Mason Ohio 45040 Condominium Market Report August 2013
Summer isn't officially over for the Mason Ohio condo market, although our area has had many of the traditional end of summer events! The WEBN Fireworks and Labor Day weekend have been crossed off the calendar. How did the Mason Ohio condo market perform on the tail end of summer? Stay with us for the latest info on the Mason condo real estate market and easy to use Search For Mason Ohio Condos For Sale links too!
If you're interested in the Mason single family home August 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 #7 on the Money Magazine Top 50 Best Small Town Places To Live list for 2013, 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 well into the $300k price point. So whether you want an economy condo, or the luxury version, we can help you find the right Mason condo for you!
Harbourwatch, a popular Mason condo community.
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, 2012 and now 2013:
Next is the Mason condo median price summary chart.
Mason Condominium Data Summary:
Condos Sold: 18 (1 Bank/Government Owned, 0 Short Sale) DOWN 11
Average Price: $133,289 DOWN $20k
Median Price: $127,500 DOWN $29.5k
Days on Market Average for SOLD: 71 DOWN 88
Condos Active 9/7/13: 32 DOWN 6
Condos Pending 9/7/13: 27 UP 5
Average Sales/List %: 95.2% DOWN 1.2%
Most Expensive Condo Sold: $215,000
Least Expensive Condo Sold: $43,399
So what do the stats indicate about Mason Ohio condo sales?
The Mason condo market for August is more in line with historical performance. After some super hot months for sales volume, it was probable to see a dip in overall sales activity. However, with 32 Mason condos under contract, there's still a good indication for good months upcoming. However, the sales price drops over the last couple of months point to a decline in the upper $200k & $300k price point drops in MLS reported sale (however a drive through Beacon Hill will tell you the buyers ARE there, they're just going straight to new construction and not being reported in MLS).
Overall, the Mason condo market is like the Mason single family home market: there are several distinct levels of condo price points. The sub-100k provide cheap entry into Mason school district, the $100-200k range provide comfortable townhome style condos (e.g. Village Lakes), then the $200k and up provide the upscale condo living. A shift in sales in any one of these categories can tilt the entire market perception since the quantity of condos involved is relatively small. The fact that this month no condos sold above $215,000 significantly impacts August's average and median prices. We'll see how next month performs.
There's still some "wiggle room" between asking and sales prices. Overall, there are not many MLS entries for Mason condos for sale. Additionally, the distressed market is low impact on Mason condo sales (only 1 sale of 18 in August, and of the 74 offered for sale, only 8 are foreclosed or short sale).
So what does this mean to you as a Mason Ohio condo owner? Don't let the recent drop in prices discourage you, because that drop may be a bit deceptive as we described above. The sales volume to us is a better indication of sales potential, and the buyers are obviously still out and buying. The one place to expect a tough sell is if you're in one of the developments with new construction still going up. There you'll most likely have an uphill battle selling against the brand new condos being built UNLESS you can undercut them on price. We suspect that the Alverta development going up next to Oakwood Lakes may be detrimental to Oakwood Lakes condo owners adjacent to the dust and dirt of the Alverta development. Whether now is a good time to enter the market is still a case by case decision that we can help you make.
For an evaluation of your home's marketability, please contact us.
So what does this mean to you as a potential Mason condo buyer?
We're not going to change our advice here. It continues to be a good opportunity to buy a Mason Ohio condo. Prices are reasonable especially in respect to Mason single family homes. There's a wide variety of Mason condos for sale, although overall selection is fairly limited. Realistically, depending on your specific needs, it's not going to take long to determine if there is a Mason condo match for you available. The Mason condo price range allows for entry level and luxury level condos, with older condos available on the lower end of the price point, or upscale new construction available in the mid to high $200s and into the $300s. It may only take one or two trips out to see all the condos that might fit your needs. Check the search links below to view Mason condos currently for sale (the results include ACTIVE and PENDING, so look under the left photo in the results to distinguish).
For new construction Mason condos, don't assume you get a price break by going directly to the builder without an agent. Your reputable builders have the cost of our services built into their price and they don't give you a discount for going unrepresented.
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