Lebanon Ohio 45036 Single Family Home Residential Market Report March 2013
April is here and the first quarter of 2013 is complete for the Lebanon Ohio residential real estate market. How did the Lebanon real estate market perform for single family homes? Stick with us for the full report!
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.
Cedar Trace 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: 35 (10 Bank/Government Owned, 2 Short Sale) UP 9
Average Price: $190,017 DOWN
Median Price: $159,900 UP
Days on Market Average: 94 DOWN 12
Homes Active 4/7/13: 165 UP 7
Homes Pending 4/7/13: 76 UP 10
Sales/List %: 95.7% DOWN .3%
Most Expensive Home Sold: $551,000
Least Expensive Home Sold: $37,000
So what can we determine from the latest statistics?
Overall, another good month for Lebanon single family homes. Volume up for the 3rd month and consistent with past March data in 2011 & 2012. Median prices also solid for March. The one data point that jumps out as negative is the 12 foreclosure/short sales completed out of 35 homes sold. Good that those homes are getting owners, but bad they're selling at a discount for the most part and that they're such a sizable portion of Lebanon sales.
76 Lebanon homes under contract is a nice indication for good sales volume for the next month or two.
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.
The Lebanon luxury market continues to underperform. If you're trying to sell a home above $400k, expect a long time on the market. You're competing with the Mason luxury home market and Mason is easily winning that battle, although even Mason is struggling to sell luxury homes. Buyers are cautious about spending that much money on a home.
So what does this mean to you as a Lebanon single family home owner? There are still months and months worth of homes to sell. And sometimes, even when everything is done right, and price and condition are right, there's STILL no buyer writing an offer. It has taken Lebanon longer than some other areas of the local market to recover, and gas prices scare off some potential buyers concerned about commuting costs. You're competing with distressed properties AND new construction. It can be done, but patience is needed. Aggressive pricing is needed. Extensive marketing is needed. And 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?
While the Lebanon market is finally starting to gain momentum, there are still a lot of homes to choose from, especially if you're interested in a standard "cookie cutter" type community home. There's still a lot of inventory to pick from. Many Lebanon sellers have been on the market for an extended period and perhaps more willing to bargain. The selection of foreclosed/short sale homes is also a bit broader than some other sections of the local market. 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!
Serving Lebanon's home buyers and sellers,
Liz and Bill aka BLiz
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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