circumstance for any housing in Mason.
Part of the complication arises because of increased financing complexity for condos. As lending rules have tightened, some condo communities are more difficult to get financing. Some complexes have allowed FHA eligibility to lapse, so that eliminates a segment of the buyers. Overall, not a good thing in our view as condos are a logical purchase for many first time buyers, and FHA loans are frequently their loan program of choice.
We DO like the fact that there are still 30 PENDING Mason condos, and that bodes well going into July and August for SOLD numbers.
With 109 condos on the market, there's inventory for buyers to choose from, but perhaps not something for every buyer. Mason condos continue to be very appealing considering the significant cost discount when compared to the average Mason single family home (Median prices for Mason condos are about 50% of Mason single family homes).
The proportion of distressed properties (bank/government owned and short sales) in the market is influencing but not dominating the Mason condo market.
So what does this mean to you as a Mason condo owner? Mason condo sales are not yet under the same momentum as the Mason single family homes. Prices are still variable, some communities still have a surplus of condos available and this is leading to pricing competition. Whether now is a good time to enter the market is still a case by case decision that we can help you make.
However, the Pending sales provides some confidence that better times are ahead for Mason condo owners, especially if you live in a condo community that is FHA eligible.
For an evaluation of your home's marketability, please contact us.
So what does this mean to you as a potential Mason home buyer?
Our advice is that it's STILL a good time to buy a Mason condo. There's enough competition to provide a good selection and to create some negotiability in price. If you're interested in buying a Mason condo, please contact us with your needs and we'll help you find the right Mason community for you!
Serving Mason's condo buyers and sellers,
Liz and Bill aka BLiz
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