Mason Ohio 45040 Single Family Home Residential Market Report August 2013
Summer is winding down. Is the Mason Ohio real estate market cooling? We think you'll be pleasantly surprised with the overall news! Stay with us for the full details and the best advice we can provide, and some Search For 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 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 August 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.
Parkside, another Mason pool & park 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: 76 (3 Bank/Government Owned, 1 Short Sale) UP 6
Average Price: $285,514 DOWN $32k
Median Price: $254,500 DOWN $26k
Days on Market Average: 67 UP 25
Homes Active 9/7/13: 187 DOWN 5
Homes Pending 9/7/13: 93 DOWN 16
Average Sales/List %: 97.5% UP .9%
Most Expensive Home Sold: $877,800
Least Expensive Home Sold: $38,875
So what does this all mean? We know, seems like more of the DOWN market trends from last month, right? Are the good times coming to an end? Not hardly! Mason single family homes sales volume was still STRONG, one of the best single months since 2010. Now prices? That seems to be a different story, but the story behind it has many chapters. Fact is, Mason is a very striated market, with quite a few price tiers. Take a look at the difference between the most and least expensive homes sold last month, and frankly that most expensive home was "cheap" this month, because normally that slot is occupied with a seven figure home. Even with the high volume of 76 Mason single family homes sold, it doesn't take all that much to tilt the sales price results one direction or the other.
What we keep witnessing hasn't changed, Mason single family homes that are in great condition, newer (less than 15 years old) and in solid neighborhoods still sell FAST, especially if they're priced under $300k. The overall inventory is shrinking, leaving more demand for the prime houses for sale! 187 homes for sale might sound like a lot, but take a few slices for price, location & features and you may be down to a handful of candidates.
So what does this mean to you as a Mason Single family home owner? Not much has changed from last month. Decrease inventory is your ally. Fewer homes for sale means buyers must take a look at you, and did you see the 97.5% sales to list percentage? Killer, right?? But of course that means pricing right and competitively right from the start! Prep for optimal condition and marketing and you can expect success in the Mason single family market. But understand, it may STILL take several offers to get one that works for you. Trust us, lowball offers are still alive and well!
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? We're not changing our advice. Those price drops can be deceiving. Certain segments of the Mason single family home market are tougher sales, but overall Mason home sellers are the ones with the handful of aces to your kings. A fair price will get you a home to call your own. While the occasional low ball offer may succeed, in Mason they're becoming the rare exception. While there's a little room for discussion and negotiation, don't expect the sellers to be falling all over themselves to get a deal done with you if you're not bringing them a strong offer. They know another offer will come in due time. Also, don't expect a huge selection of distressed properties. There are only 12 foreclosure/short sale homes on the Mason market and not under contract as of 9/7/13.
Don't expect overall prices to continue to drop, because there's no driving reason to push prices down. In most neighborhoods, prices are increasing or at least holding steady. 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 $600,000 and higher
Serving Mason's home buyers and sellers,
Liz and Bill aka BLiz