Lebanon Ohio 45036 Single Family Home Residential Market Report October 2013
Did the Lebanon Ohio real estate market catch a chill as the fall temperatures drop, or outperform expectations? Stay with us for the full Lebanon real estate market report and some Search Lebanon Ohio homes for sales links towards the end!
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 some strong reasons to call it home! With 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 why many people pick the Lebanon area over surrounding communities! Furthermore, 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! Get to know www.GasBuddy.com and save some money on your fuel!
Lebanon offers a full range of price points, from below 100k to some estate homes under a million dollars. There is still new construction available, so you can pick any age from historic to brand new.
Candlewood luxury 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: 33 (4 Bank/Government Owned, 1 Short Sale) DOWN 3
Average Price: $156,863 DOWN $12.5k
Median Price: $150,000 DOWN $12k
Days on Market Average: 88 UP 10
Homes Active 11/7/13: 171 DOWN 9
Homes Pending 11/7/13: 70 DOWN 5
Sales/List %: 96.15% DOWN 1.0%
Most Expensive Home Sold: $300,000
Least Expensive Home Sold: $48,000
So what can we determine from the latest statistics?
Relative to September, we're negatively trending in most categories, BUT that's not unexpected for this time of year. Typically once school starts, the Lebanon real estate market tends to slow down. And the name of the game in October was "bargain hunting". Note nothing above $300k sold and of the 33 sales 8 of them were below $100k, thus the drag downwards on average and median prices for October. And the days on market going up? Fewer buyers and almost the same number of houses for sale translates to increased time to sell. The number of Pending homes for sale is still VERY solid for this time of year. Also great to see the number of distressed properties sold drop from 10 to 5 total. And only 16 of the 171 for sale are foreclosed or short sales, another positive takeaway.
And this may sound like a broken record, but it's tough to be a Lebanon luxury ($500,000 or more) home seller. The demand for that segment is in Mason and Springboro, NOT Lebanon.
So what does this mean to you as a Lebanon single family home owner? Overall, you can still sell, but expect it to take longer. Fact is 33 homes sold last month and 70 more are under contract, so buyers ARE out there, just not as many as peak summer months. You CAN still be successful if you listen to our advice and team up with us to present and price your home right for today's market conditions.
Be aware you're competing with some distressed properties AND new construction. And buyers are still quite willing to throw out a low offer and see if it sticks.
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?
Little change to the buyers. With fewer buyers looking during the "slow" months, you MIGHT be able to get away with gambling and watching a house, but don't count on it. The same things that appeal to you MAY appeal to someone else and you may miss your chance. Don't like the price on a home? Offer anyway, you just might find out you and the seller can get to a point of agreement. But also don't be surprised if the sellers decide to wait for a better offer.
The selection of foreclosed/short sale homes has shrunk a bit, and 16 total foreclosed or short sale homes listed as Active in Cincinnati MLS isn't that many to pick from.
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! You can use the links below to review Cincinnati MLS homes listed in Lebanon for each of three price bands.
Search Lebanon Ohio 45036 Homes For Sale $400,000 and Up
Serving Lebanon's home buyers and sellers,
Liz and Bill aka BLiz